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Parting is Such Sweet Sorrow |
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Unseating a competitor to earn new business for your company is hard work. It seems it’s hard for the customer to say good-bye too. Landy Chase, author of Competitive Selling: Out-Plan, Out-Think, and Out-Sell to Win Every Time notes, "most business people don’t approach the strategic issue of competitive loyalty properly, and pay for it with limited success in their take-away efforts."
When asking a potential client to move their business, you are asking them to learn new processes, go through a shakeout period, take on the added risk of a bad decision and deal with the stress of firing their current supplier. Most won’t be willing to go through this torture unless the benefits of switching are significant.
So how do you avoid chasing after business that won’t happen? Make sure you can quantify the value of switching to your firm in dollars, or in less tangible benefits such as time or headaches. Present the cost of your solution in comparison to eliminating the pain. And don’t forget to ask your prospect if they see enough value to switch.
Quote of the Week:
"The most successful businessman is the man who holds onto the old just as long as it is good, and grabs the new just as soon as it is better."
Robert P. Vanderpoel
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