Competition refers to rival vendors also vying to win a sales opportunity. Thoroughly analyzing competitors being considered enables sales teams to assess their own relative strengths and weaknesses and craft targeted strategies to win.
Assessing competitors also supports devising sales approaches that directly counter competitors' strengths. Researching past losses to competitors provides insights into vulnerabilities. Framing comparable advantages aids positioning. Identifying non-competitive areas or value propositions provides opportunities to press advantages.
Ongoing competitive intelligence through win/loss analysis, product comparisons, pricing studies and more feeds continuous sales strategy refinement attuned to dynamic market landscapes. Buyer perspective on competitor differentiation critically informs sales pursuit.