Competitive Information Chart
One area in which reps often need help is in answering customer requests for comparisons of your product to your competitions. Reps must be able to focus on your product’s unique selling points, and how they compare and contrast to the competition. One way to help them do this is to chart which reps are winning or losing accounts to which competitors, and why. With that knowledge, you can train reps in the value-added selling techniques appropriate to you product and company.
When reps come in from the field, they can go right over to the competitive information chart (Whether it’s on the wall, in a book, or online) and record the name of the competitor they were selling against, what products they showed, whether they won or lost, and why (price is not always the reason). It may take a few minutes, but it will provide you with invaluable information on your business, your industry, and your area. You may get competitive information guides from the home office, but that won’t help you know what your local competitors are doing.
The Competitive Information Chart allows you to collect solid information about your competitors’ strengths and weaknesses, as well as your own. Both you and your sales reps can make use of this information. Suppose sales rep A is going against a local competitor on a new account. He can look at the chart and see who has gone against that same competitor lately, and whether they won or lost the sale. If sales rep B won, sales reps A can go to her and say, “How did you get the business?” Perhaps he can get a testimonial from rep B’s customer as to why they went with your product. Or if Rep B lost against that competitor, sales rep A can find out why so he doesn’t make the same mistakes.
As a Manager, you want to examine the chart to determine your most consistent competitors. If reps are constantly losing out to XYZ Company, or to XYZ’s Super Model #5, you can run a sales meeting devoted specifically on how to sell against the company and that product.
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