One of the biggest challenges sales pros have is selling against competition.
What can you do to increase your odds of winning more sales?
Two things:
- Make sure you understand your prospect’s decision making criteria / DMC with crystal clarity.
What does that mean exactly? It means do you know upon what basis they will decide to buy: yes or no and from you or someone else? What will they base their decisions on?
For example; a next gen firewall from you vs. someone else:
Examples of DMC include:
- Quality
- Network visibility capabilities
- Retrospective inspection
- Throughput limits
- Ease of set up / use
- Granular programmability
- Professional services capabilities
- Could someone else manage it for them
- Reporting
- Compatibility
- Price & finance terms
- Warranty
- Time to delivery
- Support & service
There are 14 factors they could consider while making a decision.
LIFE AND DEATH QUESTION: Do you know exactly which two your prospect will base their decision on?
The answer for most sales pros. Nope.
BRUTAL. In this case the two are: 1) Ease of set up, and 2) Support.
If you don’t know those two criteria and exactly how they define them how can you emphasize how you will treat them in your proposal? Answer, you can’t and therefore your odds of winning the sale just declined.
All because you do not clearly understand and get in sync with their DMC. One of the easiest and most important questions to ask in every discovery meeting and shockingly most sales pros do not.
If you fail to understand the basis upon which they make a decision and your competition does they position themselves as more aligned than you are your competition just increased their odds of winning this sale.
2. Once you understand their DMC you must prove differentiated superiority vs. your competitors.
Only you know where your offering is weak or strong relative to your competition’s strengths and weaknesses. With that information effort to prove that you are the strongest alternative in the DMC the prospect considers more important. Focus on this.
And if you are actually weak relative to a competitor in an area (low price) the prospect values then you have to either: a) decide if this is really a qualified opportunity and the best use of your time or b) introduce another criteria where you are stronger and encourage the prospect to move it higher on their list of priorities. You do that with questions. How important is…? What happens if you don’t have…? Etc.
In summary:
Selling vs. the competition is easier and you will increase your win rates if you:
- clearly understand the prospect’s DMC
- prove you are stronger than your competitors in the DMC that matter most
Consciously effort to bring this focus to your sales process and you’ll increase your win rates.
If you have any proven selling vs. the competition hacks you’d like to share please do so. If you have questions, stock or golf tips those are welcome to. Write me at cbennett62@shaw.ca
