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Understanding competition is the key factor to perform better and better in sales. More is the competition more will be the volume in the market, it enhance the awareness of the product as well as the quality. It is also the key to success for the organisation with continuous innovations with the product and service. It also helpful in building strong team lead to market where there is cut throat competition.
knowledge is a key element in doing the best for your target market - by studying your competition you can gleem their insights into the market & understand what is on offer for your customers & how they are impacting the market - in this way you can use the information to improve your service or product for your customers (offer something they do not or do it better like customer service) that may even develop into a niche that your competition takes less notice of.
On the basis of good understanding of the competition, the size of the expected customers is determined by the value of the sales, the profit or loss ratio and the probability of winning or not entering the competition
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In my opinion, to undrestand the compitition is to understand the customers.
Because you cannot answer the clients' fundamental question "why should I buy your product?" without knowing other products in the market. If we're in the customers' shoes, knowing their buying options and opportunaties, we can advise the right product (or service) for their needs and budgets.
Being aware of market of the substitute products is also important for compitition.
In addition to that knowing the competitors' market views, targets, financial strengths is very crutial while determining our sales targets, target customers even for payment methods.
Briefly, understanding the competition is our light in the sales business.
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It is important in sales to understand the competition in order to assure of getting valuable part of market share, which allow to maximize the organization's "return of sales income".
Target your efforts in that marketplace, which should increase your return on your marketing investment and increase your sales yield.
Avoid becoming a commodity.
Design your communications plan to maximize your advantages.
Competition and competitors are both integral part of a business. Onw must be hapy to have cometitors if not the business will soon become static and obsolete and in a sudden crash it will crumble if a new player arrives with new ideas of how to provide the service better ,faster and cheaper.
In one word our competitors are the coaches that keeps us on our feet ,we need competition to improve on our business skills and strategies and this is the only sure way to remain at the top of our industry.
Thank you for inviting me to give my input on the above. My answer will be a short one:
Competition is very important not only in Sales but in any line of business. It is always good to have a competitor because we are giving options or better alternative to our consumers or users because they will have a point of comparison and will not be content with what is in the market. It will give you a better perspective of what is newest or latest in the market. It will open up your mind to what should be done next. When a competitor opens up a new sales strategy, you should be alert and aggressive why they put up such kind of strategy or style in order to cope with the latest trend. To be upkeep or updated with the latest trend is going to be a big advantage for any Sales Executive because it will PUSH you to STUDY MORE, to COUNTER strategize, to INNOVATE and INTRODUCE and PROVE that you have the best to offer. A salesperson should not be complacent or relax with their old strategy and concept. They should be prepared in any competition by INVENTING and REVOLUTIONIZING sales methodologies TO BE AHEAD of anyone in the Sales and Marketing. That's playing smart...
