There’s no such thing as a monopoly – every business on the planet is locked in a deadly struggle for a larger share of the consumers’ spending ability! Close to 99.99% of businesses in the small-medium business sector have both direct and indirect competitors, and make no mistake about it, they want what you’ve got and have no intention of surrendering what they already have!
Luckily, their intention isn’t always backed up by their actions and therein resides an opportunity for you, in both good times and bad.
Put simply, you want a bigger slice of the market pie and that extra slice can only come from your competitors. But it won’t come without deliberate action on your part.
That said, it’s often the little things in business (and life) that make the difference… and here is a very well known example with which you’d be familiar.
So you come up against a prospective customer who is very quick to use the “no thanks we are happy with our present supplier” routine?
With this, most dispirited, disinterested, disorganized salespeople trudge on to their next prospect – having left a sales opportunity behind.
Don’t do this. Here are three simple questions to get that prospect thinking:
(1) “When was the last time you did a thorough market comparison of the things you buy?”
Of course, it will be ages ago and this gives you the opportunity to then say “May I be your preferred second supplier? I will submit quotes & information just like your main supplier. At the very least, we will keep them honest and sharp. What have you got to lose?”
Please, don’t ever undervalue the significance of them officially appointing you as their preferred second supplier – for at some time in the future, their main supplier will stuff up and you want to be there ready to step in.
Note: that phrase “what have you got to lose?” is pure magic! Use it because it works! You want them to be thinking “yeah, this doesn’t cost me anything at all.”
(2) “Have you ever given anyone else a chance to prove themselves during all those years of dealing with your current supplier?” Again, you then move towards getting yourself appointed as the preferred second supplier just waiting to swoop when the main supplier stuffs up. After all, what have they got to lose by appointing you as the preferred second supplier?
And finally, here’s a great question to discover the hot points.
(3) “What would cause you to choose a new supplier?”
Hey, why not ask your present sales people how they handle the “no thanks we are happy with our present supplier” objection? I’m betting you will be underwhelmed by their answer/s.
Can you use these three questions in your business and do you have others that work for you? Let me know.