I worked with a client in a tight spot a few years back. They were losing market share and couldn’t figure out why. I suggested they start asking their customers about the competition. At first, they were hesitant. They feared it might come off as intrusive or desperate. But eventually, they took the plunge.
They asked questions like, "Who else are you currently working with or having conversations with?" and "How do you feel about them?" To their surprise, most customers were more than willing to share. They discovered what their competitors were doing right and where they fell short. Armed with this information, they were able to align their offerings with customer needs better, ultimately regaining their market share.
WHY YOU SHOULD ALWAYS ASK ABOUT THE COMPETITION
The worst thing that can happen if you ask about the competition is that the customer says they’re uncomfortable sharing. But if they do share, you gain invaluable insights. You learn more about what your customers value, what your competitors are doing, and how you can position your offerings more effectively.
I want everyone on our team to start asking questions like, “To ensure we provide the best value to you, may I ask who else you currently work with or are having conversations with?” Follow up with, “How do you feel about them? What do you like about them?” and “How do you feel we compare?” Finally, ask, “What concerns have you had with us?”
THE IMPORTANCE OF REGULAR BUSINESS REVIEWS
One of my favorite actions is conducting regular business reviews with the customer. If you don’t have this set up, prioritize it right after strategizing about the account. These reviews should be interactive, giving you feedback about your work and how you compare to the competition.
Use questions like:
- “How do you think we’re performing for you?”
- “In what areas could we improve?”
- “What have we done recently that stood out as particularly valuable or useful?”
- “If you could change or improve one aspect of our relationship, what would it be?”
These questions are great for understanding how you stack up against the competition. Additionally, ask, “How do we measure up to others you’re in contact with?” and “Are there other people in your organization we should be connecting with?”
UNDERSTANDING THEIR BUSINESS AS USUAL
To truly understand your customer’s needs, you must understand their day-to-day business operations. During your conversations, ask:
- “How are things going in your business right now?”
- “What current events or trends are impacting your business?”
- “What areas of growth do you see on the horizon?”
- “What challenges are you currently facing that we should be aware of?”
- “What barriers are getting in the way of your progress?”
- “What direction is your organization heading soon?”
- “I noticed X in the news. How is this affecting your business?”
OPENING DOORS FOR YOURSELF
After gathering all this information, it’s time to see how to add more value. Ask questions like:
- “Where do you see your career progressing within this organization?”
- “I’m aware X is happening. Is there a way we can assist you with that?”
- “I’ve observed you’ve been focusing on X lately. We have expertise in that area. How can we support you?”
CONCLUSION
Always asking about the competition and conducting regular business reviews are critical strategies for staying ahead. They help you understand your customers better, align your offerings with their needs, and open new doors for collaboration.
So, don’t shy away from these conversations. They might just be the key to your next big breakthrough.
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