The 10 Commandments of Switch Business
If you're going to do this right, you need a robust strategy. Here are The Ten Commandments For Winning Your Competitor's Customers & Clients - ten things you must do if you're going to draw switch business from your rivals:
1. Think Long Term
People won't switch straight away. You'll need to get on their radar long before they are ready to jump ship. Think of yourself as the spare wheel for when that wheel falls off their wagon. Even if they're happy now, you must position yourself so that when things go wrong (as they inevitably will) then you are front of mind and in pole position. The skills you need to network, meet people and uncover opportunities are different to the skills required to turn that into a piece of business. One of the chief qualities you need to 'convert' is persistence. This comes from the Latin, persiste; to stand firm. If they are better off with you and they know it, the business will come to you if you keep doing the right things.
2. Develop The Relationship
Even if people are desperately unhappy with their current providers, they are not going to jump into bed with you immediately. You need to be 'present' and trusted. There are lots of things you can do outside the transaction, outside the deal and outside the business to build trust and credibility. See the articles on KIT (Keep In Touch Marketing) to guide you on how to do this.
3. Stay Aware Of Their Needs
You can often take more of an interest in the clients and customers of your competitors than they do. When you notice their press releases, congratulate them on their company news, offer free advice, contacts and support, and through asking good, non-threatening questions, you can keep abreast of their needs. And when they're not being met, your moment has come!
4. Look for Weaknesses.
There are several things you should look out for in 'vulnerable' clients and customers. If they are going through service problems, their providers are struggling on delivery or other issues, if they are being uncompetitively charged or if they have needs not being met by their incumbents, then you have a chink in the armour which you can exploit.
5. Differentiate Yourself
If you're going to win switch business from your competitors, you need to do all of the above PLUS have a different and better enough proposition that it justifies coming over to you. Given that 90% of what most banks, law and accounting firms and business professionals offer is identical, the differentiating factor is often yourself! So think about the way you do business and how you can sell that to your prospects.
6. Take A Small Slice Of The Action
Depending on the 'ticket price' of what you offer, it might be a big ask to expect them to transfer all of their business to you. What you need to do is go small and lower the risk. You can do that by offering some kind of trial with a guarantee. The best way to do this is by asking for a stand alone transaction, deal or small part of their business. If you can deliver real value with a little, they'll be more incentivised to give you a lot!
7. Become An Ally
Ever heard of the phrase 'peer of the buyer'? It's when you move from a contact to a confidante, an acquaintance to an adviser. If they see that you're credible, trusted, well thought of, professional, enthusiastic, ethical and caring, they will begin comparing you to what they've got currently, which probably won't match up! Consider your reputation carefully, because other people's customers and clients should be saying the same as your own; namely that you're an expert, a team player and a key part of their success. If you can show you are more of a peer than just another professional, sale or no sale, then you're in pole position for a switch. For 70 great tools, tips and techniques on how to build your reputation and make yourself the 'stand-out' choice for what you do, click here.
8. Recruit An Evangelistic Mole!
Who do you know that would vouch for you, 'big you up', speak on your behalf, feedback from their camp, introduce you to key players and be motivated to help you win that business? If you know someone that can get you the inside track, it's always better than you selling yourself. So sift through your business contacts and start working them from both sides!
9. Keep Your Pipeline Full
If you're doing everything else right, then the next best thing you can do is relax and get on with your business. No need to get hung up and desperate about it. You can't squeeze a bar of soap - it slips out of your hand. Continue to pursue other avenues of business so that you don't put yourself under too much pressure to win specific switch business. You often get the call when you least expect it!
10. Be Prolific.
You need to put yourself about a bit! If you're a well-kept secret, it undermines people's confidence in your abilities and expertise. You need to be where your competitors are not. You need to be seen and you need to be educating, listening and learning. That means good networking, possibly some public speaking, certainly some article writing in trade and business journals, magazines and local papers. When people notice you, they also notice that their advisers, providers, suppliers and representatives are absent. Go where the fish you want to catch are swimming. They'll soon wonder why you're there and their own people are not!
So there you have it - The Ten Commandments for Winning Switch Business. Now choose carefully who you're going after and get hunting!
Rob's Quick Tips
- Be in it for the long haul.
- Think relationship before sale/account/deal.
- Know where they're hurting.
- Be sensitive to weaknesses.
- Make yourself stand out.
- Take a small piece of business to reassure them.
- Become a 'peer of the buyer'.
- Find an advocate who can get you on the inside.
- Keep other pots bubbling.
- Get out there and be seen.