Ask Andi: We have strong competition. We get inquiries, so I know we’re getting the word out. We lack similar credentials to our competitors. And they do a better job of hyping what they can do. How to get our message across, once a prospect asks us for information? What’s the best way to respond to first prospects?
Thoughts of the Day: Strong competition builds resilience and determination. Traffic from prospects is essential. But traffic from the right prospects is even better. Do your homework on how you stack up. Look for trends. Focus to win the accounts that will be the best fit for your company’s strengths.
Strong competition
Congratulations on doing a good job of connecting with the marketplace. Getting traffic is job #1 in marketing. If the inflow is big enough, with the right prospects, you’re halfway home to hitting your sales goals. Now let’s work on what to do with those inquiries, to turn the right ones into new sales.
It’s important to know how your company stacks up against its’ competitors. Not sure who the competitors are? Pull a list of companies in your same SIC code. Ask clients who recently bought from you and who else they looked at. And while you’re at it, ask clients what they saw as the strengths and weaknesses of the competitors.
Make it someone’s job to do homework on your competitors. Build a grid to profile competitor attributes. Establish attribute categories based on what you know your company focuses on, and what clients cited as points of difference. List competitors in rows. Fill in boxes on the grid to document specifics on how competitors compare to your company, attribute by attribute.
Effective ways to beat the competition
How do you find out what competitors are doing? Call and ask for information. Have someone mystery shop them. Talk to prospects you’ve won or lost. Ask about why they made the decision they did.
Once you have the grid filled out, look down each category, taking into account all competitors. Are there specific categories in which your company is weak or strong? Can you spot any trends, i.e. how competitors are changing products and staffing.
Make a list of strengths your company can cite in comparison to competitor weaknesses. For example, let’s say that your company consistently gets high marks for dependability. You might want to say that when buyers are asked to rate reliability, they cite your company as being twice as dependable as the nearest competitor.
Be interesting and new
Also, put together a list of company weaknesses. Set up a time to discuss what to do about them. For example, a recent client of ours found out that all 8 of their nearest competitors are reducing customer service staff availability. They also found out that customers didn’t seem to mind. So rather than trying to promote 24-hour customer service, our client started working on cutbacks to reduce the cost of providing service customers didn’t care about.
Match potential buyers’ needs with attributes your company brings to the table. Don’t try to be everything to everyone. Define a list of key prospects your company wants, ones that best fit your company’s strengths. Don’t be afraid to walk away from prospects that are a poor fit. Avoid taking losses trying to meet the needs of prospects who want more than your company can reasonably provide.
As leads come in poll prospects about what they want. Use a standard questionnaire to match prospect needs with strengths your company has to promote. Connect prospects with clients who are similar, so they can compare notes on what your company does well. Look for seasonal buying cycles, in which to promote specific product strengths. Cite specifics: what each prospect wants, and how your company meets or exceeds that need.
