1. Your competitor's pricing and terms are better than yours.
Are you listening closely enough? Understand the buying criteria, and then do something serious about it. What can you control? Perhaps you don't want to lower your price, than how can you make your terms so attractive that price no longer matters?
2. The competition has a strong existing relationship.
This will often be the case on large key accounts. Develop a strategy early in the sales cycle on how you plan to deal with this. Often I like to suggest we are not looking to displace the client's existing successful programs but rather, offering to complement and leverage them with services they are not currently using. Sometimes getting started somewhere allows you to begin working with the client and building the relationship and track record you desire. Sometimes you are looking to displace a vendor and this tactic simply will not work for your situation. If this is the case you need a well thought out plan of how you plan to overcome the relationship trump card. The bottom line is people do business with people they trust.
3. Your competition has a strong brand equity and reputation.
If your company is unknown within your prospective client's network of influencers what do you plan to do about becoming a known and trusted advisor?
4. The competition offers a superior product or service.
Is your client paying for services they don't need? Do they really use all the bells and whistles of this product? How can you customize your offering to be more on target with what the client really needs? Can you right price your offering?
5. The level of service and support offered by your competition is better than yours.
If this is not something you can change, how do you plan to neutralize your competitions advantage here? Can you offer a more important feature the competition can't? Can you offer a support service that makes their advantage useless?
6. When your competition's product solution is perceived as a better offering.
You need to know exactly why and have a plan to overcome this perception.
7. You do not have a strong ROI business case with your client. Find this out early on in the sales process. Perhaps you should not be working together.
8. The competition's business references are stronger than yours.
If you know early on that you will be required to follow an RFQ or RFP process with your client, then you should be asking questions early on to prepare your references to be remarkable.
9. You are not listening to your prospective client.
Have you ever heard the term happy ears? This is when we hear only what we want to hear. Listen closely and allow yourself is hear the client's real concerns. Exactly how do you plan to help them and how do you plan to overcome objections. If you dismiss your client concerns and never address them, chances are your prospective client will dismiss your offer also.
If you're looking for fresh ideas on large account selling you might also enjoy our Key Account Kit Marketing Guide.
Building strong relationships with clients takes work. Going after what you want with hustle and intensity is a mindset for winning. Your passion is what makes work feel like play and brings joy to fighting the good fight in the marketplace!