Competitive Intelligence

During a recent conversation with an entrepreneur friend of mine we discussed the importance of competitive intelligence. This applies in two different ways.

The first is to know your competition. I think it's fair to say most sales people are aware of who their major competitors are in their particular industry or marketplace. However, you need to know what they offer, their strengths and their shortcomings. This helps you determine your uniqueness and how you can differentiate yourself from your competition.

The second aspect is to learn who your prospect may be considering as an alternate vendor. There is a right way and a wrong way to gain this information. Here's an example of the wrong way. A friend of mine is looking for a software solution for his business, and during the conversation, the sales person said, "I assume you're also talking to my competitors." Then he proceeded to list three or four companies. My friend was talking to a competitor but NOT the ones that the salesperson mentioned. Now, my friend has several more sources to consider.

There is nothing wrong with trying to uncover who else your prospect is considering. However, be careful not to give away YOUR competitive intelligence.

Have a productive & profitable week!


I Object!


How often do objections prevent you from closing a sale?

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Weekly Motivational Quote

"Life is what happens to you while you're busy making plans."
John Lennon