Question

What are some best practices associated with situations whereby prospects
bringing up a product sold by one of your competitors?

Answer 1

Creating a suitable prospect profile, building networks to meet the customers, planning different ways to connect with the consumers to receive their feedback, having good knowledge about relevant subjects, and proper demonstration of skills are some of the business and sale strategies that would be helpful a business that wants to sell a product that was originally sold by strong competitors.       

Explanation:

There are some best practices connected with situations where a company decides to sell a product that is originally being sold by potential competitors. They are:

1. Creating a suitable prospect profile: Extensive research will help identify profitable and potential customers. This will in turn help frame appropriate sale strategies. Account-based marketing (using profile list and company list to know more about other businesses) will help achieve a strong position in the market.  
2. Creating networks to meet the customers: Building strong networks via social media channels or through any other digital platforms to reach out to customers. Arranging events or social organizations to know the interest of the customers.
3. Connecting with customers and receiving feedback: Potential consumers must be contacted via phone calls or through personal emails to build a healthy relationship with them. This would also help answer their queries and receive feedback from them in a better and quick way. They can even be asked to recommend the product to other consumers. This would help spread the business and cater the needs of a large population of customers.
4. Good knowledge about relevant subjects: The seller must have deep knowledge and information about the industry that is being targeted, the tastes and interests of the customers, and the ways to contact them. Also, they must have knowledge about the product being sold. This would help them be a trustworthy and reputed business entity.
5. Demonstration of skills: The firm can use new technologies like videos or presentations as new marketing and sales strategies. Through these videos, a brief introduction about the firm relating to its products, sale statistics, and future scopes can be conveyed easily. A good video helps capture the minds of customers easily and creates a good impression about the company.

Such business and sale strategies would be helpful for a business that wants to sell a product that is being sold by strong competitors.