Question

Which of the following is a best practice when familiarizing yourself with the competition?

A) Researching your competitor to find out how to sell against them.
B) Updating your sales kit with new developments at the beginning of each year.
C) Focusing only on one of the competition's services.
D) Taking note of the questions not asked in order to gain insight into the competitors services.

Answer 1

Researching your competitors comprehensively is essential for familiarizing yourself with the competition, as this helps in developing an effective strategy to position your business in the market.

Step-by-step explanation:

When familiarizing yourself with the competition, researching your competitors is considered a best practice. This involves understanding their services, products, strengths, and weaknesses, which can inform how to position your own offerings effectively. It's not recommended to focus only on one of their services, as this provides a limited perspective. Instead, comprehensive research can reveal opportunities where your business can overtake them in the market.

Integrating new developments into your sales kit is vital, but this should be done more frequently than just at the beginning of the year to ensure all materials are up to date. Taking note of questions not asked can indeed provide insight, but such a practice is complementary to direct research and should not replace it. By taking a holistic approach to understanding your competitors, your strategy can be more adaptable and responsive to market changes.