Overcoming sales objections can be especially tricky when a prospect suggests that your competitor’s offering is better than yours. You might be tempted to degrade the competition, but try to keep the focus on the benefits you can provide. Following are five competitor-related objections, along with responses you can use to overcome them. Of course, you’ll need to tailor your answers to reflect the specific advantages of your product or service, but these sales tips should give you a good idea of where to take the conversation.
1. “I already have a supplier I’m happy with.”
“That’s great, and I appreciate the time and effort it probably took you to make that selection. But just imagine for a moment that your supplier offered you the same quality product at a lower price, with improved ease of ordering, and with faster delivery. Would you be even happier?”
You’d be hard-pressed to find a prospect who could honestly answer no, and you now have a receptive audience; if the only change they’ll make by going with you is for the better, then you’re worth listening to.
2. “Your prices are higher than the competitor’s.”
“Only at face value; our cartridges produce twice the amount of images, so while the unit price is 25% higher, the actual per-image cost is over a third less than theirs.”
3. “I’ve been with my current supplier for a long time.”
“Sure, and I understand not wanting to stray too far out of your comfort zone, but if you don’t keep abreast of the ways your competitors are able to increase their savings, you could be shortchanging yourself and your company. You owe it to yourself to reassess the status quo every so often.”
4. “It would be a risk to try your product.”
“Isn’t it a bigger risk to dismiss our value-add right off the bat, without really knowing what you’re dismissing? At least make an informed dismissal, if that’s what you choose to do. You’ll never know what you’re giving up unless you try it.”
5. “I don’t have the time to explore alternative options right now.”
“I appreciate your time constraints, absolutely, and my job is to give you increased returns for less investment of both your time AND money. That’s why our customers love us.”
Remember to be your prospect’s ally. You’re on their side, so be empathetic to their objections and act as a partner in addressing their needs.