Beating the competition (with a big stick!)

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

  1. What do my competitors do that I don’t do? (or maybe they just do it better)
  2. What do I do that my competitors don’t?
  3. What can I offer (compensation) to make a buyer switch?

Bonus question

Think of a something you buy that you are loyal about, what it would take to make you switch suppliers?