At the point in the selling process where you hope to get a decision, the buyer may tell you that while your presentation was impressive, he or she is considering another offer. This may be a statement of fact, or it may be a ploy to get you to come down in price.
To determine the nature of the competitive offer, try one or more of these questions.
1. If we weren’t in the running, who would be getting the business?
2. If you accept the competitor’s offer, will you come out ahead in the long run?
3. I don’t suppose that offer includes (a benefit only your solution offers)?
4. If you reject our offer, what will take its place that is better than what you’re assured of receiving from me?
5. What guarantees come with that?
6. How can you be sure you’ll get a better deal elsewhere?
7. What additional information do you need from me in order to choose between the two offers?
8. Am I right in feeling that you don’t believe our offer is a fair one?
Ultimately, you have three choices:
Tell them you’ll do what it takes to get their business (wrong!)
Leave and sit by the phone and hope they take your offer (wrong!)
If it’s a “NO,” find out before you leave. This may be disappointing… but this is the only option that either closes the sale or closes the file. You may have the opportunity to fully understand the reasons for the decision. It will at least be a learning experience.