"We have been doing business with our current supplier for ten years and we are very happy.”
That objection spells death for some people in sales jobs, and prompts others to give away profits and commissions in effort to offer substantially lower prices than the current supplier does. Here is a method to overcome the current supplier objection and get your foot in the door without giving away your shirt.
The following strategic system to deal with the objection demands that you have expert knowledge of your competition. You must know all there is to know of the supplier in question before you can apply this methodology.
Step 1: Understand
First, you need to understand the situation and empathize with the sales prospect. Do not belittle the objection as an unwarranted stall tactic. They have no reason to give you any business and you know that makes sense.
Step 2: You have earned nothing
Accept the fact that you have not earned any of the sales prospect’s business and therefore at this time, deserve none. You have not yet even earned the right to ask them to give you any of their business.
Step 3: Is the current supplier still earning?
Although the current supplier did something to earn their business in the beginning, are they still earning it today? Open the prospect to the thought that often suppliers begin to take long-time clients for granted—even if unintentionally. Old customers become like comfortable old shoes, receiving far less attention from the supplier than new business.
Step 4: You can make their current supplier do better
Inform them that to ensure their supplier has not become too laidback, that you have a way to help them get better service and perhaps lower rates from their current supplier—not from you—from their current supplier!
It could sound like this:
“Mr. Prospect, what if I told you I can get you better service and or better rates from your current supplier—not from me—from them. Would you be interested?”
Step 5: Play you against them
Challenge the sales prospect to use you to motivate their current supplier.
- Suggest they place a very small, token order with you.
- Tell them to let their supplier know they are considering changing suppliers and are giving you a chance.
- Explain in detail what differentiates you from the current supplier i.e. better prices, personal service, better warranties, etc. (this is where that expert knowledge comes in)
- Suggest the prospect explain to their supplier that it is because of those differences that they are considering a change.However…
- Due to their long-term relationship, they will give their current supplier the opportunity to match or beat the additional benefits that you offer.
Step 6: Win-win situation
They cannot possibly lose with this. If their current supplier happens to come up to your company standards, then you got them better prices or service from their current supplier. Should their supplier not improve, then you have revealed serious deficiencies in their current relationship.
Step 7: Back to earning their business
Now, challenge them to the possibility of allowing you to earn some of their business. It may sound like this:
“Now, Mr. Prospect, if your supplier should rise up to the level of excellence that we give to our clients by giving you the longer warranty and the lower rates and matching our level of service; then I would have gotten you better service and prices from your supplier.
However, if your supplier, cannot or will not improve their service for you, then I would think that I would have earned a little bit of your business…don’t’ you agree?”
Sean McPheat is the managing director and founder of MTD Sales Training. MTD have trained over 30,000 staff worldwide. Sean is regarded as a leading authority in the world of selling and has been featured on CNN, BBC, and ITV. Check his free weekly tips and his MTD sales blog for more advice.
