Handling objections gets easier with time. One of the more challenging sales objections is when your prospect wants to compare your product with other vendors. If the comparison is between two products that’s one thing. However, a comparison based on a customized contract can be tricky, because you don’t know all the concessions that are being offered.
Then there’s the internet, which has made it easy for customers to do a lot of research on a product or service they wish to buy. This could spell trouble for salespeople unless you know how to use this comparison to show the customer exactly why your product is so much better.
There are many aspects of the product or service that the customer may want to compare with other vendors such as price, features, ease of use, availability, popularity, the list goes on. What really matters is that as the salesperson, you should lead the comparison process and highlight exactly how your product or service outperforms others.
Here are three keys to handling objections based on vendor comparison.
Be Open to Being Compared
The very first thing to know is: Never discourage a prospect from comparing your products with others in the market. This immediately gives the impression that you have something to hide.
On the contrary, mention a few well know competitors, have their specifications at hand and encourage your prospect to compare their offering with yours. Of course, you will need to have done your homework beforehand to know your competition inside-and-out. This will allow you to show where and how your offering is better.
For example, if your competitor has been in the industry far longer than you have, you may combat this with a show of testimonials from your happy customers, indicating that you are capable of delivering quality solutions.
Sales are contingent upon the attitude of the salesman – not the attitude of the prospect. – W. Clement Stone
If your prospect is hesitant about the price after a comparison with other vendors, point out that in a like to like comparison, your product is still better.
For example, you may offer excellent after sales service or your product may come with additional features or extended warranty that adds value to the buyer.
True Reason to Compare
Taking the bull by the horns is an excellent marketing strategy to deal with a prospect who wants to compare with another vendor. Ask your prospect why they think the other vendor’s product is better.
In many cases, the prospect hints at comparison to negotiate the price and your ready acceptance of the comparison allows you to take back control of the deal. If they do have valid points about why the other product appears better, show how yours has features and benefits that are more relevant to the prospect’s business needs.
For example, your prospect tells you that a competitor is offering a printer that prints, copies, faxes and doubles as a scanner as well. You can point you that your printer may not have faxing, copying, and scanning functionality which will be rarely used by the customer. But it does offer low cost printing since it uses cartridges more efficiently. This translates into better savings on an ongoing basis.
Handling objections, particularly those around product comparison, gets easier with time. The goal of your sales presentation is to communicate the benefits and value of your product.
Encouraging your prospect to express specific concerns and addressing them in a way that shows why your product is the best option is the secret to your success.
How have you successfully handled this sales objection? Why not share your method to handling objections that are related to product comparisons? You can email me or share below in the comments section. Thank you.