With the Olympics around the corner it’s a good time to think about the others in the race for the buyer’s custom: Our competitors. A competitor is not just someone providing the same service as you – it could be something else that the buyer could spend their money on.
Buyers can be loyal to their suppliers and find it a wrench to switch. They won’t swap to you for the same deal. Buyers will need some added value and incentive – think of it as compensation.
3 questions to ask yourself
- What do my competitors do that I don’t do? (or maybe they just do it better)
- What do I do that my competitors don’t?
- What can I offer (compensation) to make a buyer switch?
Think of a something you buy that you are loyal about, what it would take to make you switch suppliers?