Competitor Objection? No Problem!
No matter how smooth the sales process goes, you will at some point face objections. And, a common objection is the mentioning of a competitor. If a prospect brings up the fact he or she is working currently or plans to work with the competition, don’t give up. Instead, take action. HubSpot’s Aja Frost shares how to react when faced with competitor objection.
There are three things that you will need to do:
- Find out whether or not the buyer truly does have a relationship with the mentioned competitor. There’s a chance that the prospect really isn’t interested in what you’re selling and making an excuse.
- Keep the conversation going so that you can demonstrate your own value.
- Seek out weakness in their current or impending solution.
Frost admits it’s tricky to do all three, but it’s entirely possible. She goes on to highlight ways you can drive the conversation to not only keep the prospect engaged, but also learn more. If the prospect objects by saying a competitor already has their business, she recommends 10 different responses, including:
Pointing out your awareness of the competitor and the value of the product or service they sell. Highlight similarities with your own offering, and also mention where yours has a slight advantage. This approach points out the benefits of what you’re selling without any mudslinging. Also, as Frost writes, “it opens the door for another conversation down the line. Once you've won the prospect's trust, you can start talking about a switch if that's in the buyer's best interest.”
Another question you can ask is, “I'm glad you're [dealing with X challenge, recognize the importance of doing Y]. How's it going?" This will first, validate the prospect. It will also invite him or her to open up. As the conversation continues, you can get an idea about their current situation and how happy they truly are with the vendor. Once they're talking about their situation, you can figure out how happy they are with their current vendor. “What's working well? What's not,” she writes. “Pay special attention to complaints that could be solved with your product.”
Take some time to explore Frost’s article. In addition to those 10 responses, she also suggests what to say when the prospect announces their choice of a competitor over you. Her tips will help you accomplish the aforementioned three tasks, and hopefully, win out over the competition.