What can you learn from your competitors to create more value for your customers?

1 Identify your key competitors

The first step in competitor analysis is to identify who your main competitors are and what they offer to your target market. You can use various sources of information, such as industry reports, online reviews, social media, trade shows, and referrals, to find out who they are and how they position themselves. You should also consider both direct and indirect competitors, as they may appeal to different segments or needs of your customers. Once you have a list of your key competitors, you can start to compare them with your own offering.

2 Evaluate their strengths and weaknesses

The next step is to evaluate your competitors' strengths and weaknesses, and how they affect your customers' perception of value. You can use a SWOT analysis (strengths, weaknesses, opportunities, and threats) to assess their performance in various areas, such as product quality, pricing, service, innovation, reputation, and marketing. You should also look for any gaps or pain points that they fail to address, or any unique advantages that they have over you. By doing this, you can identify where you can improve your own offering or where you can leverage your existing strengths.

3 Learn from their best practices

The third step is to learn from your competitors' best practices and apply them to your own sales process. You can observe how they interact with their customers, how they communicate their value proposition, how they handle objections, and how they close deals. You can also look for any feedback or testimonials that they receive from their customers, and see what they appreciate or complain about. By doing this, you can discover what works and what doesn't in your industry, and adopt or adapt the best practices that suit your style and goals.

4 Anticipate their moves and counter them

The fourth step is to anticipate your competitors' moves and counter them with your own strategies. You can monitor their activities, such as product launches, price changes, promotions, or partnerships, and see how they affect your market share or customer loyalty. You can also predict their future actions based on their past behavior or industry trends, and prepare yourself for any potential threats or opportunities. By doing this, you can stay ahead of the curve and respond quickly and effectively to any changes in the competitive landscape.

5 Build stronger relationships with your customers

The fifth step is to build stronger relationships with your customers and make them loyal to you. You can use your competitor analysis to create more value for your customers by offering them solutions that meet their needs, preferences, and expectations better than your competitors. You can also use your competitor analysis to differentiate yourself from your competitors by highlighting your unique selling points, benefits, and guarantees. By doing this, you can increase your customer satisfaction, retention, and referrals, and reduce your customer churn and acquisition costs.

6 Review and update your competitor analysis

The final step is to review and update your competitor analysis regularly, as your competitors and your market may change over time. You can use various tools, such as CRM software, market research, or competitive intelligence, to collect and analyze data on your competitors and your customers. You should also track and measure your own performance and results, and see how you compare to your competitors and how you meet your customers' needs. By doing this, you can keep your competitor analysis fresh and relevant, and adjust your sales strategy accordingly.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?