If a prospective client says he or she is happy with their current provider, they probably are. But that may simply be because they’re unaware of the added value that our time & attendance solution offers, Ask a few polite but pointed questions about your prospect’s experience with their current provider – What they like about the provider and their product or service; what they dislike; what they’d change if they could. The moment you spot a gap that you can fill, let the prospect know. And if there’s a contract already in place, consider offering a discount to offset the cost of breaking a contract early or demonstrate ROI that will make up for the sunk cost.
Rather than leave things so open-ended, ask the prospect what he or she expects will change in the meantime. This may prove an opportunity for you move ahead with a sales consultation immediately. Otherwise, suggest a date and time to place on the calendar and let the prospect know you’ll follow up to confirm scheduling as the next quarter approaches.
A prospect who’s working with a competitor is a blessing in disguise. They’ve already recognized a need and identified a solution, so much of the education you’d otherwise be responsible for has already been done. You can spend your time doing the one thing you’d have to hold off on with a prospect who hasn’t recognized their pain yet — talk about our product.
Just because a prospect is working with a competitor doesn’t mean they’re happy with them. Probe into the relationship: Why did they choose this service? What’s working well? What’s not? Pay special attention to complaints that could be solved with our product.
This phrase is worded in a way that broadcasts your prospect’s feeling of being trapped. See if you can come up with a creative discount to offset the cost of breaking a contract early, or demonstrate ROI that will make up for the sunk cost.
Of course, your prospect could have simply chosen an overly negative turn of phrase. Ask them point-blank how the relationship is going to determine whether they’re actually happy or are itching for a vendor switch.
Ask your prospect to define their competing priorities for you. If they can’t, it’s likely a brush-off and you should press them on precisely why they don’t want to engage with you.
Respond to this objection by delving into the details of their relationship with the company. Are there limits on who they can buy from? What price are they currently getting? Who at the bigger company you can talk with about your solution?
When you’ve learned more, you can decide if there are any opportunities to compete for part or all of the business.
If you hear this objection, do a little more qualification. What are your prospect’s goals? How much progress has been made?
Try suggesting a workaround option that can be used in conjunction with ours. But if that specific need is a must-have and our product can’t solve it, your prospect might not be a good fit. Time to disqualify and move on.