Supermarkets know their competition. Football teams know their competition. Track athletes know their competition (even masters track runners). The “Today Show” is well aware of its slip in the ratings war against the competition.
But do you know your competition?
- It gives your sales professionals the ability to talk with knowledge. To reposition the opposition as a competent company but not relevant for solving the problem you are solving.
- Allows you to be clear on your pricing strategy.
- Helps you understand the more profitable niches in your sector.
- Helps you see the less travelled road, the area with less competition.
- It shows you the organization structure of some of the bigger players helping you to understand scaling issues.
- It clarifies messaging that is being used in the industry and how your story differs or not.
- It demonstrates what the market values financially. Read analyst reports on your public company competitors to see what I mean.
- It can clarify strategies of the bigger players by reading the SEC filings and presentations of public company management teams.
- It can show you how successful players present their marketing content to customers.
- It can create urgency in your team without over focusing on what the opposition are doing but rather what you need to do to dominate your niche.