Know Your Competition

Know Your Competition

As important as it is to truly know your company and its product line, it is equally important to know your true competition. And, by the way, professional sales leaders never “talk down,” their competition—especially to customers and prospects.

Knowing your competition is not gained in a single company meeting. It requires a professional competitive analysis. The competitive analysis is a process of identifying your most important competitors and after that evaluating their positions according to different business factors or criteria.

You need to know your biggest competitors and how your company actually performs in correlation with them. Building a true competitive analysis with the proper factors and rating each company’s strengths and weakness—accurately–takes time. Plus, the process needs to be updated ongoingly as companies and product lines and offerings change.

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