Use a Competitive Analysis to Win More Business.

[This article is a segment from one of the bonus reports you get when you subscribe to The Assassin Analogy sales improvement strategies.]

You must clearly understand how your services or products compare to competitors.

This competitive analysis should be done from the client's perspective. Be objective. Don't limit your findings.

Some people fall in love with what they are selling. This can be a real trap for technical staff who are absorbed by how good (or how complex) their product or service is.

They can get so mesmerised by what they are offering they create a 'halo effect' in their mind around their products or services.

Note: A 'Halo Effect' is when you allow positive factors to cover up, or obscure, potentially detrimental attributes of your solution. Essentially you create a halo that prevents you from seeing any shortcomings of your product or service.

This can stop you from being critical and making a realistic assessment of what your client will see and think when they review your offer.

Compare Your Competitors Like Your Prospect Does

One method of undertaking a competitive analysis is to use a Weighted Competitive Value Chart. (Example available upon request.)

In this chart you list the key features and related benefits ('potential' benefits). Then you assign an Importance Factor (from 1 to 10) against each key feature/benefit.

The subjective part of this analysis is to make a judgement about your main competitors and give each competitor a Performance Weighting for each key feature/benefit (1 being 'weak' to 10 being 'strong').

When the Importance Factor is multiplied by the relative Performance Weighting the resulting variables can be ranked to give an indication of which competitor might stack up most favourably from the clients perspective.

Create Strong Selling Statements

Whilst this analysis may be seen to be somewhat academic, the real benefit for you is you can start to create your key selling statements that will either:

(A) Establish or reinforce your market leadership; or

(B) Clearly explain any obvious differences to minimise any detrimental impact of potentially stronger competitors.

This competitive analysis will also give you extra confidence if (or when) you are asked by prospects to explain or compare your products or services against others on the market.

Presentation Skills Myth De-bunked

For years many presentation skills workshops have promoted the "fact" that the meaning of your message is accounted for mainly by your body language (tone of voice and gestures) - with only 7% being attributable to the actual words you use.

For a detailed exposure of this myth see this blog post by New Zealander Olivia Mitchell.

My view...

Yes, the original research from the 1960's may have been misquoted. However reality is that the impact you - as a presenter - make on your audience is a combined result of your words, voice, mannerisms, gestures, and of course any visual aids or props you may use.

That is... both content (words) and delivery (style) are important.

Yes, the "fact" that words alone account for only 7% of the message is not correct. Doubt this? check one of the many technically-oriented presentations given by Bill Gates - he still gets a message across even though he usually does very little apart from the words he says. (When it comes to presentations he's certainly not an entertainer!)

My message here is that a presenter must manage all aspects of the presentation to get the result they are aiming for from their audience.

Presentations are about communication. It's about getting a result. Moving people to action - either in thought or in person.

To learn more about how you can improve your own presentations skills check out my presentation skills workshop coming up in Sydney and Brisbane.

10 Tips for Business Success

Dan Martin reports from the Business Startup show in London and highlights the presentation given by Rachel Elnaugh (a well-known UK entreprenuer). Here are her top 10 tips - suitable for just about any business I think - not only startups.

1. Is your business worth saving? If it's simply not working, move on.

2. Don't let the doom and gloom get to you. There are thousands of businesses doing brilliantly well in the current climate.

3. Why aren't they buying? Build in feedback loops about why customers don't buy. And remember, price cutting may not be the answer.

4. Is your marketing working hard enough? Keep a track of how your customers find you. If it's referrals, reward the referrers!

5. Banks aren't the only source of finance. Think who has interest in your business: key customers, key suppliers, joint ventures etc.

6. Money isn't the only form of wealth. Bartering, for example, is a powerful way to accelerate your business.

7. Spend time every day planning. If you're on output all the time, you won't get as far as if you step back and think about where you're going with your business.

8. Get help if things are going wrong.

9. Don't let the fear get to you. Everything you think about you get more of so think positive!

10. If you do 10 things and 9 go wrong, focus on the one that worked!

For more information and links visit the article here.