Want Better performance?
You need - a competitive Advantage!
Low profit, low margins, and underperforming sales departments… even after working harder, you still hear excuses from your senior management.
An underperforming team can have multiple root causes, but the problem of not having a competitive advantage is impossible to beat – without developing one.
When you hear:
The market is too crowded
Our customers aren’t loyal anymore
'Sales' is just not the same any more
We can’t seem to cut through and convince our potential customers anymore
We often have to 'cut margin' to close the deal
Your salespeople are wanting to 'move on' constantly, because it’s 'too hard to sell'
These statements and words point toward a larger problem… you have NO Competitive Advantage!
Competitive Analysis - Have you ever conducted one for your business?
The devil is in the detail, the flaws/gaps causing you to be uncompetitive and disadvantaging your company need to be disposed of; but you need to find them first.
…but how do you do that, and where should you start?
Everything begins with research, analysis and a plan.
A solid effort in strategic planning is a good start to helping your business overcome the disadvantage of not having a competitive advantage.
First, you need to understand your business, before learning from the competitors. What is your strength that your customers already buy, and who are you trying to sell it to (top 10-20 customers – should be your lens). What is the essential problem that you solve for them. What solution do they want, versus what solution you provide and how does that compare with what else is in the market…?
Connecting your business’ data and analysing it will immensely help you understand your business and how to develop your competitive advantage; giving your business a solid foundation with the start of a fantastic strategic plan for growth!
Doing this research and analysis work will also help you understand why your marketing and sales activities have not been as effective as you want it to be – and why your strategy is not working as desired!
Many of the reasons will be hiding in the data (waiting to be analysed), but you also need someone with experience to interpret the data and then put the findings together into an actionable plan.
What you bring to the table (your special thing/solution for the customer) is the basis for your competitive advantage; but it needs to be developed into a competitive advantage.
Knowing who you are best to sell to, also makes a large difference to effectiveness… but that’s another complete topic.
In our job of helping you grow your business, understanding where you sit amongst the competitors is a good place to find valuable information, and it’s part of benchmarking or setting a baseline for improvement. Part of this baselining activity is a competitor analysis.
If you have some of the stresses mentioned above with regard to sales (and also marketing) not performing as you want them to… it’d be worth having a chat.
There is nothing worse than ignoring a problem that you could have solved before it becomes a nightmare in your business.
The Solution: To 90% Of Your Sales And Marketing Problems
A simple book with tips on how to increase the potential for sales and decrease your pain!
Increase productivity, clarity, leads, and conversions.
A 90-Day strategy to make your business work better (from a marketing and sales perspective).
Table of Contents
The main reason WHY most people FAIL at Marketing and Sales
What is a competitor analysis?
It is a fact-finding mission to determine where you stand amongst the competitors.
Find out their strengths and weaknesses…
Building Solid Foundations
Why do you need a competitor analysis?
To know what the overall points of difference are (at least on paper) and potential holes you can fill in the market.
Also, to find some ways you could improve your stance in the market (amongst the competitors).
This is where we step in, our ability to do the research, analysis and build the right strategies – are based on data and years of experience; especially in the Defence sector.
We know how to develop the tools for your business to gain an edge in the market!
It also opens a door to clarity for you to entice investors and overseas collaborators who might seek out a company like yours – as the authority with your speciality in the Australian Defence industry.
Research behind developing a Sustainable Competitive Advantage
Elements of competitive analysis.
Business Analysis
The essence… to know your customers, your business’ strengths and weaknesses.
To identify the gaps in your business and start to plot a course to overcome the issues that arise.
Competitor Analysis
To know what your potential customers want, and what the breadth of potential opportunities are for you to be able to continue to grow as a company.
Market Research
Knowing how your competitors run their business, what they say about what they do, where they promote themselves and what they offer in the market.
As you go, it is best to set up a structured way to accumulate data and sort it in a way that makes it easier for you to continue to see clearly.
We’ll guide you through the process and help you to develop a differentiator that becomes the UVP (Unique Value Proposition) for your business.
Discussing the Keys to a Competitive Advantage
Competitive advantage
Perspectives are everything with a competitive advantage.
It is only an advantage to the person buying and selling, not to all who look on.
That’s why a Perfect Customer Profile is so important.
It guides you to understand what advantages you need to look into, when developing your competitive advantage.
Combine that with a solid customer buying journey and you can say the right things, in the right way, to the right people at the right time.
That is an example of a competitive advantage – just like that!
Quickly Boost Sales Conversion Rates
A glimpse into competitive advantage strategies -
Low-cost strategy
Offering a price that no one else can often put the ball in our court, but it is not advisable for SMEs. This structure can only be adopted by industry giants.
Differentiation Strategy
Using branding to speak to your customers and potential customers uniquely. The power of visibility can and will gain your company, a key position in the market. Visibility is increased by placing plenty of products and through branding.
The Focus Strategy
To serve a specific customer base that is untouched by competitors, or to serve in a way that is your unmatched authority in the whole market.
Operational Effectiveness
When the way your company operates becomes its identity. Usually, no matter how many competitors come, such companies always retain their customer base through their product quality and ethics.
Tech-based competitive strategy
The use of advanced technology in manufacturing and operations can change everything for your business.
Innovative strategy
Offering something new in the same old products opens room for customer base growth and high sales figures than the competitors.
Adaptability Competitive Advantage
Change is a constant in all industries. Companies built to adapt to change and withstand opposing environments always make their way to the top.
Information Advantage Strategy
Information mixed with experience helps build robust strategies. Companies that strive for knowledge always adopt innovation first, and make a long-lasting place for themselves in the market. Such companies are trendsetters.
BOOK A MEETING TODAY!
Let us help you gain Clarity & put together a plan (after we do the research for you) to help you gain faster traction winning more Sales!
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