In all the Sales training, Seminars and Workshops that I do, one of the things I let my participants do is to list down the following: 1) Strength and weakness of their company and 2) the strength and weakness of their competitor. Because every salesman must not just have enough product knowledge of their own product but they also must know more about their competitors if they want to be ahead of the competition.
Staying ahead of the competition is important.
Consumers have many options in the market. They are likely to be familiar with yours as well as some of your competition. It is important that you are aware of what your competition is doing so you can stay ahead of the game. You must have an eye on the marketing activities perform by competitor. Do competitors research deeply? What are the new offerings competitors launch, what are competitor’ points of differences and unique associations with customers. Which communication strategy do they focus more and why.
No one should know better about your competitors but you, if you want to rise above the tide.
Whatever your feelings about your competition, there are some things you can do to help make sure that your small business climbs to the top of your niche and stays there.