Name-dropping your competitors

How does your solution differ from company X's?

In your role as a technical salesperson, you should expect to get and hear this question quite often.

Speaking clearly about the market and your company's competition is an essential but often overlooked topic during customer meetings.

There is an almost certain probability that your prospects and customers will hear about your competitors or that they will discuss with them while looking for a solution.

This post will cover:

1. When meeting with customers, should you mention your competitors?
2. What to say when your prospect asks about you versus your competitors?
3. How to deal with a prospect that already talked to one your competitors?

Bring up the names of your competitors

The world we live in is small and digital. Everything can be accessed with the click of a button. When you meet a prospect, assume they have heard about or talked to one of your competitors or even tested their solution.

So, don't be surprised if your pitch is met with a response of, "Yeah, we tried that already."

Do you need to bring the competitor's name?

Yes.

In prospect meetings, you should not be afraid to discuss your competitors, as this will build credibility and help the customer make the right decision.

There's no need for you to be concerned that bringing your prospect's name during the meeting might cause them to not look at yours. Your job is to help the customer understand the most appropriate solution for them and how each one can be beneficial to them.

In my experience, I have seen cases where clients may make a purchase without obtaining a full proof-of-concept POC process, but in those cases, the client did extensive research on the industry, competitors and other companies before making a purchase decision.

Should I mention my competitors if the customer didn't ask?

Yes.

No matter what your customer says, they want to know about it and your competitors. You don't have to go into detail here. Instead, briefly explain how your solution differs from the competition, what you do that they don't, and more importantly, how YOU will address customer concerns and needs.

Answering the competition questions

Prepare yourself first. It is very critical to know your solution and your competitors' solution as well as possible.

Your prospect bringing one of your competitors into the conversation is a positive sign they did some research, were interested in your industry and solution. They also wanted to find a solution to their challenge.

Preparing for a competitor discussion can be done in several ways:

1. Learn about the players in your industry and market, since some people may confuse them with yours.
2. Make sure you know who your competitors are, what they do, what their strengths are, and why they might be better than you in some areas.?
3. It might be a smart idea to include a few slides containing benefits and comparisons, one slide with high-level tables, and two or three slides devoted to in-depth discussion - put these in the appendix since most of the time you don't have enough time to delve into each specific benefit or differentiator, and honestly, it would be too much information.??
4. Google your prospect and the competition to find some helpful information. For example, the competition may list them on their website. Attend trade shows or webinars provided by your competitors.
5. Make sure you prepare thoroughly and show up prepared. It will make you appear more professional if you have everything you need.?

Suppose a customer mentions a competitor to you. What should you do?

1. Tell the truth, be transparent, and be honest to build trust. What you can and can't do or provide.
2. Ask your prospect if they have already evaluated or spoken with them.
3. You can arrange for them to speak with some of the past clients you have replaced with your competitors if you have some.
4. Be brief, to the point, and explain why your solution is more effective than overcomplicating or giving long answers.
5. Comparing apples to apples is easier if you allow them to evaluate both yours and theirs together. Offer your prospect to install both solutions at the same time if possible and see the differences.
6. Give them success criteria for comparing your capabilities with your competitors.?
7. You should avoid comparing prices at the first meeting with your prospects since you have no idea what customers want in terms of features, sizes, and so on.?
8. Do not say that you don't have competitors. Try not to discredit them by claiming they don't exist. In general, not having any competition isn't a healthy sign.

Pro tip - ask your prospects if they evaluated one of your competitors, then ask them what they liked about it, what was missing, and how their experience led them to evaluate yours if they evaluated or talked to them already.?

To summarize?

Don't be afraid to discuss your competitors. Each solution has something beneficial, so first you must understand your customers' needs, and then see what you can offer them that your competitors cannot.

This is a business decision, not a life-or-death one.?

Avoid trash-talking your competitors.

Competitors serve as validation for your industry, so the presence of them is valuable. You can count on them to help you succeed.?

Till next time,

Menachem.?