Teddy, sales would be a lot easier without competitors but that is not reality. Today there lots of ways to get competitive intelligence:
- Website: Top sales people are continually reviewing competitor websites. The two areas I go to are press releases and jobs. In press release I want to see is new information coming out of the company. If there is no information in the last year, I may say the prospect, "Mr. Prospect, I understand you are also looking at company x, and I was on their website recently and I am curious why they have not had a press release in the next year." Second, I go to jobs to see if the company is hiring. Companies that are not growing are not hiring.
- Competitive Loses: Go back to the prospects where you lost to your competitor. I ask the prospect, "At my company, we continue to upgrade and enhance our solutions. One way we do this is by learning from organizations that chose a different solution. Do you have a few minutes for a call to review your decision?"
- Competitive Wins: After you win go back to the prospect and ask them why the choose you, including why they choose you over your competitor. I am usually surprised by part of their response. The prospect may even share the competitive bid.
- Current Clients: Ask your current clients to request information from your competitors.
I will bet you will be surprised how similar your offering is to your competitors. Once you get the information focus on how you are different. You may offer a non-strategic service or product that you competitor doesn't and it can become strategic by focusing on it as a differentiator from your competitors. Also with similar product offerings, focus on the culture of your company, if you sell for a big company focus on your breadth and resources. If you sell for a small company focus on being nimble and client focused. In today's ultra-competitive marketplace the differences between companies is becoming smaller and smaller.
Good Selling versus your competitors!
Reader Feedback, please click the comments below to give 'Teddy' additional information on 'Expenses' and I want your feedback on my response.
Comments