NFIB

Know Your Competitors Before You Make a Sales Call
03/ 22/ 2002

In virtually every sales presentation you make--whether by phone or in person--your customer is comparing you with your competition. It may be a silent comparison, or the person may come right out and ask how you match up with another company regarding product features, customer support, warranties or cost. In either case, it's important for you to have complete knowledge of what your competitor is telling people and what they really offer. Only then can you present your products in their best light and overcome spoken or unspoken objections that may be based on comparisons with competitors. In today's Workshop, Jeffrey Moses lists what you need to know about your competition.

You should be completely knowledgeable about the brands offered by your competitors; familiar with their pricing on comparable products; and aware of their current discounts, credit terms, incentives, rebate and upgrade policies and warranties.

Know what your competitors consider their greatest strengths. Do they think of themselves as highly service-oriented, value-oriented or stable and dependable? Do they tout their company’s longevity? Do they offer factory-direct prices, onsite repair or anything else that somehow sets them apart?

You'll need to have strategies to offset the perceived strengths. Only by continually studying your competition can you be prepared to show your customers how you match or exceed competitors' strengths.

You should know the areas in which your competitors are weak. Generally, it's best to not run down any specific company when speaking with customers. Instead, make a definite point of how you excel in areas where your competitors are weak. It's important to emphasize your company's single most compelling offering, such as a product feature or service not offered by your competitors.

To find out about competitors, visit their Web sites, call or write for their brochures, talk with your customers and keep your eyes open for ads they place on TV or in newspapers.

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