7 Sales Tips

Tip #4: Know your competition

There's always going to be competition in sales. With so much competition, what will make you the best? You got it! Know your competition! Knowing your competition is an effective technique against any potential objections further down the sales process. You must take care of your customers or someone else will. Customers will want to know what makes your product or service better. If you don't know your competition, you're basically rolling the dice and gambling whether they will buy from you or your competitor. That's no way to go about business or sales.

One simple technique to learn about your competition is to discreetly enroll in your competitors emailing list. Your competitors will send you special offers, and when they do you'll have the upper hand because you already know what they're offering. When you know what they are offering, you can compare their product to yours and offer something even better. When I was selling, I would always enroll in my competitors mailing lists. I was prepared and very well informed on what the competitor had to offer. Or, sometimes, it's better to know what your competitor does not offer. Here's a true scenario of what I said to a customer, word for word when I worked furniture sales. "I see you want to shop around. Great news! I've already done the shopping for you...Across the street they're offering a similar product." They looked at me and leaned in with interest. Then I continued, "What if I told you that you can get this product right here made with better quality materials and made in the U.S.A, if that's important to you?" Instantly, because I knew my competition, they were hooked. I continued by saying, "We also offer a better price because I've already checked out their promotion, and we definitely have them beat. Plus, I don't want you wasting your gas." They were compelled and trusted me because I had their best interest in mind. The couple looked at each other, nodded their heads, and decided to buy that same day. As the sale progressed, they looked very relieved because they did not have to waste any more time, effort or money. If I would have just said "Okay, you can go look around," I may have never seen them again. My competition would have closed them, and I would have been very upset.

Another thing you can do is to physically go and "shop" your competitors every so often. Know what they're offering and see if they're really making an effort to sell. If they're not really motivated to sell, you can outshine them. You can also call and pretend to be a customer. The possibilities on checking out your competition are endless! When it comes to knowing who and what your competitors have to offer, you instantly become a stronger sales professional. On the other hand, sometimes your competition will have you beat. Here's where you have to put more value in what you are selling and be the expert. For example, if your product is more expensive, use it as tool to help you sell it. "This is one of our best items because it is made from the best materials out there, and the price clearly reflects it." Be honest with your customers. They will respect you more and may not even care that your product is just a little bit more. It all boils down to how prepared you are. When you are prepared and ready to go, the selling process becomes much easier.

Summary

● Acknowledge that there will be competition.

● Enroll in your competitor's mailing list and/or email.

● Shop the competition continuously.