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How Well do you Know your Competition?

By: Joyce Hayne

The more you know about your competitors, the easier it is to sell confidently and overcome potential objections raised by prospects. Take time at least each quarter to do a thorough analysis.

Have you gone on your key competitors’ websites recently? Look at their Home and News pages. Check out the Careers page to see if they’re experiencing usually high turnover or looking for a senior executive. Shop on their web store to experience the interface (you can stop before you give your credit card).

If it’s a public company, you can review the company’s most recent financial statements. If it’s privately held, you can research the type of ownership and determine who the owner is. A LinkedIn search will then give you more details about the owner and other key senior officials.

Google the company and owner’s name to bring up any current articles. It’s amazing what you can learn.

Check out all their social media pages to see what they’re promoting and how often they’re posting new material.

Once you’ve completed this research, make a list of each competitor’s strengths and weaknesses to discover your opportunities and challenges.