This can be seen either as a good or a bad thing, depending on whether you are looking to buy or sell.  For example, before the advent of the internet it would be reasonable to suggest that an insurance company may receive a large majority of its business from local customers.  As little as five years ago, flicking through the Yellow Pages would have offered several companies in a given local area, and those companies would compete for local business.

But now we have the option to look much wider afield for products and services.  Searching Google for ‘Annual Travel Insurance’ today gave me a list of 9,140,000 search results.  Of course, there are still those among us who would rather deal with a local company, someone they can meet face-to-face or feel are within a contactable distance in case the product needs replacing, for instance.  But a majority of customers have now completely embraced internet shopping and Google; and this vast increase of possible options has lead to stronger competition and lower prices.

Earlier this month I needed to arrange personal travel insurance.  This was something that I had never had to do before. Someone had always sorted this on my behalf.  But I was told the Post Office was reasonably cheap and offered good cover.  As always, I left arranging this until the last minute and decided to visit my local post office the day before I was due to travel.  Fortunately they were able to provide me with cover for £20.  I felt good as I was able to tick that one of my list but in hindsight, if I had used the internet, I now know I could have found a better deal.

The impact this has on small business is enormous.  I manage a small web development business and over the past few years I have noticed changing trends when we talk with potential customers.  Price over professionalism, portfolio of work or quality of service has become the main focal point for many decision-makers.  Yes the current economic climate has much to do with this, but the trend had already started with the internet.  Websites offering cheap or free templates, offshore development costing less than UK companies, and everyone and their dog professing to be able to build a website ‘on the side’ has led people to want more for less; and in many cases, even when we win the contract, this different mindset equates to those customers being far less profitable than those with a budget that suits the requirements, looking for a quality of service and support.

So, from a business-owners perspective online competition can be a bad thing.  But for the customer, this is the best thing that has ever happened, when looking for bargains and cheap prices.

Listen
With the abovementioned point, it is easy to get carried away with the all little tidbits you’ve investigated – so keep it relevant. Most importantly, make sure that you listen attentively, and that you ask the right questions in order to entice the client to divulge their most serious concerns, problems and desires. Suggest solutions and attempt to give the client insights that they perhaps haven’t considered before and finally, link their problems with the specific services you offer.

Expertise and Experience
You need to illustrate your knowledge and track-record in order to impress your clients, both potential and current. Be prepared with statistics and reports, and don’t be afraid to namedrop; what is undesirable in a social context can be both acceptable and impressive in a business one.

Be on time
Nothing exemplifies a lack of professionalism like tardiness. If you need to travel across the country for a meeting, or have the budget to fly your client in, there are increasing numbers of cheap flights available, which are becoming increasingly specialized to cater to business needs.

Be Persistent
If you don’t close the deal on the day, don’t worry, and more importantly don’t pout. Maintain a professional and relaxed demeanor, and after a few days, make follow-up calls – many businesses abandon potential clients if the meeting went cold. This is the perfect opportunity to expostulate your commitment, diligence and professionalism.