Know thy competition

Many a time we wish for easy days where we would be a monopoly or an oligopoly – “the only game in town!” That would make our job easier. But the reality is that competition exists. Many CEOs forging into new areas or launching new solutions believe that the presence of competition helps validate the existence of a need or problem. Sometimes competitors are not as direct as another solution similar to yours, but more like an alternative available to the customer who has a “means to an end” mindset. The most universal competitor is “Do Nothing”. Which delays the adoption of your offering despite there being a need for it.?

As a Business Development Manager, one has to know this landscape. While many companies are fortunate to have a dedicated “Competitive Intelligence” team, one needs to know about all options available to the customer in your target segment. Read my earlier article on the importance of identifying target segments.

This internalization of alternatives will challenge or validate your Segmentation Analysis. You will be surprised when a customer considering your solution will value features differently compared to your belief. Examples are Price, price tiers, simplicity of deployment, simplicity of adoption, post-purchase support, vision and roadmap, existence of community for validation of their decision or to gain best practices from, choices offered, their view of ROI, etc.

Customers within a well-defined Target Segment will value the same set of features more than others. Hence, if your solution is the best in these areas, customers will choose you over the alternative. The competition is welcome to earn other customers, but not ones in your target segment. There will be several competitors, but you need to understand which competitor is targeting your segment. You should be able to articulate to your customers because your solution exists to help them while the competition, although sounding similar, is ideal for a different customer profile. Direct competition does exist. And your sales team will meet them in the field. And that’s where your sales team will shine!

DISCLAIMER:

This blog is a gift to help all those who will walk the "space between marketing and sales". The opinions in this blog are solely mine and not a reflection or representation of any entity I am or might appear to be associated with. I am grateful to the Professors and many mentors who shaped me as a professional.