We know that today’s buyer is smarter and gathers much of the information about vendors long before they engage vendors in their buying process, to make an intelligent decision. So where does that leave the salesperson? Do people in sales need to be as astute about their company products and their competition as they used to be? In my view, the answer is: more so than ever.
Buyers are smarter. I can attest to being better informed than ever as a buyer. However, knowing your competitor’s strengths and weaknesses are also important, as you attempt to help the buyer towards their decision during their buying process.
Is it possible that the astute buyer today may know about your competition — their products and services — before you do? By all means it is possible! So how do sales and marketing keep abreast of the competition today, given the educated, smart buyer who knows sometimes more about a vendor and the vendor’s own competitors, before you even start working together?
Here are a few tips to guide sales representatives when dealing with buyers who are well-informed about competing solutions. These tips would help me as a buyer, especially when a sales rep may be unaware of a competitor I have been considering as a buyer, in addition to their solution.
Admit that you were unaware of this competitor, but find out from the buyer how they view the competitor. Do they like what they offer? Why? Are there any needs the buyer has that the competitor does not solve? What are those needs? How well do the competitors solve the needs and requirements that the buyer has?
Find out about this competitor and educate yourself. Only then can you make a comparison about your solution compared to the competitors.
Refrain from telling the buyer about your strengths until you understand their needs and can better let them know how you can help them. It is annoying at best to be told off the bat why a vendor is better than their competitors without knowing who the competitor is or anything about them.
Resist the temptation to say that the buyer should buy from you because your company is number one in the space or that your number one position is the reason you do not know about the competition. This does not excuse you, in your prospect’s eyes, from the need to do the homework on your industry. It is not the answer I believe most prospects want to hear when looking for a solution they can trust.
In short, while many things have changed in sales, some things have stayed the same. Knowing your competition — or having the humility to admit that you do not know enough — is still the best approach when working with prospects. Knowing what you don’t know about your competition — and researching that information to see the buyer’s benefit, based on their pain points of pleasure goals — is still the best approach to help your buyers make their decision.