They are everywhere. You meet them in hospital halls, at the community health fair, sitting in the doctor's office and in the rehab center. They make sure you pick up your phone by the third ring, control your pricing and respond to your customers in a timely manner. They are called your competitors. And, despite talk of competitive bidding and changes in reimbursement, competitors just keep coming.
What do you need to know about your competition? Begin by developing an assessment form that allows you to review your competitors and become aware of how they affect your accounts and your business.
Sizing Up the Opposition
Track as much information about your competitors as you can. For each competitor assessment, include the following:
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Define what products they offer. >Since they are reaching potential customers in your community, what are they talking about to their customers?
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List what accounts they call on. Do you call on the same accounts? Often, you can tell by seeing their name on pads, marketing materials or other notices posted in customers' offices.
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Identify all of their sales representatives. You will want to know who your customers may be talking about when you meet with them.
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Define their product lines. Learn about their products and, possibly, who manufactures them. You may be competing not only with another company but also with their product lines. Also note the products they do not carry. You might consider adding them to your line, if those products are being requested. Be prepared to define the features and benefits of your products versus others on the market.
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Note all areas of the community the competition serves and does not serve. This will help you plan your company's future growth.
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Develop a list of their customers. As you make appointments and prepare for upcoming sales meetings, realize that your account is also giving business to someone else — sometimes simply because they don't know your company provides certain products. Make sure your accounts know the full range of products you offer.
Business Etiquette
When listening to others talk about your competition, consider these recommendations:
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Never talk negatively about your competition. With industry changes, new health care networks and new partnerships, one day you could be working with a competitor to help the same account or patient. While your customers may talk negatively about your competitors, do not agree with their comments or add your support.
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Never talk negatively about another sales representative. Sales representatives change positions frequently, and your competitors' sales reps could become employees at your company. You do not want to complain about a salesperson now, and then in the future, tell your customers how wonderful he or she is.
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Do all you can to keep the conversation focused on your company, your services and your great reputation. The purpose of your meeting is to talk about what you can offer. Do your best to talk about your company.
When you meet your competitors during your daily schedule, be pleasant and cordial. They may be able to help you obtain certain products you do not have in stock, or help you in a crisis when you are unable to meet the needs of a special customer.
Ultimately, good competitors will help guide your business operations and improve efficiency. While they may cause you stress, their existence is often positive for patients, referral sources and the growth of your company. Competitors — they may be your very best educational resource.
Louis Feuer is president of Dynamic Seminars & Consulting Inc. and the founder and director of the DSC Teleconference Series, a teleconference training program. He can be reached at www.DynamicSeminars.com or by phone at 954/435-8182.
