"Did you hear what your competitor is doing?" This question has caused many business people to freeze in their tracks. How about you? Does your sales team know what your competitors are doing? And if a prospect was to ask them, "give me 10 unique reasons why I should buy from you and your company," could they answer this question without a pause? "Knowing thy competitor" is critical, and this article will outline three easy ways to know more about them, than they know about you! Let's get started!
Their people: Begin by "shopping" on the telephone, by mail and in-person, the competitors who offer similar pricing and products as your company. When "shopping" in-person, notice their sales staff and look for the way they dress, the tone in their voice, the organization of their office, the ease they display when presenting their product or service, and what questions they ask at the end of your conversation. By observing closely, you will see and hear the quality of person hired by your competitors and the time they invest in their training program. Then ask yourself, "how do these standards, compare to ours?"
Tip From The Coach: Whenever possible, interview EVERYONE who has worked for your competitor. You can learn volumes about how each company hires and trains their people and you will be able to identify their unique management style. Also, ask questions about this person's previous work experience, as it may give you new ideas for recruiting key people. And isn't finding a great team player always a hot topic?
Their product: "Shop" your competitors at least quarterly, listening closely for any new services or products they offer. Pay close attention to the quality of their brochures, the appearance of their products and any special ways they add "unique" value to buying from their company. Use a consistent "shopping" report so you can easily summarize the unique features and benefits of each competitor. Now, how does your company compare to the rest? And more importantly, how does your company compare to the best?
Tip From The Coach: Every Monday morning, have your sales team spend 15 minutes reviewing the "shopping" reports done over the previous week. When your team has this type of timely and detailed information, they should be able to easily respond to a prospect who says, "why should I buy from you and not your competitor?" Have your sales team practice handling this type of standard question, as practice does make PERFECT!
Their pricing: Once you know the specific details about your competitor's people and their product or service, your sales team will have much more confidence when they explain why your product is "special" compared to the rest. And when you focus on the strengths of your product, so will your prospects. Lastly, people buy from people! A small price difference can easily be overlooked, when your sales team is courteous and professional! Remember, each prospect is looking to find the right product/service, from the right company?and feel good about their purchase!
Tip From The Coach: If price is the only issue, work with your sales team to prepare in advance, a checklist of the specific features and benefits unique to your product or service, as compared to your competitors. Have each sales person practice presenting this checklist with confidence and accuracy as this part of their presentation will usually be enough for the prospect to say, "OK, how can we get started!"
So, follow these three easy steps and see how much easier it is to serve your customers when you know more about your competitors, than they know about you! If you would like to receive a free report to use when you are shopping your competitors please fax a request on your letterhead to 435-615-8670 and The Coach will fax you a sample report in ten minutes! Want to hear more about this important topic or ask some additional questions? Fax a note on your letterhead to 435-615-8670 or send an E-mail to ernest@powerhour.com and The Coach will fax/E-mail back to you a free invitation to be a participant on a TeleForum conference call.
Author's note: Ernest F. Oriente, The Coach, is the founder of PowerHour? a professional business coaching/recruiting service and the author of SmartMatch Alliances?. He has spent 17,500 hours [since 1995] delivering customized training, by telephone, in leadership, traditional/Internet marketing and sales for fast growing sales companies and entrepreneurial businesses worldwide. PowerHour? specializes in global distance learning by telephone, using their state-of-the-art conference call system for interactive and dynamic TeleForums. Twice-monthly TeleForums link 10-100 executives/professionals/individuals who are geographically dispersed, in a time efficient and profitable format.
PowerHour? is based in Olympic-town?Park City, Utah, at 435-615-8486, by E-mail ernest@powerhour.com or visit their TeleForum website: ernest@powerhour.com. To receive a FREE success newsletter, with subscribers in 74 countries, send an E-mail to: ernest@powerhour.com. Recent PowerHour? articles have appeared in 4000+ business/trade publications and websites.
Lincoln Stretch rentals Alsip ..I love the excitement of starting up a new home... Read More
It is always said "If you Fail to Plan, you... Read More
These may sound like no brainers, but you'd be surprised.... Read More
Microsoft Great Plains fits horizontal markets clientele and in case... Read More
Whether you are seeking capital for your company or are... Read More
Many very successful business owners may never have had a... Read More
Every business experiences slower periods. For some, they sell more... Read More
Is there really anything as a problem? Does chaos or... Read More
Every new business owner knows that a business plan is... Read More
Running a business, whether it be an offline multi-billion dollar... Read More
How often does your company make a quantum leap forward?... Read More
A business plan precisely defines your business, identifies your goals,... Read More
Why cut costs now? Efforts are multiplying to cut costs... Read More
Making money doesn't make your reputation... your reputation makes you... Read More
Many companies are reluctant to dive into outsourcing ocean because... Read More
Growth through acquisition should not be considered an option reserved... Read More
Remember reading "Alice in Wonderland?"She asks the Cheshire Cat, "which... Read More
Cassy was an employee of a nonprofit who had been... Read More
Imagine spending the same amount of money on marketing and... Read More
If you are in the parking business and own or... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
If you own a pressure washing business one of the... Read More
Writing a Business Plan these days is tough, venture capitalists... Read More
The current state of the available technology at the disposal... Read More
A focus group is a group of employees or current... Read More
Western Springs shuttle limo ..Remember reading "Alice in Wonderland?"She asks the Cheshire Cat, "which... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
If you're a solo professional like I am, you know... Read More
One of the most important initiatives in the domain of... Read More
Is your business growing as fast and effectively as it... Read More
There is a story, about a business owner who wasn't... Read More
You have heard that there is extra money on the... Read More
If you own a mobile franchise business and wish to... Read More
No matter what product or service you provide you will... Read More
Why do so many companies languish and watch as their... Read More
Writing a business plan to help you direct and manage... Read More
Ask a small business owner about their strategic plan and... Read More
If you own a pressure washing business one of the... Read More
Have you ever done a SWOT analysis? No, it's not... Read More
Storytelling and writing a business plan actually go hand in... Read More
( * - the word 'product' can be substituted to... Read More
Mobile auto detailing equipment becomes very inexpensive around March each... Read More
People often ask "What makes a good business plan? Or,... Read More
Fun From The StartFor those with the will to start... Read More
With the help of balanced scorecard strategy map, it is... Read More
Strategic planning is vital while starting a new business or... Read More
Making money doesn't make your reputation... your reputation makes you... Read More
If you own a mobile car wash business or auto... Read More
The University of Exeter in the United Kingdom recently published... Read More
Ask Yourself three simple questions that affect your strategy planning...... Read More
Strategic Planning |