Methodical and legitimate mechanisms of scrutinizing and reviewing the rival businesses and markets are called Competitive Audits. This practice should not be confused with Competitive Intelligence, as it is unbelievably different. Competitive Audit garners the competitor's sales strategies and maneuvers. It summarizes the planning horizon of the rivals for the current and subsequent sales tactics.
Competitive Audit is not corporate or industrial espionage, neither it adapts nor advocates any illegal and unethical methods for competitive advantage.
Envisage the uncustomary World with no competition and no sales targets. Here the conundrum is, can any business survive without competition, or is competition necessary for any business.
Competition is essential and inevitable in sales. Competition acts as a catalyst for the salespeople to perform and criterion to gauge their performance.
It is time to discard the idea of no-competition and concentrate on how to avert the competitors from grabbing your sales with the facilitation of Competitive audit.
Here we will not take about competitive intelligence; we will focus on the competitive audit.
What Is A Competitive Audit
Methodical and legitimate mechanisms of scrutinizing and reviewing the rival businesses and markets are called Competitive Audits.
It ascertains which sublimity and crosscurrents in your industry are accelerating the sales of your competitors. Once you discover the covert miscellanea of your rivals then you can devise those strategies to give you a competitive advantage.
Advantages Of Competitive Audit
Pulse Of The Industry
Every company wants to be eminent in their sector, and they want to be bellwethers. Principles of Competitive Audit have certain dictums ordained for the organizations and the sales teams. Any phenomenal events happening in the market, and any exceptional developments in your territory, the Field Sales Rep should report it to the management. The Hawk-eyed observance and inquisitive ferreting give you the forethoughts of your competitors. With this vital information in hand, you can plan your stratagem. Such activities are more prevalent in the FMCG industry.
Identify The Competitors
The doctrine of competitive audit emphasis you identify your competitors. Once the competitors are perceived then it will be easy to surveil their course of action.
Gauge The Sales Tactics
Competitive audit exposes how aggressive your competitors are, which methods they are adopting to sell, and in which areas and territories.
Competitive landscape analysis will alert you about the entry of any new entrants. It can also analyze the impact the new entrant can cause, and which can affect your sales.
Explore New Sales Channels
A Competitive Audit shows different sales and business strategies to bring back churned and lost customers to your company.
Actionable Strategies From Your Competitive Audit
Researching your competitors requires expertise and time. It gives you fresh ideas and data, which can be used in your organization effectively.
SCIP (Strategic & Competitive Intelligence Professionals) is the global community of choice for professionals who collect, synthesize and use intelligence to make critical decisions. It advocates for the skilled use of competitive audits to enhance business decision-making and organizational performance.
Understanding the competitors, their anticipatory moves and foresight, are the real key to the success of any company. Any sales team well armored with rivals' information will have a competitive edge.
Toolyt, as leaders in Sales Productivity Automation System, can make your Competitive Audit process easy by giving you seamless insights and tracking your relationships with the customers and competitors. The user-friendly mobile App guides the salesperson to complete the sales process in an easy and professional manner.
Intrinsic alters and reports to the Management will give the prevision of the industry, happenings, and preparedness for better sales strategy.
Toolyt is used by the World's leading firms across 20+ countries. It gives a divine meaning to the sales team, it is not just sending emails and messages, it is far beyond that. Being a part of Toolyt is the first step towards success.