Let’s Beat Out the Competition Once and For All
Have you ever lost the sale because the prospect decided to go with your competitor? In the world of business, there will always be other businesses
competing with you for your customers.
Is there a way to decrease losing business to the competitor and increase the chances of them choosing you? Absolutely! It starts with knowing,
understanding, researching, and learning from your competitors.
Here are 8 steps to help you learn more about your competitors:
Identify the company name
Names of top executives and sales people
What services they do and do not provide
How much they charge
Who they target their marketing to
How they find clients
How they position themselves in the marketplace
Their strengths and weaknesses.
Invest some time in studying and learning from your top competitors, especially the successful ones. After completing Steps 1-8, you can now identify,
create, and offer new ways to present your product that your competitor isn’t doing.
This can include offering services they don’t offer, creatively packaging your fees and services, providing benefits they don’t, ways to better market
your services, and positioning your services against their strengths and weaknesses.
Let me say a little bit more about “strengths and weaknesses.” The most effective way to learn about your competition in depth, and position
yourself against them, is to do what is called a ‘SWOT” analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
There are many ways to uncover information about your competition for their SWOT analysis. Here are a just a few:
Search the company website. You’ll be surprised how much you can learn about them.
Call, or have a friend call, as a potential client and interview their sales person.
Walk into their place of business, or have a friend walk in, and be a potential customer. Observe how they help you and ask questions.
Ask them to send you their marketing or media kit about their product.
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