Wednesday, July 16, 2008

Putting the Last Nail in the Coffin of Your Competitor

Oh no, the most dreaded words we could possibly hear. "William, well I know I said I was going to go ahead with the order, but...I just feel like we been with this vendor so long, I really...uh...maybe things will change down the road. I’m going to give them another chance.”

You got in the door with the prospect. You gave them a good price, a profit justified solution, and got a "yes" answer. Hell, you didn't even close, the deal closed itself.

Now comes the dreaded call two days later. Your competitor undercut the price and begged to keep the business. Here is how the conversation started, “We have been doing business together for years Mr. Customer, and we will do whatever we need to do to keep your business.”

The bottom line here is you could have prevented this from happening. How? Confirm with the decision maker with a scenario like the following:

“Mr. Prospect, I know you told me you wanted to move forward in doing business together. I’m very appreciative of this decision, but still, I’m sure you current vendor is going to be pretty frustrated in losing your business. I’ve obviously very excited about getting started, but I need to know something before putting the work into making this business transaction happen. If they cut their price, beg for your business back, are you going to change your mind?”

Almost universally, the prospective customer will answer with “No, let’s go ahead and move forward.” To hand this business back, they must now break their “word” with you. It could still happen, but most likely your competitor is out the door for good. The only way you can let them back in is by breaking your “word”. Execute this strategy, and you will mortally wound your competitor before they even have a chance to fire a bullet back at you.

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