How to Sell Against Competition: Convert Your Competitors Accounts To Your Own | Salesman Podcast

In the minds of many reps, competitor buyers are off-limits for prospecting. After all, why waste time with a buyer that’s already entrenched with someone offering a similar product? But as it turns out, competitor buyers are some of the best prospects you can target. They’re more qualified, they’re budget-ready, and they’ve already got a buying process in place for your product. That being said, these leads can be harder to win over, too. They’re more loyal, resistant to change, and they take a bit more convincing on why your product is superior. So, how do you sell to competitor buyers successfully? This guide dives into how to sell against a competitor to bring on their existing clients. Inside, we take a look at a proven four-step framework. And we also investigate why these leads can be so lucrative in the first place (and how they can skyrocket your commissions in no time). Why Sell Into Competitor Accounts? Before we get into how to sell against a competitor, let’s look at why you should consider selling to their buyers in the first place. At first glance, the prospect of selling to your competition’s buyers can seem like a failed cause. Existing customers are loyal. They’re already familiar with your competitor’s products. And they’re resistant to change (the “don’t fix what ain’t broke” mindset). That all adds up to harder sells, wasted time, and fruitless effort… right? But as it turns out, there are plenty of benefits of selling to your competition’s buyers. And once you’ve developed a system for converting them that actually works, you can start to reap those benefits. Potential Benefits (When You Do It Right) So, why go after your competitor’s buyers at all? Below are a few of the biggest benefits of making the leap. They’ve Already Demonstrated Product Interest – One of the hardest parts of bringing new customers on is demonstrating how your solution addresses their pain points. It’s why retaining repeat customers is 5X more valuable compared to finding new buyers, according to Invesp. Existing customers already see the need. And so do your competitor’s buyers. As a result, you don’t have to spend days and weeks explaining your product’s value—they already understand it because they’re already working with a similar product. The Budget Is Settled – In addition to already demonstrating product interest, a competitor’s buyers have already allocated the space in their budget. When there’s already space in the budget, you don’t have to work as hard to justify spending extra. Instead, you can simply swap out your expenses with those of your competitors (if they’re comparable, of course). Their Buying Process Is in Place – Last but not least, your competitor’s buyers know how this all works. They’ve done it before. The approvals, the training, the onboarding, the ongoing support—they get it. And they’re far less likely to be turned off by how extensive the buying process may be. For you, that means an easier sale and less feet dragging along the way. Why It Can Be So Difficult to Pull Off The perks are clear—your competitor’s buyers are more qualified, more price-friendly, and more efficient than bringing on new clients. What’s not to love about that? But there are also some downsides to going this route too. Namely, converting these buyers can be a tough sell. At least in some cases. Here’s why. Loyalty – If a buyer has stuck with a brand for years, you may have trouble overcoming loyalty. Loyalty is a powerful purchasing motivator. InMoment found 77% of consumers say they’ve held relationships with specific brands for 10 years or more. And 61% go out of their way to buy from them.