When you are doing business, you will have competition, and they are usually trying to woo the affections of the same people that you are trying to impress. That is why is so important to continually analyze what other related businesses are doing. In order to learn from them, it does not matter if they are better or worse than you because you will be able to gather valuable information from them no matter what the case may be.
Here are three techniques that will allow you to learn about sales from your competition:
- Imitate Techniques Related to Improved Results
When another firm is doing something better than you, you can copy their methods and apply their strategies to yours. Many times, they might only be doing better in one or two critical areas, and as a result, they are outperforming your company. When this is the case, you should be able to correctly identify what needs to be improved so that you can compete more effectively against them. By doing this, you learn by following their example and using them as a guide for superior performance.
- Avoid Issues That Lead to Inadequacies
On the other hand, you might be selling much better than all of the other firms in your fields. There may be a large number of reasons for this, but there might be only one or two things that are really are really crippling their businesses. Whatever the case may be, you can learn from them by observing their mistakes. More importantly, once you have properly identified these issues, you will be better able to spot them if they ever begin to manifest themselves in your firm. This allows you to quickly deal with them before they get out of hand.
- Find Areas of Opportunity in the Goods and Services of Your Competition
Another way to learn from your competition is to locate all of the things that they are not offering your customer base. You can then take these gaps and take steps to fill them so that you may increase the number of products and services that you are offering.
For example, suppose your CRM business offers customer relationship management & sales systems on the web, and you find out that your main competitor does not provide an option to get it. You hire a few extra marketing persons and offer your customers the option to learn about management.
It is always possible to learn from others regardless of what they may or may not do. However, you should also realize that they might be learning from you as well. That is why it is so important for you to remain well informed about what your competition is doing at all times, so you can make any necessary adjustment if you need to.
By doing this, when your competition does learn from you, hopefully, it is because they are following your superior example and not learning from your mistakes.