Wholesaling is competitive; VERY competitive. But what business is not competitive? Competition is a fact of life. Unfortunately, so is slamming the competition. “Slamming the Competition” questions the integrity and truthfulness of the competitor, and differs from comparing and contrasting products or services in both substance and tone. Being a Master Wholesaler™ means you never slam the competition, and you act as a professional in every respect.
Recently I attended a broker-dealer conference, which as is typical, was attended by a large number of product partners. Unfortunately, one wholesaler made it a point to jump in on conversations when his competitors were speaking with prospects. What made this amusing was he would say, “What are we talking about?”, as if he had been a part of the conversation. In addition, he slammed competitors when speaking to brokers, and the situation escalated to the competing wholesalers taking pot-shots at one another.
SOLUTIONS: When faced with competitors who slam you and/or your product, don’t play their game. Be a pro. When faced with competition, use the following strategy:
- Acknowledge that your competitor is a fine company with good products.
- Also state that your product is not right for every situation.
- Tell them where your product fits as a superior solution.
A shortened version of the conversation may sound something like this:
“Mrs. Prospect I am very familiar with XYZ Inc. and their product. XYZ is a good company, and they do some things very well, such as [example.] My company and our products aren’t always the best fit all the time. In this case, however, I believe your needs can best be met by OUR product / service. Let me tell you why. ”
FOR ADVISORS: Don’t tolerate wholesaler who act in anything less than a professional manner, and that includes slamming their competitors. If it happens, ask the wholesaler to stick to their product, specifically:
- How it benefits the client
- How it works
- Where it fits
- How to sell it
When YOU are meeting with clients, don’t fall into the trap of slamming your competition. Be a pro, and expect others to do the same.
Good selling!
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