We’re always bumping into competitors. Every time we speak with prospective customers we’re asked how we compare to this vendor or why we’re better than that product. Hear this often enough it can start to shake your confidence!
Here are some strategies I’ve developed over time to handle the competition:
- Validation Someone else out there also believes in this market/product/idea as much as we do. When I look at it this way it validates what we’re doing. The larger the competitor, the larger the potential payoff. Coming into a potential account that is being courted by a large competitor validates that the account may be worth quite a bit.
- Pre-sales If a competitor has been into the account before us, they probably have already gone over the reasons to purchase with the customer. This means we don’t need to sell them on the product space, instead we can focus on why our product is better. It’s almost like the competition is our warm-up act!
- Positioning We have an opportunity to find out what customers like and dislike about the competitions product. This is a great way to learn how to favorably position our product. Without a competitor we would be going in cold with the potential to hit a customer negative.
Competition is a good thing. Used constructively your competitors can actually help you sell more.
How do you view your competition? What strategies do you use to handle competitors? Leave your thoughts in the comments!