Tell: Some sales people believe in getting on with their own plan as best as they can and don’t care what the competition is doing. While others get so obsessed with monitoring and tracking every single move their competition does and merely copy their actions and react to their changes.
Neither of course is recommended. To effectively plan your territory you need a somewhat balanced approach between the two. There is no doubt that a thorough enough competitor analysis gives you better understanding of who your competitors are and what you are up against so next we will go through a simple process of competitor analysis as well as methods of collecting the needed data.
So why bother with competition analysis?
Explain: Spending time and effort putting together a profile that is as complete as possible about your competition can really make a huge difference and positive impact on your selling activities, think of it You can compare how you rate against your competitors across a wide range of aspects, you also get insight into what strategies they are currently using and are planning to use. This also deepens your understanding of the way they conduct their business, you can predict how they might react to your actions & tactics, and if you are really good you can even influence this behaviour to your advantage.