Even if you have a comprehensive knowledge of your biggest competitor – dutifully watching their webinars, reading their website, following their blog and doing an extensive competitive analysis – it doesn’t guarantee success with every prospect.
“The competition is on your radar because they offer a good product,” says Cara Hogan, a Boston-based content marketing strategist and consultant. “Ousting an existing solution is difficult, but not impossible.” She offers these tips for winning business away from competitors:
Find an ally. Your reps may not want to go after the decision-maker right away for a deal. Instead, they should look for someone influential within the company who can serve as a sales champion. This person is often in a position that uses the competition’s product frequently and who has the greatest need for a new solution.
Find the window of opportunity. The first step to winning over prospects who are existing customers of your competitors is finding out when their current contract is up. Once an ally has been identified, your rep should get him or her to share the details about their current contract or experience with the competition. Reconnect a few months before the contract is up to plant the seed of change.
Emphasize the pain points. At some point, it’s all about convincing a prospect they need to change. When talking to a prospect that has an existing solution, a rep should discuss problems they know have come up over the years – information that is collected through careful research.
Be ready to shine. Your reps need to know how to make your product or service shine. They should address each prospect’s unique needs by showing off the precise features that address the pain points that caused them to consider switching vendors.
