15 Ways to Handle Competitor Objection

We all face competition. There is always someone who can do it cheaper, faster, or better (at least in the mind of your prospect). Because of this, prospects, and even customers, are constantly looking for a better deal. Knowing how to handle competitor objection effectively can mean the difference between winning the sale or suffering that sinking feeling of losing business to someone else.

There are a number of times you can handle a competitor’s objection, but surprisingly, most sales reps wait until it comes up at the end of their closing presentation. This is the worst time to handle it because you have already given your prices and options and sometimes even your best offer. While you may need to handle the competitor’s objection during closing, and I’ll give you some scripts to do that later in this article, the best time to handle it is early on, during qualifying. Here are some ways you can do that:

Classification for the competition:

Option 1: "_________, let’s talk a little bit about who else you’re looking for this: who’s first on your list right now?"

If you don’t feel comfortable mentioning potential competition, let me assure you of two things: one, if they’re buying from you, they’re most likely buying from others, so don’t be surprised, and two, trust me, it’s better to know. . beforehand who you’re up against so you can position yourself to win the business during closing. And he always asks this supposedly…

Option 2: "From how many companies are you getting quotes for this?"

Again, don’t worry about introducing the concept of getting quotes, if they’re going to do this (and most do), you better get the picture now. If they tell you they’re getting three quotes (it doesn’t matter how many), overlay this with: "And who have you liked so far?" Again, be hypothetical with this.

Option #3: "_________, how does your current provider fit into all of this?"

This is a good, open-ended way to get your prospect to reveal why they might move away from their current provider, or why they might still be considering using them. A great way to overlay this is to ask:

Option #4: "And if you find out that we can give you a better deal than you’re getting now, what do you do next?"

Obviously, you want them to disclose that they’re taking it back to your current provider so they’ll drop the price, and this is what you want to know up front. Asking this question in an open-ended way like this often gets you told this. You can also ask this in a more direct way:

Option #5: "________, if we can show you how we can take care of what you’re doing now, and do it for less than what you’re paying your current supplier, what’s to stop you from paying it back and having you just drop your price to keep your business?"

Listen carefully to not only what your prospect is saying here, but also how they are saying it. If he hesitates or if his voice rises or falters a bit, then you’re in trouble. You can also handle it this way:

Option #6: "Now _________, after we do our analysis, I’m pretty convinced that we can save you money just like we do with our other clients. But ________, I have a concern and I need you to be honest with me: sometimes we do this work to find these savings, and after doing so, some companies use them to get their current provider to lower their prices. See what I mean?"

[Wait for response]

"So I’m happy to do the work for you and show you some savings, but let me ask you, what’s the chance you’ll take it to your current provider and do the same thing?"

PRAYED

"Let me ask you: if we can also show you the savings, what would stop you from doing the same?"

Option #7: "________, what is going to be the deciding factor in who wins your business in this?"

And if it’s about price, then layer with:

"Okay, after getting all the quotes, will you at least let me compete against the lowest quote to see if I can do better?"

Handling Competition During Closing – If after you have introduced your product or service, your prospect says they want/need to check out other offers/estimates/quotes, then use the questions below to get your prospect to open up and possibly reveal what they wants. it could take for you to win the business:

Option 1: "I understand, which way are you leaning right now?"

Option 2: "What would it take for someone else to win your business?"

Option #3: "Honestly, what would it take for you to choose us for this?"

Option #4: "What do you not see with our proposal that you see in others?"

Option #5: "We’re in the race with what else have you seen out there?"

[If yes]

"Which of us would take us out of the race?"

PRAYED

"What would you need to see to choose to use us?"

Y

"What can I do right now to make sure I earn your business?"

Option #6: "Obviously, you will show this quote to your current provider; If they match the price, will you stay with them?"

[If yes]

"What can I do to avoid that?"

Option #7: "How many times have you taken other quotes to your current provider?"

[If they tell you]:

"And what do they usually do?"

[If they say they lower their price to keep the business]:

"How can we break that cycle and get the price right the first time?"

Option #8: "_________, let’s take your lowest offer right now and compare it (services to services) with what we’re offering you. If I find out you’re getting a better deal, I’ll tell you. If I can beat him, I’ll let you know too. Either way, you will win! Do you have that other appointment nearby?"

Remember, the competition will always be around, but you can beat it and win business if you’re prepared with proven and effective scripts like the ones above. Choose your favorites and tailor them to your particular sale.

Copyright (c) 2015 Mr. Inside Sales