Talkin ‘Bout My Competition

This article is part of the Sales Secrets Uncovered series where we share key learnings from our analysis of 211k+ sales calls spread over 3.8 million minutes and 12 months. Why? To uncover the stats that will help you sell better in 2022 and beyond!

This article is from the desk of our Senior Content Specialist, Anirban.

PS: Use this data responsibly. Correlation is ≠ causation. ???

“Sorry, we already have a sales dashboard tool / social media agency / corporate insurance / expert bricklayer.”

Doesn’t matter what you sell, these are not words anyone wants to hear, right?

Even warm calls get a little colder when the prospect starts bringing up the competition.

Whether it’s in the context of a similar product or service they already use, or just to know how you are better than the other guys playing the same game - the mention of competition can leave sales folks a tiny bit flustered.

However, it hardly means that the jig is up.

If anything, your chances just went up!

Yup, mention of competition corresponds to a 24% increase in win rate of deals.

That’s because by bringing up a competitor, a prospect is actually handing you a rope. Now you could tie yourself into a knot with it, or see it as a lifeline.

The best sales folks, however, are going to grab the rope, give a mighty yell, and Tarzan-swing their way to success.

How? Glad you asked.

• They DON’T badmouth the competition - Do you want to put the prospect on guard immediately? Because badmouthing the competition is a great way to do that. By avoiding this pitfall, you have disarmed the prospect and maybe even convinced them a bit of your good intentions.
• They DO show the value they provide - Instead of disparaging the competition, these sales marvels highlight what makes their product different, and better suited for the prospect. Hard facts and data speak for themselves.

• They DON’T avoid the discussion - Another mistake rookie salespeople make is to avoid the discussion entirely. A prospect brings up the competition, and they ho-hum for a bit before going back to their own scripted pitch. That’s almost as bad as disparaging the competition, because the prospect is definitely going to walk away thinking they didn’t get the whole truth.
• They DO tell the prospect what to look for - So instead of avoiding it, it’s better to actually integrate yourself into the discussion between the prospect and your competition. Tell your prospect what to look for and ask when they talk next. Arm them with information and questions, and let them come to their own conclusions.

• They DON’T rush the prospect - We get it, when the prospect says they are also looking at your competition, the urge to rush the deal becomes strong. They could be swayed to the dark side at any moment! You must pull them back! But more experienced heads know that patience is a virtue. A prospect can be skittish, and trying to rush them sends the wrong message.?
• They DO keep the prospect’s best interest in mind - Which means that if the competitor has a product that suits the prospect’s needs better, they say it. As any good sales person knows, a sale is valuable, but becoming the trusted advisor of a prospect in the long run is priceless.?

So the next time a prospect brings up the competition, calm those nerves and get ready to swing like Spider-Man in midtown Manhattan. You can do it!

And that’s it for this issue of Sales Secrets Uncovered with Wingman. Catch you next week!