How Competitors Use Competitor Analysis to Focus on The Benefits For Your Customers

How competitors use competitor analysis to focus on the benefits for your customersrnWe ask how competitors use competitor analysis to focus on the benefits for your customers. As competitors strive to stand out, they often rely on features to tell their story. But when it comes to selling benefits, they should not be relying on mere words. They need to paint a picture of how much better their customers will feel after using their product. A picture that the customer connects with you and what you are selling. Features tell, and benefits sellrnThis is where features come in handy. They describe what your offering does. But it’s benefits that truly sell the product. The benefits need to be tangible and easy for the customer to understand. And significantly better than your competitors. Features tell, and benefits sell. Features can be technical in nature as they tend to describe what your offering does. But benefits are about feeling. It draws a picture of how much better a customer will feel and what a positive impact your offering will have on them. More than products, services companies can often find it difficult to differentiate themselves. Often we see things like: We care more about our customersrnWe work harderrnOur people are betterrnWe have excellent customer servicesrnWe are the bestrnAll are very intangible benefits. Your competitors may have the same problem. Or they’re using Competitive Intelligence or competitor analysis to narrow things down. Focus on whom they are targeting. And defining their benefits pinpointed to those their (and your) customers really want. What is Competitive analysis? rnCompetitive analysis determines the attractiveness, customers, competitors and the dynamics of a particular market within a specific industry sector. Develops an understanding of the relationship between supply and demand, strengths, weaknesses, opportunities and threats for your product or service to enable you to make more informed decisions about potential marketing strategies.rnGain a competitive advantagernThey are looking at you and and narrowing their approach to gain a competitive advantage. They are looking at and understanding how you are doing it. Defining where you are going wrong and where you are getting it right. A good competitor will then copy what you are good at and exploit what you are poor at. A savvy competitor will not copy you. They will try and put significant space between your benefits and theirs. They will look for things that are missing and see what your customers want. Then give it to them and some. It is critical for a services company. Again, compared to a service, it’s easier for product-based companies to it figure out. Knowing how to differentiate gives you a better chance of getting new customers. And keeping current ones. So quick recap of what the features and benefits are. Features are facts about your products or services. They add credibility and substance to your pitchrnBenefits offer customers the reason to buy. They explain how your product / service will improve their livesrnConvert features into benefits by answering the question: “So what?”rnHow competitors use competitor analysis to focus on the benefits for your customersrnIn conclusion, features tell, and benefits sell. This article asked how competitors use competitor analysis to focus on the benefits for your customers. When looking at your competitors features, be sure to focus on the benefits they provide. This will help your improve your own offerings benefits. To help your customers to see how your offering can make their lives better. Significantly better than if they used your competitor.