3.5 Tips On Selling In A Competitive Market

How to outsell your competitors 

Today we live in a consumer’s market. Instead of buyer beware it’s seller beware. Hundreds if not thousands of options for your future customers to buy what you’re selling is one Alexa search away. In this competitive market it’s important to know how to sell against your competition the RIGHT WAY. Here’s 3.5 tips on selling in a competitive market.

1.) Know Your Stuff and Theirs

Do you know who your competitiors are? It sounds cool to say “I don’t have any competition” but that’s also a lie. No matter what you sell you have competitors, directly and indirectly. It’s important to know who your competitors are, what they do well and more importantly what you do better. The most successful sports franchises not only know what they do well, they also know their competitors weaknesses and how to take advantage of them.

2.) They Don’t Suck

Most inexperienced sales people who are selling in competitive market spend way too much time explaining to their prospects why XYZ competitor sucks. Saying “XYZ competitor does this behind your back” or “XYZ competitor will never offer you that” and blah blah blah. The problem with this strategy is that when your prospect leaves (because you didn’t sell them) they are going to buy from XYZ competitor because that’s all you talked to them about! Instead of explaining how they suck talk about how you’re better. Change your mindset and think “They don’t suck, we’re just better”. Tell your customer this instead, “I’m sure XYZ competitor is a fine company. We offer xxx which provides this benefit and that’s something no other company can say.”

3.) Go the extra mile

How much do you learn about your prospect before you start to pitch them your product? The answer to that question for your competitors is probably not much. They simply have their call sheet and they begin smiling and dialing. How much would you stand out if you took the time to send your prospect a personalized, handwritten letter before calling them? You would stand out even more if you sent them a note a recent wine event that they attended and posted pictures on Instagram. Maybe that note includes a gift card or a coupon for a discount on thei favorite wine. Whatever you have to do, go the extra mile. Why? Because your competitors aren’t willing to do it.

 

3.5) Follow up

Speaking of things your competitors aren’t willing to do…follow up has long been a weakness for many sales people. Whenever I inform someone that they need to contact a prospect at 5-7 times to get a meeting they always look at me like I’m crazy! “That much? Isn’t that too much? Won’t they get tired of me?” I’ve been hung up on and shut down by the best and let me tell you, when someone is ready to get rid of you you will know it. It’s all about your perspective. You may call a prospect three times and if they don’t answer you mark them as non responsive. I call a prospect three times and I mark them as busy. Follow up with your prospects. Almost no one does it.