Posts Tagged ‘competition analysis’
The Problem with Competing On Price
The low price point, the discount, the “save money here”… charging less can be an appealing strategy to win a quick sale or big deal. The problem is that it is a short term fix with no long term tie-in. Below are 4 “Why Not”s and 1 “Okay Maybe” for competing on price. It Allows…
Read MoreHow to Differentiate
A business can choose one specific area, or a combination of areas in which to build its competitive advantage. See the Infographic below for ideas on where to focus your energies for effective Differentiation. Next week I will explain the process I perform with my clients to help them identify their key differentiators. Subscribe…
Read MoreHow I work – Differentiation
Differentiation in business is what makes one company more attractive than another. The simplest differentiation is price, but it is also the weakest, because nobody wins in a price war. A media company client of mine was losing business to a more established, well known brand. I had the owner do an exercise to describe…
Read MoreWhy You Should Focus on Differentiation
We all want to stand out. Our businesses need to stand out. It is not enough to be good at something, for a business to be successful it must have its own special approach and skills. What is Differentiation Differentiation is the process by which you make a product or service distinct from the competition.…
Read MoreFighting Against the Status Quo
When selling, too many businesses forget that status quo is an option for their clients. Just because a prospect is “shopping around”, looking at new solutions, that is no certainty that they will, in fact, make a purchase. Why a prospect does not buy Adopting a new product, service, contact person… is itself a cost, well…
Read MoreWhat is a Budget Competitor
When making buying decisions, clients assign budgets to their needs. In a B2B environment, a budget is often assigned before the sales process begins. What the budget tells At any moment in time, a budget is finite. A buyer determines how much, out of the available spend, can go towards solving the problems of the…
Read MoreHow I work – Competitive Products
I worked with a software client whose CEO would say “We have no direct competition”. As they prepared to pitch for seed investment, I worried this statement would make them look like amateurs. Applying my belief that an intelligent question is more helpful than an intelligent answer, I used the theory of competition categories, the…
Read MoreProduct Competition vs Replacement Competition
Identifying competitors is not as simple as it seems. As I introduced in last week’s post: there are many reasons why a prospect may choose not to buy, and each of these is a form of competition. Another product that does the exact same thing may seem to be the same as a replacement, but…
Read More4 Categories of Competitors Everyone Must Know
It is common to view one’s own business, service or product as unique. This is natural: the business founder has his or her own method, approach and passion. This is not always that obvious to clients, however; nor, and this is the harsh part, is it always relevant. When a prospect is making a purchasing…
Read MoreStatus Quo – Your Main Competition
A lot of people are vying for your clients’ attention. As you strive to stand out from all the competition it is important to remember one thing: they can always do nothing. Buying Triggers Unless a client is responding to catastrophic change, buying remains an option, not an obligation. There are various reasons a client…
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