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To begin
with, do not be afraid of your competition. Instead LEARN as
much about them as humanly possible. If you do no know the
competitive landscape in your industry and in your community,
you are at an EXTREME disadvantage. And when it comes to
competition, KNOWLEDGE IS YOUR FRIEND. You must do your homework
if you want to WIN!
Today’s B2B and B2C customers are sharp. You can bet they will
do their due diligence on you prior to spending major dollars so
you better be prepared to do yours as well.
Ideally, you begin by visiting the competition. One of the best
and easiest ways to learn about your competition is on the web.
Virtually every major company today markets their products and
services online. In many cases they include specifications,
pricing, client lists, etc. You can also visit their stores,
pick up brochures, media kits, etc. All of this information is
a goldmine in the hands of a prepared business person.
Before I forget, let’s get one thing perfectly clear: NEVER,
and I mean NEVER EVER, knock your competition. If you do
you will decrease your chances of success significantly. Even if
what you are saying is true, your potential customers are going
to be turned off by your negative approach. Further, they are
going to wonder why you have to stoop to knocking your
competition instead of extolling the virtues of your own
company’s products and/or services.
 Let
me tell you how I handle the competition... There is absolutely
nothing wrong with comparing your company’s offering with the
competition as long as you are being completely truthful.
However, you don’t want to potentially bring up your own
objections, so you must know when to talk about the competition
and when to keep your mouth shut! It really is that cut and dry!
For example, let’s say you are selling TVs in an electronics
store. You are showing several options to your prospect and all
is going well. They’re asking questions that you are answering
with confidence and ease. All signs are indicating that you
will be able to ask for and close the sale. Would you bring up
the competition? NO! You’d have to be an putz to do that.
However, let’s say the prospect mentions to you that they were
considering a different brand that they have been hearing about
on the radio. What they are actually saying to you is, “tell me
why your TV is better than that of the competition.” Now it’s
time to show them you are an informed professional. Your
presentation might go something like this: “I’m glad you
mentioned the the XYZ model TV. I’ve done a lot of research on
that product myself and learned there are significant
differences between that product and ours. To begin with you’re
going to have to pay about twice as much for theirs vs. ours.
What’s more that TV does not come with HD and picture in
picture like ours does. So if you are wanting the latest
technology and plan to keep your TV for a long time, you’re
going to want to consider these points. Finally the warranty on
their TV is only 5 years. Our TVs feature a 10-year warranty
backed by a company that’s been in business for over 50 years.
Did I disparage the competition? No. I simply stated facts and
allowed the prospect to assess the information. In some cases,
your knowledge of the competition will be enough for the
customer
Want more information on how to better market your business,
product or service, call the Goddess of Marketing today.
Mary Ann
McQueen Butcher
Red Carpet
Marketing, LLC
www.LVRedCarpet.com
702
994-7282
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