Overcome Low-Cost Competitors
1. Make a Title Change If “sales” is in your title, prospects might focus more on price than the solutions you offer them. Consider changing it to “product specialist” or something similar. Specialists offer education and consultation, and they take the time to understand their prospects’ and clients’ needs. Customers will also be willing to spend more money when they feel they’ll be cared for and listened to.
2. Focus on Value Instead of allowing yourself to be undercut by a prospect hunting for the lowest price, emphasize the unique value proposition you bring to the table. It could be unmatched customer service, your established relationships with preferred vendors, super-quick turns or the quality of your items. People are open to working with a partner rather than a product peddler. Most importantly, stick to the value you offer and don’t discount, even when prospects are working hard to bring you down on price.
3. Develop a Strategy Do research on your target client to find out what they want and would be willing to pay for, then put together a marketing strategy that meets those needs. Be proactive so you’re targeting the right customer from the get-go and not just reacting to prospects’ varying demands and shifting whims.
4. Offer a Great Experience Be responsive to prospects, respect their time and offer expert advice on product ideas and fulfillment. If you make it clear you have their back and will help them deliver on their brand promise with promotional products, you’ll win their trust and become an irreplaceable marketing partner, ultimately making it more difficult for other firms to lure the client away from you.
5. Educate Your Prospect Make sure your prospects and leads know what you’re offering for their money. They'll make better purchasing decisions if they understand your products and services. If they’re not sure about the differences between similar items, they’ll buy based on price. Spend time with them figuring out their needs, then impart to them how you can help. Also consider publishing white papers and research, and hosting product demonstrations and tours of your offices, without the hard sell.
6. Keep Tabs on the Competition Always be aware of your competition so you’re not caught off-guard by their moves and you’ll quickly double-down on the value you offer. By the same token, don’t underestimate those entities that you consider non-competitors. With a single strategic move, they could become one of your largest rivals.
