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How To Steal Business When Your Competitor Goes Through Changes
by Art Sobczak
Has your personal or business bank changed names and ownership within the past couple of years? How about your mortgage company?
Has any of that caused you any frustration? The mortgage company that owned my office building loan sold the paper to another company and has caused me so much frustration in the transition with their ineptitude that I am close to simply paying it off.
A friend told me his business bank has changed owners and names. Three times. One astute bank sales rep who has been pursuing him manages to contact him after each change while the effects are fresh in his mind. Although he hasn't moved yet, the timely calls combined with the annoyance of the changes are beginning to wear down his resistance.
Here's why I'm the master of the obvious:
Change is inevitable, and happens every day.
And the smart sales reps have processes in place to take advantage of it.
Some sales points for you
1. Prospects can be particularly vulnerable after their existing vendor is acquired, merged, or undergoes some other type of change.
2. Capitalizing on it requires you to track who a prospect uses and buys from, be on top of changes, and then be able to sort your database accordingly, and then place an effective call.
Exactly What to Do
1. Set up a Google News Alert with the names of your top competitors. When anything happens with them and it appears online, you will be notified based on the keywords you enter.
2. Set up a Current Vendor field or group in your contact management program. Of course on every future call find out who prospects are buying from if if it is not you. Then it's a breeze to do a quick sort of all the prospects who have the competitor's name in the field, and plan strategically-timed contacts when changes make it appropriate.
3. Call with value. When calling these prospects, naturally you don't phone with an attitude of, "So I see your vendor was just acquired. I bet things are a mess there!"
Instead, treat the call just like you would a normal follow-up. But, be prepared to ask questions designed to get them to tell you the problems and pains they might be experiencing as a result of the change.
For example,
"Mike, you're still with AB Vendor, right? I see. With the recent acquisition, some of my other customers have noticed some changes in the promptness of getting orders delivered. If that is an issue for you, we have some options that might be worth taking a look at. What has been your experience?"
Again, be sure your opening here is not viewed as the "Just checking in with you" type of call, or one that falls into the many categories of mistakes reps often make with their openings.
Every prospect you have not sold is affected by change at some point. Be the person who can turn that into a win-win for you both.
GROW YOUR BUSINESS NOW
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