There’s hardly an opportunity that doesn’t come with some sort of competition. Whether it’s an established vendor that has the upper-hand, or you are dealing with some internal forces that are making it hard to move your opportunity forward.
Today, The Command Center breaks down how to deal with significant obstacles in your opportunity.
1. Do Nothing
Your prospect has a problem that they need to fix, but he/she could decide that there is no immediate need to fix it right now. The other option to selecting your solution is to “Do Nothing.”
“Do Nothing” is always part of the equation because it is often the easier solution for those who are part of the decision process. There’s always something more important to worry about within the organization. You lose to "Do Nothing" when the pain isn’t big enough or the solution’s expected benefits aren’t compelling enough to take action. The problem doesn’t warrant the time and money needed to solve it.
Differentiate from "Do Nothing" by helping your customer understand the pain.
- Attach your solution to the biggest business problem.
- Define the Positive Business Outcomes that drive the most impact.
- Compel your buyer to take action rather than settling for the status quo.
Differentiating against “Do Nothing” means you have to work harder at helping your customer understand the business pain and demonstrate how solving that pain is more important than other initiatives.
2. Do It Internally
Unlike “Do Nothing,” your "Do it Internally" prospect understands that action needs to be taken, but doesn’t necessarily believe that you have to be part of the action plan. To compete against “Do it Internally,” focus the conversation on business resources, outcomes and metrics.
If a buyer is trying to implement a solution, he/she has a list of requirements that are needed in order to make the initiative a success. Remember, these required capabilities exist with or without any outside vendors. Help the buyer validate their strategy/thinking and defined requirements by adding measurable ways to determine which solution truly delivers on the buyer’s requirements best.
When you understand the desired measurable results, you can more easily demonstrate how your solution can achieve even better metrics. Differentiate against “Do it Internally” by treating it as any other name-brand competitor.
Demonstrate how you do it and how you can do it better than any of their internal resources.
- Identify the required capabilities needed and Positive Business Outcomes that the company hopes to achieve.
- Socialize, with the help of your internal champion, the way the customer will measure success.
- Raise the bar for the metrics so high that yours is the preferred solution and other options are wiped off the list.
3. Your Competitor
When customers can’t differentiate between multiple competitive offerings; they often assume that all the solutions are similar in value.
Sellers who fail to introduce relevant differences early in the sales cycle miss a fleeting opportunity to influence the buying criteria. As a result, the decision will come down to the lowest common denominator – price. Be sure you’re ready to articulate your competitive differentiation. Use trap-setting questions that demonstrate your competitor’s weaknesses. Remember, differentiation is only effective if you map it back to the prospect’s decision criteria and required capabilities.