Understanding your Competition Exercise
This exercise focuses on the importance of understanding your competition. Not only how their product or service compares to yours and your level of customer service but what they bring to the table and just as importantly, what they lack.
Knowing these points of comparison will increase your level of confidence and give you a competitive advantage in any presentation. Today’s prospects are very focused on comparing options and making the right decision, and they “buy” your ability to educate them in all the options available to them.
Final Result: you will be able to see where you thrive in your business and what points you need to improve on to nullify any competitive advantage your competition may have.
1) Write down four of your main competitors.
2) With those four competitors in mind, make a list of features and benefits that they have and compare them to your own.
a) Look over each different part of your business: sales skills, statistics, products, marketing, etc. and compare each point with one of the competitors.
b) Write down how the competitor is better or less effective than you on each of the above points.
c) Then write down how YOU are better or where you need to improve on each of the above points.
d) Do this for all four competitors.
3) Create a “Comparative Analysis” showing where you set yourself apart from those four competitors. If you need help with this step, visit www.sellability.com for a view of a comparative analysis.
4) Send it to us at [email protected] for our feedback and assistance!