How to close a deal if the prospect has an offer from the competition?

In these times, clients have the support to be better informed than ever before. The average customer approaches a salesperson with a clear idea about what they want and with information that makes it hard for the sales rep to fool them.

For many prospects, their interest in your product is only a way of comparing several competitive offers, and in many cases they're open about it. How can you increase your chances that the prospect will choose your product when he/she also has an offer from the competition?