What steps do you take to maintain a deep understanding of competitors' products and services?

Business Account Manager Interview Questions

Sample answer to the question

To maintain a deep understanding of competitors' products and services, I regularly visit their websites, follow their social media channels, and subscribe to their newsletters. I also attend industry conferences and trade shows where I can see their latest offerings firsthand. Additionally, I make it a point to read industry publications and stay up to date with market research reports. By doing all these things, I am able to identify new trends, innovations, and competitive advantages that our competitors have. This knowledge allows me to better position our own products and services in the market.

A more solid answer

To maintain a deep understanding of competitors' products and services, I employ a multi-faceted approach. Firstly, I regularly conduct in-depth research on competitor websites, analyzing their product catalogs, pricing strategies, and customer feedback. I also leverage social media platforms to monitor their online presence, gaining valuable insights into their marketing campaigns and customer engagement. Furthermore, I attend industry conferences and trade shows to network with industry professionals and gather firsthand knowledge of competitor offerings. Additionally, I stay updated with industry news through subscriptions to relevant publications and market research reports. This comprehensive approach ensures that I have a comprehensive understanding of our competitors' strengths, weaknesses, and market positioning.

Why this is a more solid answer:

This answer is more comprehensive than the basic answer because it provides specific details on the actions the candidate takes to maintain a deep understanding of competitors' products and services. It demonstrates a thorough approach to research and shows how the candidate's actions contribute to their knowledge of competitors and industry trends. However, it could still benefit from specific examples of how the candidate has used this knowledge to their advantage in previous roles.

An exceptional answer

Maintaining a deep understanding of competitors' products and services is vital in today's competitive business landscape. To achieve this, I employ a proactive and comprehensive approach. Firstly, I conduct regular SWOT (Strengths, Weaknesses, Opportunities, and Threats) analyses of our competitors, evaluating their product features, pricing strategies, customer reviews, and market positioning. This enables me to identify areas where we can differentiate ourselves and capitalize on market gaps. Additionally, I actively participate in industry forums and engage in conversations with industry experts to stay updated on emerging trends and customer preferences. Furthermore, I establish strong relationships with our sales team, frequently gathering feedback from them on competitor strengths and objections they encounter during the sales process. This information allows me to refine our own offerings and address potential customer concerns. Overall, my commitment to ongoing research and analysis ensures that we maintain a competitive edge in the market and consistently provide value to our clients.

Why this is an exceptional answer:

This is an exceptional answer because it goes beyond the basic and solid answers by providing specific strategies and methodologies the candidate uses to maintain a deep understanding of competitors' products and services. It showcases the candidate's proactive approach, their ability to analyze competitor data, and their focus on leveraging insights to drive business growth. Additionally, it highlights the candidate's collaboration with the sales team and their commitment to continuously refining the company's offerings based on competitor feedback. This answer demonstrates a comprehensive understanding of the importance of competitor analysis and showcases the candidate's ability to leverage that knowledge for strategic decision-making.

How to prepare for this question

Research and familiarize yourself with the competitor landscape in your industry. Identify key competitors and their product/service offerings.
Take proactive steps to gather competitor information, such as subscribing to their newsletters and following their social media channels.
Attend industry conferences and trade shows to gain firsthand knowledge of competitor products and engage in networking opportunities.
Stay updated with industry news, market research reports, and relevant publications to stay informed about new trends and developments.
Collaborate with the sales team to gather feedback on competitor strengths and objections encountered during the sales process.

What interviewers are evaluating

Knowledge of competitors
Industry research skills