How can you conduct a competitive analysis as a Sales Engineer?

2 Gather information

The next step is to gather as much information as you can about your competitors, such as their products or services, features, benefits, pricing, positioning, messaging, distribution, customer segments, value proposition, and differentiation. You can use various methods to collect this data, such as visiting their websites, reading their reviews, downloading their brochures, signing up for their newsletters, watching their demos, requesting their quotes, and following their social media accounts. You should also try to get insights from your own customers, prospects, and sales team about their perceptions and preferences.

3 Analyze their strengths and weaknesses

The third step is to analyze the information you gathered and evaluate the strengths and weaknesses of your competitors. You can use various frameworks and tools to help you with this, such as SWOT analysis, feature comparison matrix, value proposition canvas, and positioning map. You should also consider how your competitors perform in terms of quality, functionality, reliability, usability, scalability, security, support, and customer satisfaction. You should look for the areas where they excel and where they fall short.

4 Define your competitive advantage

The fourth step is to define your competitive advantage, meaning the unique value that you offer to your customers that your competitors cannot match or exceed. You should identify the features, benefits, or outcomes that differentiate your product or service from the rest and that align with your customers' needs and goals. You should also craft a clear and compelling value proposition that summarizes how you solve your customers' problems better than anyone else and why they should choose you over your competitors.

5 Communicate your value

The fifth step is to communicate your value to your prospects and customers in a way that showcases your competitive advantage and addresses their pain points and objections. You should use various channels and formats to convey your message, such as your website, blog, social media, email, case studies, testimonials, white papers, and presentations. You should also use stories, data, and visuals to illustrate your value and back up your claims. You should tailor your message to your audience and their stage in the buyer's journey.

6 Monitor and update

The sixth and final step is to monitor and update your competitive analysis on a regular basis. You should keep track of any changes or trends in the market, such as new entrants, new products, new features, new pricing, new customer needs, and new feedback. You should also measure and evaluate your own performance and results, such as your sales, revenue, market share, customer retention, and customer satisfaction. You should use this information to refine your competitive strategy and improve your product or service.