I was just going on my LinkedIn Feed, found a post from Belinda Agnew, Founder, and Director at the Focus, having a panel discussion with Gavin Rubinstein, Founder at Rubinstein Group, about the competition, if you work in the industry you can’t get too involved in the competition.
So how you can be Street Smart in Business?
You should also use this process to improve yourself. Effective competitive information leads to self-confidence and self-improvement.
The better you are informed about your position and that of your competitors in relation to others and the market, the better your decisions will be and the better prepared you will be for new opportunities. Today I’m going to talk about winning the competition.
When you’re in the market, look for a healthy competition where every company sets standards, whether in terms of numbers, customer satisfaction, or product/service development. In general, it’s a deal in the end that matters.
Without a doubt, many of our fans face this objection every day. “Not interested. We are ready.” The keyword is “why?”
So being Street smart in business can really useful, Like managing most potential customers over the phone can help.
Find out more on How To Find And Connect With New B2B Customer
Just like you bought leads from database providers by specifying your business niche, here is the technique of outbound marketing for lead generation.
When you make potential calls you’ll likely hear a lot: “I’m already buying from X-Company” or “We’re happy with who we use”.
I know at this point you mean:
“X Company! What a bunch of losers … How can you be so stupid?
Almost as bad and what many vendors do, selling product/service is an argument for why your business is better? It is confrontational and only hardens the prospect of their defense.
Another strategy is simply to get out quickly, which may not be bad depending on the industry and the quality and quantity of names you need to work on.
Many stockbrokers go this way. After all, it’s not the most effective time to run, jump, reload, and hit again and again, ramming a wall when there are many other threads in your eyes. It also hurts after a while.
However, if your prospect group is relatively small, you cannot afford to burn names. You have to proceed to the next step.
Make them Talk
Your best approach is to involve the potential customer in a two-way conversation. As you can see, potential customers often say “I’m happy with my vendor” because this is an easy way to get rid of a seller. It is instinctive. It’s easy. Jumping on a field at this point not only falls on deaf ears but is also unwise because you still don’t know anything about them.
However, if you involve them in a conversation, they will be involved and given materials to work with.
One suggested route is to find out why they chose their current vendor, once you know what affected this behavior; you have an idea of what to say.
But Don’t Ask, “Why did you choose them?”
The reason is that “why?” This puts them on the defensive. This forces them to justify their selection. And this can be interpreted as an attack on his reasoning. You can also pick them in the ribs with a pointed stick and then try to sell them.
Say, “Oh, I’m sorry to hear that” or “Any particular reason to use them?” it has the same effect.
Another trick to be street smart in business is to ask questions that open them up, build a good relationship and allows them to talk about how you chose your provider, and again the strict Why?
“What influenced the decision to choose them?”
“What motivated the decision to accompany you?”
Remember that the last two questions remove the person’s focus and involve them in the decision. It is not a contradiction and it is a gentle way to make them speak.
Incidentally, I support the recommendations “What do you like most about them?” Not. Some might argue that this gives them an idea of what they want from a vendor. I always ask you to strengthen your decision to choose your current supplier, exactly the opposite of what we really want to achieve.
Spying on the Competition and have a Regular Check on them
What you need to do now is to ask questions not only to extract information about their needs but also to highlight your strengths and weaknesses compared to competitors.
For example, Say you have Brick and Motor business and now you need to spy on your competitor
If you know company X is of poor quality, which allows it to charge this lower price, rather than openly criticizing X’s workforce, you would ask a question to clarify this:
“How often do you return from the customer and to start up again due to defective parts?”
“What do you do in situations where the units overheat?”
Now it is not YOU who lower the competition. They do it for you. Most importantly, they relive their negative experiences while explaining them.
I don’t want to paint a rosy picture here. Despite all efforts, the outlook will not change in most cases. So your best tactic is to keep the door open for the future. After all, we all had these Rejections and rejected prospects, which surprised us with a call that announced:
“You called us a few months ago and we would like to do business with you.”
Here are additional questions that can make this more common.
Do you have Datasets as per my Business niche?
“Do you have a backup Vendor?”
What kind of contingency do you have when something happens where you need it in an emergency?
“If there is no required data is available, would consider going with the third-party vendor?”
I Hope, being street smart in business can be really impactful, having control over the competitor in your niche.
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