These are documented facts. Any ideas what is on this list? Yes, price is on the list, but isn’t number one. 5). Unable to differentiate. 4) This one terrifies Sales management. Perhaps there is a project team and the rep is winning there and comfortable with the team and getting lots of information and good buying signals (quickly returned phone calls, playing golf, drinking beer). In post-loss research that we do, we will call 2-3 levels above the team and ask “Did you meet with people from both companies”. Often the executive says we met with one vendor but not the other. When asking the executive if they would meet with the other vendor, they usually say yes. 3). Don’t usually hear this anymore. Often occurred in the mid, late-90’s, but not so much any more. 2). More trust, better relationship. 1). We will come back to this. If the prospect doesn’t believe you understand their business problem, they won’t believe you can meet their needs. We can control all of these, as they are behavior related, except price.
Make Bigger – key question should show up. Clean up… Make slide bigger. Change Assess Options to Evaluation Alternative. Awareness of needs Needs – Learning – Exploring what is possible – that could really impact – define needs. Change Learn to Explore.
Here we have a typical sales funnel. Solution Selling and Customer Centric Selling tell us that if you look at the universe of prospects that 5-10% of your prospect base will be actively looking for a product. The rest either have latent pain – don’t know a solution exist, they are burn victims that do no want to engage, or your solution is just not a priority. Ultimately the salesperson engages a prospect and helps them build a buying vision all the way down to the contract stage.
But because of the democratization of information and connectivity, a new landscape has emerged where there is a huge conversation going on in the blogosphere, and in social networking. The minute a person feels a pain, they do a search on google, they send a message out to their contacts on their social networks, they visit websites, they do their own research. Essentially, buyers now have the power and information to create their own buying visions without the help of salespeople… and they are drunk on that power.
Transcript of "How to Win against the Competition"