How to Master Selling in A Competitive Market
How to thrive when there are many people in a market.
When I was JSS1, I made two friends — Lucy and Basirat. We were the champion of the class, as we were the ones always taking the first, second, and third positions. (I usually took the second position until JSS 2, when I took first for the first time, lol.) Even though we were close friends, our eyes were on one thing — the first position. We always had our way of getting that position
It’s the same with life and even in the marketplace. Several vendors provide the same service or sell the same thing and seek the same goal — making more sales and having more customers.
Hence, as a business owner or service provider, the sooner you realize that you are not the only one in the market, the better. Competitive selling realizes that you are not the only one and improves your ability to beat the competition by developing a stronger connection with your customers.
There is always a stage in the customer’s buying journey that involves gathering relevant information about the product and vendor. Hence, you must realise that the onus lies on you to satisfy their questions and feed their emotions. The truth is, customers, buy based on sentiment. Sometimes, it could be because they feel you gave them enough information about that product or that you have excellent customer service. Other times, it could be that you gave them customized solutions. Whatever the case is, it is essential to understand how to sell your solution over your competitor’s.
So, how do you sell in a competitive market?
The first thing that comes to many business owners is to offer a price cheaper than your competitors. Don’t do this!
Another method many people result to, which may be offensive are:
1. Attack the competitor: this is when you decide to focus on their shortcomings so that your customers can see reasons to buy from you. This may work, but you must realise that your competitor deserves respect.
2. Ignore your competitors: that moment when you tell your customers things like “I know what I do, and I do it well. If you want them, why not go to them.” Well, there are better ways to say this.
3. Fight with your competitors: this is when you place your offer with theirs and begin to point out what you do differently. This sounds great too, but I will show you how you can do this better.
All three of these approaches sound tremendous, but you must realise that you are also someone else’s competitors. So don’t do to others what you wouldn’t like others to do to you.
So what are the best ways to close deals for your business?
1. Understand who your customers are
Understand who, what, where, and how your customers think. Ask questions like:
a. What are their priorities?
b. What are their pain points?
c. What do they want?
d. What does their goal look like?
Understand where they are coming from so that you can best solve their problems. For instance, you can be a logistics company, and you can identify that your customers value the speed of your service over the price. If you know this, you can leverage this to serve them better.
2. Understand your competitors
As much as they are your competitors, you must learn to look at what they are doing and why they are preferred by their customers. Identify where they are missing out and find creative ways to fill that gap. See your competitors as clues. When you can understand why your market is choosing them, you will serve and solve their problems better.
3. Clarify your message
You must realise that you can’t sell to everybody. Everybody is anybody. Identify who you want to sell to and tailor your message to suit their needs. When you do this, your offering will be straightforward and address the needs of the class of people you are targeting.
4. Address a new market
As you understand your market and competitors, you will realize the underserved class of people. This is a power on your side. A new market can mean faster growth and more diversity.
5. Try competitive pricing
Now, this strategy is tricky as if you do it wrong, you may end up with a high churn rate. You want to examine the prices of your competitors and place a price in between what they offer. Remember that discounts should only be a lever to use in sales, not the primary strategy for sales. Another thing you can do is to try packages. Create different packages for different customer segments.
6. Emphasise your brand and values
Aside from the information customers get about a product, they also buy based on how that brand makes them feel, what the company stands for, and its direction. When you are committed to what your brand stands for, your customers will see this and respect you.
7. Talk about your past success
This one is one of the best strategies for making sales. Be loud about your past success, and showcase what others are saying about you. When customers see what people like them speak about a product, their buying behaviour is significantly impacted.
Competition Is Never A Bad Idea
Competition is inevitable in any market. The sooner you realise, the better you will be able to deal with it. Hence, ensure you acknowledge that your competitors deserve respect as well as your customers.
The way to win the competition is to never stop innovating, emphasise your brand, sell the products, and win your customers.
