“I have a very specific sales question, one of my competitors has one great local reference and the research from my losses is my prospects pick my competitor because the local company spoke so highly about them.” JB
JB, you have lots of options. First, great job following up with your competitive losses to learn why the picked someone else. If you are not doing already, I would ask them specifically what your competitor’s reference is saying that yours aren’t. Internally, I would work with your references on increasing their client satisfaction of using your product or service. Some ideas for increasing the satisfaction: training, getting them to purchase to additional solutions, have your management team contact their management team, talking to references in other territories, etc. Plus, I would coach them on giving reference calls.
Externally, I would do detail research on the company giving the great references. Maybe they are unique in how they use the competitor’s product and yes, they are very satisfied but is this an apple to oranges comparison on how the solutions will be used by your prospect. I would investigate if your competitor and the prospect have a financial relationship or partnership. If possible, I would investigate is there a specific person giving the reference and do they have a relationship with your competitor. Are they other people at the company who will not give such a glowing reference? The goal of this information is to prep your prospects on yes they are going to give a great reference BUT here is why. FYI, most companies legitimately give their clients some kind of incentive (typically discounts on future purchases) to do reference calls and site visits because they do take time especially on-sites visits.
If you have a very strong relationship with one of your clients, they could call the reference to find out why they like your competitor so much. Some sales people will not feel comfortable with this strategy and I understand. I have two warnings if you go with this strategy. First your client may not feel comfortable making the call and they could be offended by you asking. Second and more importantly, if everything the reference is saying is true, you could lose your client to the competitor.
Knowledge is your key. I tell my sales team “What I know doesn’t scare me, including the prospect does not like us because we can put together a plan. If we learn me are not the best solution for the prospect and they would be better off with another company. But, what I don’t know scares me.” In any sale there will be information you don’t know and it is always easy to get competitive information. Do you research, work hard, and you will be winning deals vs. your competitor in the very near future.
Good Referencing and let us know how it goes! Reader Feedback, please click the comments below to give additional information on 'Competitors Reference’ and I want your feedback on my response. Shaun P
JB, you have lots of options. First, great job following up with your competitive losses to learn why the picked someone else. If you are not doing already, I would ask them specifically what your competitor’s reference is saying that yours aren’t. Internally, I would work with your references on increasing their client satisfaction of using your product or service. Some ideas for increasing the satisfaction: training, getting them to purchase to additional solutions, have your management team contact their management team, talking to references in other territories, etc. Plus, I would coach them on giving reference calls.
Externally, I would do detail research on the company giving the great references. Maybe they are unique in how they use the competitor’s product and yes, they are very satisfied but is this an apple to oranges comparison on how the solutions will be used by your prospect. I would investigate if your competitor and the prospect have a financial relationship or partnership. If possible, I would investigate is there a specific person giving the reference and do they have a relationship with your competitor. Are they other people at the company who will not give such a glowing reference? The goal of this information is to prep your prospects on yes they are going to give a great reference BUT here is why. FYI, most companies legitimately give their clients some kind of incentive (typically discounts on future purchases) to do reference calls and site visits because they do take time especially on-sites visits.
If you have a very strong relationship with one of your clients, they could call the reference to find out why they like your competitor so much. Some sales people will not feel comfortable with this strategy and I understand. I have two warnings if you go with this strategy. First your client may not feel comfortable making the call and they could be offended by you asking. Second and more importantly, if everything the reference is saying is true, you could lose your client to the competitor.
Knowledge is your key. I tell my sales team “What I know doesn’t scare me, including the prospect does not like us because we can put together a plan. If we learn me are not the best solution for the prospect and they would be better off with another company. But, what I don’t know scares me.” In any sale there will be information you don’t know and it is always easy to get competitive information. Do you research, work hard, and you will be winning deals vs. your competitor in the very near future.
Good Referencing and let us know how it goes! Reader Feedback, please click the comments below to give additional information on 'Competitors Reference’ and I want your feedback on my response. Shaun P
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