Continuing the theme of the importance of gaining competitive insight, another resource you should tap into are people outside of the customer who know the competitor well (including people on your own team). These people can help you gain different insights such as:

1. How is the competitor's business performance?


How healthy is their business in terms of growth, profitability...?


2. What is the competitor's business strategy?


What is their market position - conservative, innovative, leader, follower...?
What is their cost position - expensive, cheap...?
How dedicated are they to this business/market?


3. How are they perceived in the market? Are they:


A product vendor?
A full service solution?
The low cost leader?
A committed market leader?
An aggressively priced niche player?


4. What is their sales strategy?


How do they sell and manage customer relationships?
What types (roles/titles) of people do they typically align with?
How (and how often) do they typically align with senior level decision makers?
How do they differentiate themselves - product/solution, low cost, relationships...?
How do they negotiate?


Another key item to uncover about your competitor is this:

5. Who, specifically, is selling for your competitor?


Have you competed against him or her before?
Did you win or lose? Why?
What does he or she do well/poorly?
What are their personal strengths and weaknesses?
How can you outsell them? How will they try to beat you?


As Sun Tzu said, "It's not your army against their army. It's your strategy against their strategy." This type of insight will help you to create a more powerful strategy.

In the end, taking time to do competitive research is key. The more you know, the better and stronger your strategy.