How to Sell Your Product or Service - Competition and Analysis (Part 4 of 11)
Summary
TLDRThis module guides on creating a comparative analysis to understand how a product or service is perceived compared to competitors. It instructs to list key features, benefits, and advantages (FBA), and then compare these with top competitors to identify differentiators. The exercise aims to prepare sellers with a strategic approach to highlight unique selling points during customer interactions, providing a sales map to effectively communicate and compete in the market.
Takeaways
- 📝 Conduct a comparative analysis of your product or service with top competitors to understand market positioning.
- 🔍 Identify 2-3 competitors selling similar products or services to your target market.
- 📈 Create a comparative chart listing your company and competitors' features, benefits, and advantages (FBA).
- 🚀 Highlight unique FBAs that your product offers which competitors do not, to differentiate your offering.
- 🛍️ Recognize that customers may already be using or comparing your product to competitors, so be prepared to address this.
- 💡 Use the comparative analysis to adjust your sales strategy and effectively communicate your product's advantages.
- 📝 Memorize key points from the comparative analysis to be able to discuss them confidently with customers.
- 🔑 Understand that differentiation is crucial for customers to see what sets your product apart from the competition.
- 🛑 Keep the comparative analysis as a reference tool, not necessarily to be shown to customers, but to guide your sales approach.
- 📚 Complete the exercise of creating a comparative analysis and incorporate it into your sales presentations for a strategic advantage.
Q & A
What is the main focus of the module discussed in the transcript?
-The main focus of the module is to teach how to create a comparative analysis of a product or service by listing its features, benefits, and advantages, and comparing them with those of top competitors.
What are the three elements that should be listed for a product or service in the comparative analysis?
-The three elements to be listed are features, benefits, and advantages (FBA) of the product or service.
Why is it important to compare the product or service with competitors?
-Comparing with competitors helps to identify unique selling points and differentiators, which can be crucial in understanding how to position the product or service in the market and during sales pitches.
How many competitors should one consider when creating a comparative analysis?
-It is suggested to consider the top two or three competitors in the market for the comparative analysis.
What is the purpose of listing competitors' names in the comparative analysis chart?
-Listing competitors' names helps in directly comparing the features, benefits, and advantages of the product or service with those of known competitors, which can be useful in sales conversations.
What does the transcript suggest doing if a competitor offers a similar feature?
-If a competitor offers a similar feature, it suggests identifying and highlighting the unique features or advantages that the product or service offers which the competitor does not.
How can the comparative analysis chart be used during a sales conversation with a customer?
-The chart can be used to quickly reference and highlight the differentiators and advantages of the product or service over competitors when a customer asks for comparisons.
What is the suggested number of features, benefits, and advantages to list in the comparative analysis?
-The transcript suggests listing three to five key feature benefit advantages, with an ideal range being three to five, but no more than seven.
Why is it beneficial to memorize the comparative analysis chart?
-Memorizing the chart allows for quick recall of information during sales conversations, enabling the salesperson to effectively address customer concerns and competitor comparisons.
What is the term used in the transcript to describe the unique aspects of a product or service compared to competitors?
-The term used is 'differentiation', which refers to the unique features or advantages that set the product or service apart from competitors.
How does the comparative analysis help in strategizing sales approaches?
-The comparative analysis helps in strategizing by providing a clear understanding of the product's strengths and competitors' weaknesses, allowing for a tailored sales approach that emphasizes the product's unique advantages.
Outlines
📊 Comparative Analysis of Product Features
This paragraph introduces the concept of a comparative analysis for a product or service. It instructs the audience to list their product's features, benefits, and advantages (FBA) and compare them with the top two or three competitors in the market. The audience is guided to create a chart that includes their company and competitors, marking the presence or absence of each FBA. The goal is to understand the competitive landscape and identify unique selling points. The speaker emphasizes the importance of this analysis in preparing for customer discussions, where competitors might be mentioned or compared.
🔍 Identifying Unique Selling Points
The second paragraph focuses on the importance of differentiation in a product or service. It defines differentiation as the unique aspects that set a product apart from competitors, which is crucial for customer decision-making. The speaker advises the audience to have this differentiation information readily available and memorized to quickly address customer inquiries. The paragraph concludes with a homework assignment to create a comparative analysis and memorize it, which will later be integrated into sales presentations. This analysis serves as a strategic tool for sales, providing a roadmap for how to present and sell the product effectively.
Mindmap
Keywords
💡Feature
💡Benefit
💡Advantage
💡Comparative Analysis
💡Competitor
💡Differentiation
💡Customer Perception
💡Sales Strategy
💡Product Positioning
💡Homework Assignment
Highlights
The module focuses on comparing one's product or service with competitors in terms of features, benefits, and advantages.
A comparative analysis is introduced as a tool to evaluate and contrast different products or services available in the market.
Participants are encouraged to list out their product's features, benefits, and advantages, and then compare them with competitors.
The importance of understanding how a client perceives one's product in comparison to others is emphasized.
A comparative analysis chart is provided as a template for participants to fill out with their company and competitors' information.
Instructions are given to list competitors and check whether they offer similar features, benefits, or advantages.
The value of knowing competitors' offerings is highlighted for effective sales strategy and customer communication.
Differentiators are key in the sales process, and the module teaches how to identify and utilize them.
A strategy for addressing customer concerns about competitors and how to highlight one's product superiority is discussed.
The comparative analysis chart serves as a 'sales map' to guide the sales approach and messaging.
The exercise of creating a comparative analysis is presented as a homework assignment for participants.
Memorizing the comparative analysis is suggested to be able to recall it quickly during customer interactions.
The concept of differentiation is defined and its significance in customer decision-making is explained.
The importance of having readily available information to address customer queries about competitors is stressed.
The module concludes with an emphasis on the practical application of the comparative analysis in sales presentations.
The comparative analysis helps in adjusting sales strategies based on the customer's current or past use of competitors' products.
Participants are encouraged to limit their feature benefit advantages to a manageable number for clarity and focus.
Transcripts
now in the previous modules we talked
about your product or service in terms
of their feature their benefits and
their advantages now when you look at
feature benefit Advantage we can look at
our product and kind of list those out
remember that exercise we listed out the
features we then tied them to benefits
and then we also tied them to specific
advantages as they apply to the customer
now that's our product but here's the
question how does a client perceive your
product compared to somebody else's
here's what we're going to do in this
module we're going to create a simple
comparative analysis and a comparative
analysis is you've seen them before when
you go down on the internet websites
you've seen them where you're comparing
different products different services or
different pricing packages this is no
different we're going to compare our
products with our top two or three
competitors as we see it in the market
so right now I'd like you to think about
one two maybe three competitors that
sell your product or service
in other words when you go talk to a
customer they're probably going to say
well we already buy from this customer
or we've bought from this competitor in
the past get the idea so what I want you
to do is think about two or three
competitors that you may get or may see
in the market and what I want you to do
is fill out this little comparative
analysis chart that I have here here's
what you're going to do on the left
column right here you see where it says
U that's your company now across the top
you see it says FBA sub one Fe feature
benefit Advantage One in other words
write down a feature benefit Advantage
at the top that you currently have with
your product or service next column fba2
write another feature benefit advantage
that you have again we did this in the
previous module where you talked about
feature benefits and Advantage so just
list one of those there pick your top
three right now then third column list
your third top feature benefit advantage
that your product or service offers okay
then put a quick check mark across all
three top column get the idea now what I
want you to do is on the left hand side
where it says C1 C2 and C3 list out your
three competitors competitor one write
their name in competitor two write their
name in competitor three write their
name in and then based on the three
features that you've listed here the
three fbas feature benefit advantages go
in and check off whether or not your
competitor offers that product or
service or that feature in this case so
in other words you can see the First
Column that none of your three
competitors offer that feature that's
great news by the way in the second
column you realize that competitor one
offers feature number two which means
that if you're talking to a customer
who's already using that competitor
that's not going to be a differentiator
we'll talk about that in just a bit
competitor number two as you can see has
features number two and three but does
not have number one and then competitive
3 only has the third feature now it's
good to know this stuff before you walk
in to see a customer because when you're
talking to the customer they may be
using one of these competitors and if
they're not they're probably going to
compare you to one of them anyway for
example you're sitting there talking to
the customer and the customer says well
why are you different than competitor
number two right there well then you can
say well we offer the same features they
offer in terms of feature two and
feature three but they don't have
feature number one which is why we're
better get the idea
if you walk into a customer uh facility
and they're using competitor number
three well here's where your your
opportunity to kind of differentiate
your product because what you're going
to highlight for them is that they they
although that their competitor our
competitor competitor number three
offers feature number three they don't
offer feature one and two which you do
and that's an advantage see now it
becomes a strategy in how you can
actually sell the customer if the
customer in summary is using one of
these three competitors by having having
a comparative analysis like this you'll
be able to adjust your strategy know how
to kind of attack it if you will and how
to talk to the customer so you can
highlight your features over your
competitors again very simple to do list
out the uh feature benefits advantage
that we did in the previous module right
across the top now you may have more
than three and that's okay I would try
to limit it to five no more than seven
but I think 3 to five is the ideal range
if you ask me that's my opinion and
again it's a subjective opinion but if
you can list out three to five key
feature benefit advantages your product
offers that's a great start right those
across the top on the left hand column
obviously put yourself check off all
three to five and then list out your top
two or three competitors if you don't
know who they are right now because
you're just starting out that's okay
you'll get to know them soon enough
because as soon as you start selling
into the market your these companies are
going to start bringing them up saying
well we already use this competitor well
then what you're going to do is you're
going to go back to your Matrix and
write that competitor in do some
research and and see if they offer the
same features or benefits that you offer
now look at your product and your
service and all we're looking for are
differentiators now let's define
differentiation even though the word
pretty much defines itself it's why
you're different than your competitors
this is what customers are looking for
what's the difference what are the
differences between this and that if I
buy from you what's the before what's
the after again but we need to make sure
that we have this information readily
available be able to recall that almost
immediately when we're talking to a c
customer so again this is something that
you don't really show a customer often I
always keep this kind of in my back
pocket so to speak but I know it by
heart I've memorized the chart and so
when I'm talking to a customer and they
bring up any one of these competitors I
now know how to attack their points of
weaknesses because I know what features
or feature benefit advantages they do
not have so your homework assignment is
create your own comparative analysis and
then be able to kind of memorize that
cuz later on we're going to incorporate
that into our presentation but in a
sense this provides almost a sales map
on how you're going to sell how you're
going to share your information with
your customers so go ahead and do the
exercise we'll see you in the next
module
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