It’s the ultimate prize – you go head-to-head against your biggest competitor in the industry, and your company wins over the customer. Even if it’s a smaller deal without a huge profit margin, the victory is powerful and satisfying simply because you beat out the competition.
Here are some Tips help you win your next battle against your company’s biggest competitor, so you can come out on top.
- Connect with a Prospect
To win a customer away from the competition, you may not want to go after the decision-maker right away for the deal. Instead, you should look for someone influential within the company, who could be your sales champion. This person is often in a position that uses the competition’s product frequently or has the most need for a new solution, and is most likely to be frustrated by the day-to-day operations. They’re going to be the most eager for a change within the organization, and they are your target audience. If you can connect with them and turn them into an advocate for your product, you’re on the right track.
- Find an Opportunity
Once you’ve found your target prospect, get them to confide in you about their current contract or experience with the competition. The first step to winning over prospects who are existing customers of your competitors is finding out when their current contract is up. They’re not going to break a contract that expires 8 months from now, so you need to approach the prospect at just the right moment. You should contact them a few months before the contract is up, and plant the seed of change. If you miss this window and they renew the contract, you’re out of luck for a few more years – so make sure your timing is right.
- Research the Company
The more you know, the better prepared you will be when you talk to a decision-maker, and push the sale to the next level. So you need to find out as much as you can right now from your champion, and any other sources you can access. How long has this prospect’s company been a customer of the competition? What product are they using? What are the usual challenges caused by this product? What angle can you best show off your product from? This research will be incredibly important when you’re ready to sell your product to someone with authority.
- Break the Habit
The toughest part of winning a customer from a competitor is overcoming the fear of the unknown. The reason so many customers stick with their current, unsatisfactory vendors is because they’ve invested so much time and money into it already. They know the product, and even if they don’t like it, they don’t want to have to learn something new. You have to convince them that there are many, many benefits to switching to your product and it’s worth the investment in training. If you’re able to overcome that fear, you’ll be celebrating your win in no time.
There’s nothing sweeter than winning a customer away from your biggest competition. These are not the easiest deals to close, but with the right information, an internal sales champion, a great demo and more, you will be the victor in the end.