11 Tactics to beat the Competition + 25 to win their Customers
TOPICS: A. How can you Beat your Competition? (11) How, Rumors, LinkedIn, S/Media, Diff, $$$, Disc, Fix, L-Term.
B. How to Win-Over your Competitors’ Customers. (22) Attn, Alt, Neglected, Dis& Likes, Unique, Srv, Freq, Referrals, Change
A. How can your business Beat your Competitors?
Here’s are tactics you can use to woo new Customers and beat Competitors at their own game. Stealing Customers might seem a little too strong, underhanded or unethical, but let’s be honest: if a Customer came to you from another company, you probably wouldn’t demand that they remain loyal to your competitor. You’re happy to take business from your competitor and your competitor is happy to take business from you. If you’re looking to land new Customers, how can you do it? Business owners can get pretty crafty so let’s take a look at a few.
1. Learn how they are getting their new Customers
If you want to woo your competitors’ Customers, you need to understand how they are acquiring them. How & were – are they marketing? What kind of pitches are they using? What else are they doing that you’re not doing? Do a competitive analysis to gather that information for your top competitors. Where do you stand on “Better, Faster, Cheape r” ???
2. Keep in touch with the Rumor mill
It’s a Rumor Mill, because not everything you hear is true – but there’s a lot to be learned from the squawkers in your industry. Attend industry & community events + talk to your colleagues in the industry. You’re likely to learn valuable information like key people leaving, new initiatives they’re trying, or Customers who are unhappy with them. Of course, when you’re talking to the Rumor Mill, stay closed-lipped about what you’re doing. If they’ll talk to you about others, they’ll talk to others about you, right?
SEE ALSO: How to Outsmart the Competition
3.Check their LinkedIn Profile
If you know the key people in your competitor’s business, head to their LinkedIn profile. You’re likely to find a significant portion of their Customer base or other industry contacts important to you. Reach out to those people and make them contacts on LinkedIn as well. Then, let them know why you’re better, faster or cheaper !!!
4. Other Social Media Strategies
First Facebook. Go to your competitor’s page, and look at who is commenting and sharing their posts. Follow those people and they may start following you, too.
Twitter. Once you have them listening, you can employ social media strategy to present your Value proposition.
5. Get Crafty
Offer a Discount to anyone who brings in a Competitor’s newspaper ad or gives you the competitor’s product literature. Test staying open on days or during hours your competitors are closed. Run Internet Marketing campaigns to show your ads to potential Customers after they’ve left a competitor’s site. To borrow a cliché: “Think outside the box !!!
6. Make it Personal
You know that once you have a loyal Customer, they don’t get all of the same courting that they did when they were a prospect. They should, but you always have to set your sights on new Customers while keeping the current Custs happy. Everybody likes to be treated like royalty. If you know somebody who is doing business with your competitor, give them the Star treatment. Offer a service for free, take them to lunch, build a relationship, and make them feel like a VIP – if they have any dealings with your company. Your competitor likely isn’t doing that anymore. Now is your chance. Go for it !!!
7. Lead with your Differences
Which companies get the most business? The ones that stand out !!! Companies that show potential Customers how they’re different & better get the business while the ones who try to blend in are left behind. Your business has to be built on outstanding characteristics. Simply saying, “We value our Customers” or “We’re committed to the highest quality” may make for good marketing fluff , but it’s not going to win Customers. Be specific with how you’re different and you’ll take Customers from your competitors.
SEE ALSO: What’s Your Competitive Advantage?
8. Be Willing to Spend Money
Look at a company like T-Mobile who is willing to pay Customer’s early Termination fee in order to take Customers from its competitors. What can you offer a Customer to get them to jump ship? It’s going to cost you some money but if they become your Customer, it’s money well spent. What is the expected Return on Investment? (ROI)
Other Quick Tips
9. Discounts
If you’re in a business that requires you to Quote jobs, offer a discount, if the person shows you a Quote from your competitor for the same job. Offer a discount for anybody currently using a Competitor’s product or service.
10. Fix-It !!!
Did you hear through the Rumor Mill that your competitor did a job that a Customer didn’t like? Offer to fix it for them at a significant discount that they can’t say no to. now you probably have a new Customer, because they can rely on you.
SEE: 5 Ways to Make the Competition Irrelevant
11. Think Long-Term
You have to “Spend money to make money”. Attracting new Customers who are doing business with your competitor comes down to offering a better deal or experience than what they’re currently receiving – that may cost money at the beginning. However, this is probably a one-time cost. Some will not become loyal Customers. but for those who do, the small financial outlay will be well worth the cost. A good ROI !!!
Comments: Do you know any other Tactics to beat Competitors & win their Customers?
fm Biz KnowHow 7/21 Enhanced by Peter/ CXO Wiz4.biz
For more Info, click on Competitors.
B. How to Win-Over your Competitors’ Customers
Sales & Romance have lots in common. Consider Dating: You invest lots of effort into winning over the other person: 1) You listen. 2)You pay attention. 3)You remember details. Once people get Married, things often cool off. Sometimes partners take each other for granted. They often don’t pay attention or lead increasingly separate lives. These principles apply to Customer relationships too. This can work to your advantage.
1. Why does Sales ignore loyal Customers?
You would think people paid on Commission fees would value people who stick with them. Here are reasons they might not.
- Taken for Granted. Just like romance, once you’ve tied the knot, it’s mission accomplished.
- If they wanted Attention, they would ask.This assumes the Customer is happy with a low level of contact.
- Compensation driven by new Business.Many businesses pay the biggest share of a salesperson’s income on new business. These salespeople aren’t paid to maintain relationships.
- I’ve got all their money.They don’t get attention because they won’t be providing much more revenue.
B+ 10 more ways to woo the neglected Customer
Why do they stay? Why don’t they shop around? Because inertia is a powerful force.
The relationship is at risk, but their current provider is unaware. Winning them over to your side involves a degree of seduction.
1. Establish yourself as the alternative
You’ve seen it on Courtroom dramas. The Defense Attorney wants to provide a credible, alternative explanation to convince the jury of reasonable doubt. In business, you want to establish yourself as the alternative.
How: You meet someone. They ask what you do. You answer. They say “I’ve already got one.” You reply: “I’m sure you are very happy with your (profession). Here’s my card. If anything ever changes, please give me a call.” Weak, but continue to #2.
2. Ask them talking about their current Relationship
NOTE: Draw them out. They are giving you information. They can’t feel you are being “salesy” if they are doing all the talking.
How: “Tell me more !!!
3. What are your Likes & dis-Likes?
If they have another relationship, we assume they are satisfied. We don’t know unless they tell us.
How: “What do you like best about your current advisor? Would you recommend them?” If not, ask: “Why do you stay with them?” If they like them, follow up with “In what areas do you think there’s room for improvement?”
3. Everyone feels they are “unique”
People in sales often think otherwise. People fit into categories where problems and needs are similar. Meanwhile, your doctor asks: “What’s bothering you?” before they prescribe treatment.
How: “Does your advisor understand what makes your situation unique? At our insurance agency, we specialize in retirement plans for independently owned medical practices…”
4. Highlight a service characteristic
You do something very well. Find out if they are getting it where they are doing business and how often.
How: “In volatile stock market conditions, we try to provide each Customer with a comprehensive portfolio review each quarter. Does your advisor do this? When was the last time you had a review?”
5. Second set of eyes
Salespeople often take both sides of the same argument. When you are on the outside looking in, you feel diversification is prudent. When the Customer is yours, you want to consolidate similar business they do elsewhere. You are on the outside right now.
How: “No one if an expert in everything. A fresh perspective is valuable. It’s a good idea to get a second opinion.”
6. Frequency of contact
A major reason Customers leave is lack of contact or attention. Ask about it.
How: “When was the last time you heard from your personal banker?”
7. The anti-referral
Referrals have historically been acknowledged as the best way to get new Customers. Salespeople ask current Customers to provide them. This can be an opportunity if the person feels they aren’t getting enough attention.
How: “Is your (profession) more interested in who you know vs. knowing you?”
8. Faces change
Customers often choose where to do business based on the relationship they have with one salesperson. They like them. People change jobs. Some get promoted. Others leave the industry. Customers get reassigned, sometimes with little or no contact.
How: “Has the person handling your account changed? How did they tell you?”
9. Take baby steps
Sales is an art. The competitor’s Customer is unlikely to move the whole account. You are still an unknown quantity. You need to determine the initial amount of business that would be a small amount in the Customer’s eyes, yet large enough for you to demonstrate what you can do on their behalf.
How: “I suggest we start off small. Let’s open up a small account just to get started…”
You might consider poaching unethical. Bear in mind your best prospects are someone else’s Customer already. In the meantime, your best Customers are a competitor’s best prospects.
You aren’t stealing away a happy Customer. You are establishing yourself as the alternative for a Customer who doesn’t feel they are getting enough attention. Notice price wasn’t discussed in any of these examples.
Comments: Do you know any other Tactics to beat Competitors & win their Customers?
fm Biz Journal 7/21 Enhanced by Peter/ CXO Wiz4.biz
For more Info, click on Competitors.