Salespeople can never know too much about their competition. Knowing competitors inside and out helps sales pros react more quickly and counter rivals’ efforts to steal customers.

Some salespeople get so wrapped up in selling that keeping a close eye on competitors takes a back seat. That can come back to bite them.

But adopting a detective’s mindset will help salespeople stay abreast of what they need to know about the competition.

Five steps to developing that mindset:

1. Compile clues (information) constantly. Assemble competitor profiles using every scrap of information available, especially from customers. When visiting your customers keep an eye out for any of the competition’s materials or evidence of recent visits. Elicit details about competitors by asking your customers subtle questions about rivals’ offers and listening carefully to the answers.
2. Assemble the big picture. Combining these pieces of information is like solving a puzzle. Consistently gathering multiple perspectives about competitors will give you a better picture of how to sell more.
3. Differentiate yourself from competitors. Impress customers with your ability to meet their wants and needs more effectively than your competition. Adjust your offer to more closely fit their wants, needs and critical issues.
4. Focus the customer’s attention on areas where you enjoy a competitive advantage. Emphasize those aspects where you can make a case that you’re strong compared to the competition.
5. Ask questions. The questions you ask should make the customer think about the problems and concerns that you can solve better than the competition.

Adapted from “First Steps to Success in Outside Sales,” by Dave Kahle

Tags: competitive analysis, comptitive advantage, differentiate, Listening, profiles, questions