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Know Your Competition. This Can Help You Close More Sales

Have you done your homework ? Wait a second your a door knocker door knockers don’t like doing homework ! hahahahahah! Im not talking about the homework your teacher assigns you in school. Competition ! its important to know what your competition is offering and how you are different. In this article I’m going to talk about

  1. How To Do Your Homework
  2. Identify What Makes You Different
  3. Implement In The Field

How To Do Your Homework

The one common denominator every sales person has is competition. I don’t care what your selling, you have competition. Some niches have more competition than others. Today i want you to write down the top 5 competitors in your niche. What i do to study them is this:

  • What Brand Of Products Do They Sell
  • What Is Their Warranty Like
  • How Is There Better Business Bureau Rating
  • How Much Does It Cost To Acquire What They Have To Offer
  • Where Are They Located
  • What Is Included In Their Package
  • How Long Is Their Contract (if any)
  • Have They Had Negative Press In The News?

You see when doing your homework you need to understand in detail everything about your competition so that when you run into those customers who are wanting to think about going with a competitor instead of you, you can properly educate them. Most sales people love to bash the living pooh out of their competition, and believe me when i say this, that is a recipe for disaster. In my over 18 years of sales experience i can assure you that you NEVER BASH YOUR COMPETITION. Let your customer sell themselves in on why your competition is not as good as you or your company. Many times i get sales because customers simply like ME ! yes even if your customers have thought of going with someone else, but like and trust you, they will be inclined to do business with you because perhaps they won’t like or trust the person who shows up from the other company. You won’t use your competition knowledge at every customers house, however knowing your competition will help you close those extra sales here and there which add up to large sums of money when you look at it over a longer period of time.

Identify What Makes You Different

Understand from the get go that price is NOT the only thing on peoples mind. If you have this as a fixed belief, were going to have to work on breaking you out of that. Price plays a large role in determining whether or not they will want to acquire your offer however more importantly what is the difference between why you are more expensive or less expensive than your competitors gets you more sales than you can imagine. My favorite line is this:

” Let me ask you this…. Why is it that BMW can get away with charging more for their car than ford ? is it simply just luck ? do you think they would go out of business if they just simply put a higher price tag but had no added quality or value attached ? ”

After saying this i then know it is my time to jump into why my product is more expensive (if it is) or how it is different. People rightfully need justification! If you want to be a better sales person your going to need to know that sales is a back and forth game about justification. The human mind says “hmmmm if i were to pay more for this product and the added value is the same as the competitors, then that is a bad deal” however if you have a ton of added value because your product functions differently than your competitors and they really like the way your product, service or even customer service is, there going to want to do business with you. KNOW THIS, OWN THIS !

Implement In The Field

So i taught you what you need to do to study your competition. I then went on teaching you how to identify what makes you different. Now is your time to shine in the field. Get out there and go implement my teachings. If your expecting to go out there and master it right away, you are 100% wrong. Its not going to happen. But who cares, this job is fun, make it such. Go out there try it. Come up with a game plan! A plan of action for you to implement these teachings. Don’t over complicate it. Simply learn as much as you can about your competition. Know how your different, and use this when someone says they want to go with someone else or they want to see what others have to offer. If they are really interested, they will let you educate them. Really focus in on giving them the proper education that separates you from your competition and if they like what makes you different, there more than likely going to want to do business with you.

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Paul Shakuri Of Entrepreneur Adrenaline

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