Competition

Introduction

Congratulations! You’ve made it to the top of the sales organization at your company. Now, you get to face a new challenge: competing with other companies for business. If you want to win in the marketplace, you need to know who your competitors are and how they stack up against yours in terms of value proposition and brand perception. Here’s what will help you do that:

Even though it can be difficult to face competition, it’s a good thing for you and for your customers.

It’s difficult to face competition. It can be anxiety-inducing and make you feel like your business is at risk, especially if you’re a new business owner or have a small budget. However, competition is good for you and your customers. Competition helps you to improve your product or service offerings, which can attract more customers and expand your market share. Competition also gives you an opportunity to learn from others’ successes and failures in order to grow as a business owner.

When faced with competition, think about how it could benefit you:

• Competition helps keep prices low for consumers. When there are multiple companies offering similar products or services at different prices, consumers will often choose the one that provides the best value for their money (i.e., lowest price). In turn, this means that businesses must provide quality products/services at competitive prices if they want to stay in business! This gives them incentive not only offer better value but also spend resources improving upon these aspects so they can compete better than ever before – which benefits everyone involved (including those who aren’t necessarily buying anything right now)!

Limit your prospects to those that fit your Ideal Customer Profile and focus on them.

You should be limiting your prospects to those that fit your Ideal Customer Profile and focus on them. Remember, you are a sales manager, not a prospect manager. You need to learn how to be able to identify the ideal customer profile quickly so you can focus on the right customers.

Monitor your competition closely

As a sales manager, it’s important to stay on top of all current and upcoming trends in your industry. In order to do this effectively, you need to monitor what your competitors are doing closely. You can use their mistakes as opportunities for improvement in your own business. For example, if there is a new product that seems to be gaining popularity among customers who previously purchased from you or other companies, you may want to consider creating an alternative version that’s similar but with some improvements (e.g., longer battery life).

If you’re not sure what your competitors are doing, you can use some of the following tips to help you keep track.

1. Use social media to keep an eye on your competitors’ movements. Monitoring their posts and comments can give you a sense of how well they’re doing, and it will also help you stay on top of any news that may be relevant to your business.
2. Read industry-related blogs, forums and other online publications to stay up to date on current events in your field. These sites are great places to find information about new products and services that are being released into the market as well as feedback from customers who’ve used them.
3. Read industry-related magazines and newspapers to get a sense of big trends in your field.
4. Look at the websites of your competitors, and compare their content with yours. How much information do they provide? Is it similar to what you offer? What can you learn from them?
5. Consider hiring someone who is knowledgeable about social media monitoring tools, such as Google Alerts or Hootsuite. These tools can help you monitor your brand on social media sites such as Facebook, Twitter and LinkedIn.

6. If you use social media monitoring tools, set up alerts for your brand name and other keywords related to your business.
7. Use the results from these alerts as a jumping-off point for further research into what people are saying about your brand online.

Learn from your competitors

You should also learn from your competitors’ successes and failures. Learn what they’re doing well, and learn how they’ve failed in the past. If a competitor has been at it longer than you, there’s a good chance that they’ve made more mistakes than you have—and if anything, learning from their mistakes gives you an opportunity to identify potential pitfalls before they come up on your own watch. In short: there’s no point in reinventing the wheel when someone else has already gone through all of the trial-and-error work for you!

Use your in-depth knowledge of your competition to differentiate your value proposition.

The final step in the sales process is closing. This is where you use your in-depth knowledge of your competition to differentiate your value proposition and close the deal.

The best way to differentiate yourself is by focusing on the customer, as opposed to focusing solely on how much more advanced or better your product or service is compared with that of a competitor’s. For example, if you’re selling an analytics tool for retailers, don’t just tell them about the features it has; tell them what those features mean for their business!

For example: “Our software helps save time and money by reducing staff workload.”

Conclusion

We hope that this article has given you some new insights into the competition. If you follow our tips, you will be able to use your knowledge of your competitors’ weaknesses to your advantage and build a strong sales force that can help you beat them at their own game.