Hustlers, Look Into The Mirror to See Your Biggest Competitor

Competitor: A person, business, or organization that competes against you or your company. 

If you’re a sales hustler, the odds are you’ve lost more than one sale to the competition. It’s easy to blame your competitors for lost sales, but I’d bet you’re as much to blame as the company that “took” the sale away from you. That may surprise you, but the truth is, our day-to-day behaviors often directly affect results more than external competition. So let’s unpack that to see what I mean.

The gorilla in the room, at least in the promotional products world, are those billion dollar distributors and suppliers who sell to your end user. Yes, their products are oftentimes cheaper than even your best prices. Yes, they get preferential pricing from their suppliers because of their annual sales volume. 

However, their vulnerability, their own Achilles heel if you will, is the fact they are so large. Breakdowns in customer service, billing, quality control, lack of communication and unprofessionalism are common with huge companies. Of course, the same thing can be said for smaller companies like yours, so it’s imperative you put in place processes to address issues when they arise.

You can’t control your competitors, but you can control your attitude, your preparation, and your follow-up. Below are a few things to consider before each sales call to see if your daily habits are helping or hindering your closing sales.

How are you differentiating yourself? Let’s be honest, in the promotional products world, we all buy from the same suppliers. So winning on price will never be a winning strategy. Focus instead on the value you bring to the table whether it’s reliable suppliers, your understanding of their business and the industry they’re in, creative ideas, on-time delivery, and satisfied customers. Be sure to emphasize you’re just a phone call, email or text away. And of course always mention you’re happy to meet in person, too.  We sometimes forget some customers actually want to SEE you in person.  What a novel idea!  And differentiating your offering is crucial. If you cannot provide compelling reasons for a prospect to change, they may default to their existing practices. Find ways to differentiate yourself to keep the competition away. 

Are you asking the right questions? Asking questions is one of the most powerful parts of the sales process. They help you gather information while steering your prospect or customer closer to a yes. Asking open ended questions that start with “who”, “what” “when”, or “why” helps build trust and sets you ahead of 80% of salespeople. The other part of asking questions is actively listening to the answers and using the information gathered to present your offerings to your customer. Questions also help you qualify your prospect, so don’t rush through the process. Ask the right questions, listen to the answers, set yourself up for success, and keep those pesky competitors on the outside. 

Do you know your products & services like the back of your hand? As a salesperson, it’s imperative you know as much as possible about all the products and services you offer. Selling actually becomes easier when you have a depth of knowledge and it reassures your customers you’re legit. Knowledge allows you to build better relationships and instill trust with all of your customers. Ultimately, understanding your products and services boosts your confidence and aids in engaging with your customers. Building trust through product knowledge gives your customers less reason to talk with the competition.

Do you know who your real competition is? Understanding who your real competitors are is the best way to keep them away from your customers. It’s imperative you grasp their place in the market, their strengths, weaknesses, strategies and how best to counter their tactics. Our industry, and the world, is evolving rapidly and a mastery of how your competition is going to market gives you an upper hand in adjusting your strategies to match or beat theirs. The ability to learn faster than your competitors is a sustainable competitive advantage and the best way to make them irrelevant to your customers. 

Staying ahead of the competition is lots of work and it never ends. When meeting with prospects or customers, hustlers know to never knock the competition. By boosting others, you will boost yourself. Besides, a little competition is a good thing and keeps us on our toes!

To move past being your own worst competitor, bring value beyond just the products or services you offer. No need to be louder or more aggressive to win, you just need to be prepared, be ready to reinvent yourself regularly, and focus on the creativity and value you bring to the table.

The next time you look in the mirror, ask yourself, “Am I my own worst competitor?” And hope the mirror doesn’t crack! :-)