“To beat the competition and succeed in today’s competitive market, you should keep up with the changes with your Competitors and the marketplace. Have the strategy to be better than your competition by solving Customer’s problems, treating them special, showing how you’re better + using your creativity & innovations to make your products or services better.” Peter/CXO Wiz4.biz
Competition Topics: Analysis, SWOT, Compare Offers, Solve Problems, Spoil, Value, Differentiate, #1, Target, Future, Questions.
How can you beat your Competition ???
This is an extremely important question to ask yourself as entrepreneur. Why? If you beat your competition, you will have more market share & more revenue.
#1. Do a Competitive Analysis
When you collect enough information about your competitors, you can start making competitive analysis of their Strength & Weakness. With this step, you will identify your most important competitors and evaluate their positions according to different factors.
SWOT Analysis. What are their Strength & Weakness? What Opportunities do they have that you haven’t tried to seize. What Treats do they pose to the way you are doing business?
#2. Compare your Competitor’s Offers to Yours
The offers are one of the essential elements that differentiate one business from another. An Irresistible offer is something that no one can refuse it. Make a more in-depth analysis of the offers of your most important competitors. Find out their advantages & disadvantages. What is the most critical part of their offer? What are they trying to achieve with their offer? What can you offer that is better?
#3. Solve your Customer’s most significant Problems
Talk to them, to find real customer’s Problems – not what you think or what your competition think that is a problem for them, then solve them.
#4. Get to really Know your Customers
If you really know your customers, you will better understand their needs & wants. If you don’t, there is a disastrous (-) effect from unsatisfied customers needs – losing their trust in you, then they wont do business with you anymore.
#5. Let your Customers tell you how your Business can be better
The most significant mistake that entrepreneurs can make is not asking their customers what they think. Ask what they think about your products and services. Ask what they want. Ask how you can improve the business with them. With your top Customers do a face-to-face. With your smaller Customers, send out a Survey.
#6. Look after your existing Customers. (Spoil)
They could be your Competitors’ target market. Improve Customer Service by being more “responsive” to their needs & expectations. Consider offering low-cost extras such as improved credit terms, discounts or loyalty schemes. It’s so much cheaper and easier to keep existing customers happy – than to find new ones. (10-1)
#7. Define your Value to your Customer
Think of yourself as a potential client. What would make you choose your company over your competitors? How is your business relevant to your market, and where does it stand out compared to the current players? Do some research on your market and industry trends, and use this information to determine your unique values. That will be your competitive advantage.
#8. Differentiate your Business From your Competitors
How? Start brain-storming with your team, all vital business aspects that differentiate you from your competitors and use them – in marketing on your Website, asking for Referrals.
#9. Be the 1st in More Things than your Competition
Someone who will be the first in changes, innovation, & improvements of all business processes will become better than the competition. It’s so much better to be a Leader than a Follower. Your Customer will respect you for that.
#10. Try to be there, where your Customers & Competitors are
You must find ways somehow to be present where your customers are and where your competitor’s customers are also? Facebook, Twitter, Trade Shows, etc.
#11. Be the best Employer.
Skilled, motivated & creative employees strengthen vibrant & growing businesses. Attracting them means more than paying a competitive wage. People are often more impressed by a good working atmosphere, and benefits such as flexible working. listening to their creative ideas & a structured career development.
#12. Target new Markets.
Selling into more markets can increase your customer base and spread your risk. Are there other potential customers similar to your existing target market? Could you reach a wider audience by selling online or overseas? Make sure you tailor your offer to each different market segment.
#13. Look to the Future.
Businesses that plan for growth are more successful than those that stand still. Keep up with developments in your sector, follow consumer trends, & invest in new technology. Have a Vision of where you want to be in 1, 3 & 5 years
Questions to ask a Prospective Customer.
Q1. “Who else you’re looking at for this Product (or Service) & who’s top of your list right now? It’s better to know in advance who you’re up against so you can position yourself to win the business during the close.
Q2. “How many companies are you getting quotes on for this?” Who have you liked so far?” Why? What are their advantages & dis-advantages
Q3. Is there anything your current Supplier is doing, that make you want to look at others? May reveal why they might be moving away from their current vendor – or why they might still be considering using them.
B1. Handling Competition during the close:
If after you’ve presented your product or service your prospect says they want or need to check on other offers/estimates/quotes, then use the questions below to get your prospect to open up and possibly reveal what it might take for you to win the business:
Q4. “What would it take to win your business?”
Q5. “What would it honestly take for you to choose us for this?”
Q6. “What don’t you see with our proposal that you see in others?”
Q7. “Are we in the running with what else you’ve seen out there?”
Q8. “What would you need to see to choose using us?” and
Q9. “What can I do right now to insure that we win your business?”
Q10. “Obviously you’re going to show this quote to your current vendor – if they match the price, will you just stick with them?”
Q11. “What can I do to prevent that?”
Q12. let’s take your lowest bid right now and compare it – services to services – to what we’re offing you. If I find you’re getting a better deal, I’ll tell you so. If I can beat it, then I’ll let you know that as well. Either way – You’ll Win! Do you have that other quote nearby?”
Conclusion: Remember, competition will always exist. But you can beat it and win business if you’re prepared with proven & effective Questions – like those above. Pick your favorite ones and tailor them to your prospective (no, New) Customer. Go, go, go for it !!! Win, Win, Win !!!
Comments: Do you know of any other ways to beat the Competition or Questions to ask a Prospective Customer to win their business?
from E.in.a.Box & Startup.org 12/19 enhanced by Peter/CXO Wiz4.biz
For more Info, click on Competition.