Consider Your Competitors Your Allies
What? Those people are my friends? You mean I have to take their photos and logo off my dartboard?
Yes, your competitors are your allies and they can help you increase your sales-even those ISOs you've lost accounts to.
Competitors can kick start your selling efforts by helping to establish a need for your service, motivating
you to learn more, and adding spice to your daily selling efforts.
First, if a prospect chooses a competitor's service, a big part of your job is already completed-the need for your service has already been established. Now, all you must do is find out what made that prospect choose the other ISO and how to get him/her to switch to you.
How? Ask the prospect. He/she is the best source to find out how you can improve your work. The merchant may give you some hints as to the competitor's weaknesses too. Maybe the merchant initially believed the approval process would be a little easier, perhaps the customer service department isn't as accessible as it should be. No one is perfect; don't knock the competition, just let the merchant talk. In that way, your competitor has continued to aid you by providing exposure to fresh information and ideas.
So, the sale has gone to a competitor, you've picked up some hints from the prospect, now what? Well, move on to someone else, but check back with that merchant in a month or so. If things haven't worked out, you have left the door open by demonstrating you're still interested in their business. Again, the competitor has helped you-their loss will be your gain.
Finally, your competitors can motivate you and add intrigue to your selling efforts. Just think how great you will feel when you finally sell that prospect who was being pursued by "The Competition."
