Traits of Top Salespeople

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You Can Win Business Against Larger Competitors

You Can Win Business Against Larger Competitors

In most industries, a single company controls the market. Compared with their competitors, they have a much larger market share, top-of-the-line products, a more significant marketing budget and reach, and more company cachet. Life can be very intimidating for salespeople who compete against these industry giants.

However, a Harvard Business Review study provides some good news in this regard. Buyers aren’t necessarily fixated on the market leader and are more than willing to select second-tier competitors than one might expect. In fact, only 33% of participants indicated they prefer the most prestigious, best-known brand with the highest functionality and cost. Conversely, 63% said they would select a fairly well-known brand with 85% of the functionality at 80% of the cost. However, only 5% would choose a relatively unknown brand with 75% of the functionality at 60% of the cost of the best-known brand.

There are a few keys to competing with more prominent companies. In general, they boil down to just being a competent salesperson but let’s list some of the elements.

  1. Do your research – know your competition and what they offer
  2. Create a unique selling proposition (USP) that sets you apart from the competition
  3. Focus on quality over quantity – make sure each product or service is the best it can be
  4. Offer customer service that is superior to your competitors
  5. Stay up to date with industry trends, and find ways to incorporate them into your business
  6. Promote yourself online and offline through social media, networking events, and advertising

1. Do your research – know your competition and what they offer

Knowing your competition and what they offer is essential, as any salesperson knows. By understanding what your competition is offering, you can be sure to target your sales pitch appropriately. In addition, you can use this knowledge to tailor your sales strategy to meet your potential customers’ needs best. For example, if your competition is offering a lower price point, you may want to focus on the quality of your product. Alternatively, if they target a different customer base, you may want to adjust your sales approach to appeal to your target market better.

In today’s competitive marketplace, trying to win sales by offering the lowest prices can be tempting. However, this is often not the best strategy in the long run:

  1. Competitors can always undercut you on cost, forcing you to lower your prices even further.
  2. Customers who only buy based on price are often the least loyal and likely to switch to a different supplier as soon as a better deal comes along.
  3. Focusing on price can distract you from other important aspects of your business, such as product quality and customer service.

For these reasons, it’s usually best to avoid competing on price. Instead, focus on offering a high-quality product or service at a fair price. This will help you attract and retain loyal customers willing to pay a little more for a company they trust.

2. Create a unique selling proposition (USP) that sets you apart from the competition

In today’s competitive marketplace, it’s more important than ever to have a unique selling proposition that sets you apart from the competition. Whether you’re selling products or services, your USP is what will make you stand out from the crowd and attract customers. There are a few critical components to creating a strong USP:

  1. You need to identify your target market and what needs or pain points they have that your business can address.
  2. It would help if you determined what makes your business unique and how you can best serve your target market.
  3. You must craft a clear and concise message that communicates your USP to your potential customers.

By taking the time to create a strong USP, you’ll be able to increase sales and grow your business.

It is essential to have a unique selling proposition (USP) that sets the business apart from its competitors. Many factors can contribute to a USP, but choosing one that is both relevant to the target market and achievable for the company is vital. For example, a business that sells eco-friendly products may focus on its sustainable manufacturing process, while a luxury retailer might highlight its exclusive range of designer labels.

By definition, a USP must be unique, so you should carefully consider what makes the business special before choosing a USP. Once the USP has been selected, it should be prominently featured in all marketing and sales communications to attract attention and drive sales.

3. Focus on quality over quantity – make sure each product or service is the best it can be

When running a successful business, there’s no substitute for quality. No matter how good your sales team is, they’ll never be able to sell an inferior product or service. That’s why it’s important to ensure that every one of your products or services is the best. Whether developing a new feature for an existing product or ensuring that your customer service is responsive and helpful, making quality a priority will always pay off in the long run. Not only will your customers be happier, but you’ll also see an increase in sales and loyalty. So don’t cut corners – instead, focus on making every one of your products or services the best they can be.

4. Offer customer service that is superior to your competitors

In today’s competitive marketplace, offering superior customer service is essential for businesses of all sizes. There are several ways to provide service that is superior to your competitors. One way is to ensure that your sales staff is knowledgeable about your products and services and can give informed recommendations. Another way is to offer a broader range of products and services than your competitors. You can also set yourself apart by offering more personalized service, such as customized product recommendations or assistance with troubleshooting problems. By providing superior customer service, you will be able to attract and retain more customers, giving you a significant advantage in the marketplace.

5. Stay up to date with industry trends, and find ways to incorporate them into your business

Sales representatives should always be up to date with industry trends. This can help them identify new sales opportunities and also be able to speak knowledgeably with potential customers about the latest products and services. There are a few different ways to stay up to date with industry trends. Representatives can attend trade shows and conferences, read industry news sources, and follow relevant social media accounts. Additionally, they can reach out to colleagues and other contacts within the industry to get insights into what is happening. By taking these steps, sales representatives can ensure that they are always ahead of the curve and able to capitalize on new opportunities.

Businesses must stay up to date with industry trends. By understanding the latest trends, companies can adapt their sales strategies to suit the needs of their customers better. Additionally, staying up to date with industry trends can help businesses identify new growth opportunities. For example, if a new trend emerges that is closely related to a business’s products or services, the company may be able to capitalize on this trend by marketing its products or services in a new way. Finally, keeping abreast of industry trends can help businesses stay ahead of their competitors. If a company is aware of a trend before its competitors, it may gain a competitive advantage by being the first to market its products or services in a new way. In short, there are many good reasons for businesses to stay up to date with industry trends.

6. Promote yourself online and offline through social media, networking events, and advertising

As a small business owner, promoting yourself online and offline is essential. Social media is a great way to reach potential customers and build awareness for your business. But don’t stop there – networking events and advertising can also be effective marketing tools.

When it comes to promoting your business, sales are essential, but so are building relationships and connecting with potential customers. That’s where networking comes in. Attending industry events and meeting potential customers can help you make those critical connections.

And don’t forget about advertising. There are various ways to get the word out about your business, from print ads to radio commercials. While online marketing is essential, offline advertising can also be a great way to reach potential customers.

You can effectively promote your business online and offline with a little effort. By using a combination of social media, networking, and advertising, you’ll be able to reach more potential customers and grow your business.

It would help if you were the best professional that you could be. You must embrace work as a profession, not as just another job. A professional salesperson is proud of his craft and tries to be the best that s/he can be.

In my book, Eliminate Your Competition, I discuss there are three things that you must sell:

  1. your product,
  2. your company,
  3. yourself.

Since most products have competition that solves the core of the same problems, products rarely win the deal by themselves. Since most companies are high quality, the company’s reputation rarely wins the deal. The significant variable in all sales opportunities is you. You can show you are a better partner and advocate than the other salesperson. You can show that buying from you is better than buying from another person.

You may purchase my book from your favorite book retailer. The ebook version is available at popular retailers such as Apple, Amazon, Barnes & Noble. The paperback version is also widely available at retailers like AmazonBarnes & Noble, and Books A Million.

There is a way to beat your competition, even if they have all their advantages. Believe it or not, this is possible with the right sales skills. Many small businesses have used effective selling techniques to overtake their larger counterparts. So don’t be discouraged; you can outsell any competitor with the right approach and attitude. Start honing your skills today! What are you waiting for?

Header Photo by Laura Tancredi: https://www.pexels.com/photo/skyscrapers-with-reflecting-walls-in-modern-megapolis-7078666/

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