As an outside sales representative, you know how important it is to maintain and grow your sales territory. But what do you do if you face a competitor who is trying to take over your accounts, undercut your prices, or offer better incentives? In this article, we will share some tips on how to deal with this challenge and protect your territory.
The first step is to assess the situation and understand the nature and extent of the threat. How many accounts are at risk? What are the competitor's strengths and weaknesses? What are their strategies and tactics? How do your customers perceive them? You can gather this information by doing some research, talking to your customers, and observing the market.
Start by thoroughly analyzing their tactics - identify potential vulnerabilities in their offerings or blind spots you can exploit. Reinforce your value proposition by sharpening your unique strengths and addressing any weaknesses. Engage clients, understand their evolving needs, and tailor solutions accordingly. Leverage your network and strengthen strategic partnerships that differentiate you. Above all, maintain a professional yet tenacious approach. Attack the competition respectfully through superior execution, not mudslinging. With meticulous planning, insightful client relationships, and relentless commitment to excellence, you can fortify your territory and outmaneuver the challenger. Complacency breeds failure.
Si tu territorio de ventas está siendo amenazado por un competidor, es crucial actuar con rapidez y determinación. Primero, realiza un análisis exhaustivo de la situación para comprender las fortalezas y debilidades tanto de tu empresa como del competidor. Luego, desarrolla una estrategia clara para diferenciarte y destacar el valor único de tus productos o servicios. Esto puede implicar fortalecer las relaciones con los clientes existentes, identificar nuevas oportunidades de mercado o incluso ajustar tu oferta para satisfacer mejor las necesidades cambiantes del cliente. Además, mantén una comunicación abierta y transparente con tu equipo de ventas para mantenerlos informados y motivados durante este desafío.
The next step is to strengthen your relationships with your existing customers and prospects. You want to show them that you value their business, that you understand their needs, and that you can offer them superior solutions. You can do this by providing excellent customer service, delivering on your promises, following up regularly, and adding value through education, referrals, or testimonials.
The third step is to differentiate your offer from your competitor's and highlight your unique selling proposition. You want to emphasize the benefits and advantages of doing business with you, not just the features and prices of your products or services. You can do this by focusing on the outcomes and results that your customers want, not just the inputs and processes that you provide. You can also use stories, case studies, or demonstrations to show how you have helped other customers solve similar problems or achieve similar goals.
Simon Sinek is known for his book "Start with Why." When I recruit my potential clients to join me in our business' "why" rather than selling them on our product's features they buy more. When they know that our product will resolve their concern AND we have a reason for existing beyond making an awesome product, then it doesn't matter who our competitors are or how much better their product is. I work closely with a start-up that sells data analytics and reporting. This is a saturated market. We've done extremely well though because we aren't selling better reports, we're selling a vision of democratized data and workplace education. The best way to differentiate your offer is to offer your clients a better "why" to do business with you.
The fourth step is to counter your competitor's moves and neutralize their threats. You want to anticipate their actions and reactions, and prepare your responses accordingly. You can do this by offering incentives, discounts, or guarantees that match or exceed their offers, by creating bundles or packages that add more value or convenience, or by introducing new or improved products or services that meet or exceed their standards.
The fifth step is to expand your reach and look for new opportunities within your territory. You want to increase your market share, not just defend your existing share. You can do this by prospecting for new leads, cross-selling or upselling to existing customers, or entering new segments or niches that your competitor has not explored or exploited.
The final step is to monitor and adjust your strategy and tactics as the situation evolves. You want to measure your performance, track your progress, and evaluate your results. You can do this by using metrics, feedback, and data to assess your strengths and weaknesses, identify your opportunities and threats, and determine your return on investment. You can also use surveys, reviews, or testimonials to gauge your customer satisfaction, loyalty, and retention.
Be competitive, deliver exactly what you know you can and never over promise. Never talk down on competitors, only focus on what you do well and over communicate that.