Do you know your Competition and have you done Comparative analysis?

In the previous article I wrote about Product Inventory, and explained you about the importance of knowing the Features of your product, Benefit of that Feature and Advantage over the present scenario of the customer. We listed out the Features, Benefits and Advantages in the FBA Chart. This FBA Chart was related to your Product or Service.

Now here is the question to you, how does the customer perceive your product compared to your competitors?. How would you differentiate yourself from your competitors? So, we are going to create a simple Comparative Analysis Chart, in which we will be listing our top three FBA and compare it with our major three Competitors. You would have seen such comparative charts while viewing about products on internet or websites, in which companies have comparison done on different products or different services or pricing packages. I would like you to think about the top three competitors whom you see in the market and maybe customer would be knowing about them and probably they would have bought product from them earlier and maybe would compare your product with them. So it is better for us to have the comparative analysis prepared as below.

I would like you to identify top 3 Features of your Products and mention them on the Top Columns as shown above. You can have 5 Features also or max 7. In the left Column, write the name of your company and then the name of your top 3 Competitors. Now, in front of Your Company, you check mark the three Features columns which shows that you have all these Features in your product. Every Feature is tied up with the specific Benefits and Advantages, which I have already explained you in my earlier article. Similarly, for example suppose Competitor 1 has only one Feature FBA 2, then you check mark that column in front of Competitor 1. Similarly if Competitor 2 has FBA 2 and FBA 3 Features, then you check mark respective columns in front of Competitor 2 and similarly, if Competitor 3 has FBA 3, then check mark that column in front of Competitor 3 as mentioned in the above chart.

Here looking at the Comparative Chart, you realize that none of the Competitor have the Feature 1, and that is a great news. In the second column you realize that Competitor 1 offers the Feature 2, so that Feature cannot be the differentiator for your product. Similarly you see that Competitor 2 offers Feature 2 and Feature 3 whereas Competitor 3 offers only Feature 3. Now it is good to know all this things before you go meet the Customers, because if it happens that Customer have already got Competitor 2 in his mind and ask how you differentiate your product from Competitor 2, then you can say, well we offer the same Features that they offer as far as Feature 2 and Feature 3 is concerned, but they do not have Feature 1 and that is why we are better. You got the idea what I mean to say. It is always good to have this type of Comparative analysis beforehand, so that the moment you know the customer is having Competitor 1 or 2 or 3 in mind, than you can adjust your strategy accordingly, you will also know how to, kind of attack it, if you want to, by highlighting your Features, Benefit and Advantage over your competitors.

Now understand this, "why you are different, than your competitors"- this is what customers are looking for. What is your differentiator? When we are talking to the customers, we need not to show this Comparative Analysis, but this should be memorized by you and you just need to recall that immediately. The moment the customer refer to any of the Competitors then you know how to attack their points of weaknesses because you know the Feature, Benefits and Advantages that Competitor do not have.

So go ahead and prepare your own Comparative Analysis as this will go long way in helping you to have the desired sales pitch and will work as your Sales Map, by knowing how you are going to Share your information with your customers.

Note: Mr. Paresh Bahuguna is the Sales Excellence Coach, Business Consultant and Motivational Speaker. He is writing a Book on "Business Booster" which will soon be available for open market. This article is from his Book.

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