Do you know what you’re up against? When someone asks how you compare to another company, do you know the honest answer?
You can’t check out every single item out there that might compare to yours, but you should do your best to be aware of what your main competition (or perceived competition) offers. For instance, the kitchen tools company I’m with carries a few food items. One of those is a beer bread mix. Another direct sales company has a similar product. Now, that other company is a food company. We aren’t really in direct competition. But, I get asked routinely how ours compares with theirs. So, I ordered some. I tried it out. Now I can explain the similarities and differences.
No, I don’t go out and buy every product similar to one of ours. I do routinely wander through kitchen gadget stores so I can familiarize myself with what’s out there. Knowing my products and how they compare with others gives me valuable knowledge that I can share with my customers. Knowledge is power. It’s also a great way to make myself indispensable to my customers.