how to beat the competition in sales
Know the Competition. However you approach this point, make sure your potential customer comes away with the belief that your value not only aligns with theirs, but that you have the skill, knowledge, and products to help them achieve their business goals. In doing so, manufacturers have sunk reams of money into optimizing back-end production operations. Sales Competition. Occasionally, we at Gong.io find ourselves selling to B2C sales call centers (rather than our core market: B2B sales). For every deal in your pipeline, get a bird’s-eye view of all of the calls, meetings, and emails along the timeline of the sales process to identify where competitors were discussed throughout: A competitor entering the mix early is a completely different deal dynamic than a competitor entering the mix late. As much as I’d love to help you come up with your own landmine questions, it’s a situation-specific tactic that only you can answer. Interrupt the pattern: If most salespeople are doing the same thing (which they are), then you want to do the exact... 2. They’ll forever remember your answer as your differentiator. Want to learn more about sales and marketing? Offering a discount is easy, which is why sellers resort to it. trust with your buyers and set your team apart from your competitors. Using competitive intelligence to create competitor profiles and live training sessions can help ensure that your sales team provides factual information to prospects that also positions your solution favorably. We analyzed over 1M recorded sales conversations with AI. Gong.io is different because it’s specifically for sales.”, 5. If that pitch had started with the differentiator, it may or may not have landed. Assess Competitor Prices and Sales for Comprehensive Target Setting 82% of Amazon buyers consider price the most important factor while shopping on the platform. We provide both sales and marketing with better visibility into the performance of their teams. Their entire positioning was built around Ronald McDonald, Happy Meals, and their Play Place. At the end of the day, success in a competitive sales environment can hinge on a wide range of factors – but one thing every customer interaction should feature is your salesperson demonstrating value. What works much better than playing on weaknesses is to use their own strength against them. Contact us today to learn more about how sales AI can gather and process your buyer’s activity data, analyze their engagement, and provide insights about their interests. Here are four easy ways to set yourself apart and beat the competition in your industry. 3 ways to beat your competition Posted by: Team Tony. Expand your battlefield; Shoot from all angles; Reinforce the borders; Make sure competitor attacks miss their mark; The frontline of the competition; Attack your competitor’s borders; Benefits It should be something that takes the buyer out of comparing you and your competitor side-by-side. And since they’re always learning, each new opportunity gives them more insight into how to help you achieve your goals – selling more product. Instead, sales conversations — what salespeople say, do, and write during the sales process — are where the perception of difference is created. Absolutely genius strategy, if you ask me. Various trademarks held by their respective owners. The cycle continues until the buyer sees the products as more or less at parity with each other. One of the unstated yet recurring ideas in these points has been that you should not only be a knowledgeable salesperson – you should be a good person in general. The results can be implemented as early as the following morning! They no longer have the perception that we’re in the same category as the speech analytics providers they’re already familiar with. If everything you offer is the same as your competition, the differentiator will always... Look for an Underserved Group. If you’re still discussing your competition late in the game, you’re less likely to win the deal than if your competitors weren’t involved at all. Sales conversations truly are the competitive battleground, and more than ever, it’s imperative that you dominate your competition. They launched an aggressive marketing campaign that positioned Burger King as being “for grownups.”, It was the place to eat when you wanted a hardy burger rather than another “Happy Meal.”. Losing is especially difficult when you feel like you have a better offering and should have won the deal . Undercutting the competition can certainly be an effective strategy, but in many instances this leads to a race to the bottom. However, we’re not just trying to close deals – we’re trying to foster long-term relationships with customers. Use these ten ideas to defend your market position and build your competitive advantage Know the competition. One surefire advantage that can quickly help you gain an advantage is using sales enablement software. 2. reading this, your action item is simple: as soon as deals become competitive so you can help your rep with deal strategy. In order to be competitive and win, you need to play your game. If you add just a few drops of water, you’ve got an excellent drink on your hands (bonus points if you drink it in front of a fire place). At some point, you simply can’t cut your price any lower. Learn more about our solutions or request a live demo to see it in action. Following the advice and tips in this article will help you navigate the tricky waters of selling against competitors. Knowing how to handle the competition objection effectively can mean the difference […] It’s an ongoing, never-ending project that requires continual “sharpening.”. going to McDonald’s for the food, the “Play Place,” and to play with their friends. In order to make a competitive comparison you will need to: 1. The potential customer’s interactions with you should set an example for them of what it’s like to work with your company. If you can give them that personal touch and use your best techniques, you will often be able to overcome a competitor with a better price or slightly better product offering. This requires ongoing research, awareness, fact-finding, and questioning. things salespeople can do during the sales process to “box out” their competition and. Being blind to sales conversations as a sales leader is like being a platoon commander in the midst of a chaos-ridden fire-fight with no communication or enemy intelligence. If you can point to the other big clients and customers you’ve worked with, it demonstrates the value of your company and product to prospective customers. Reframe Your Proposal for Value Now you can formulate bullet-proof answers to disarm them. Despite the fact that sales best practices are constantly evolving (and lately becoming more virtual), one thing remains true: buyers want to buy from people that they trust. When a salesperson finds themselves in a competitive sales situation, all too often their go to solution is to simply lower the price. The Flawed Sales Thinking – Beat the Competition in 10 Easy Steps There is a simple blindness that sometimes disables many sales functions when they think that they SHOULD exist in a competitive market place, that having competitors is a necessary evil…it’s the singular inability that the firm has to recognise that it is being viewed as just one of many by the prospect market place. Once you understand the problems, your sales process can become more consultative – meaning you can diagnose other issues and showcase how your product can make those problems a thing of the past. With time, and some practice, you’ll be winning far more often than you’re losing. Dominate your competition by transforming your sales conversations. Do you see the distinction between leading to your difference vs. leading with it? your competitors’ landmines, and how to answer them. What was the turning point or “aha moment”? Sometimes the key to selling against your competition is not as simple as having the stronger product. Sales can be a tough business even on the best of days. Continually Improve with Win/Loss Analysis, You’ll pick up specific things that should be eliminated for your team to. B2B sales may not be quite as lethal as warfare, but getting beaten by the competition is always frustrating and sometimes even painful. Brought to you by Gong – the #1 revenue intelligence platform for sales. This helps us make sure our sales team is trained-up on the right competitive messaging. So Burger King decided to use that strength against them. If there's one gold nugget of wisdom I can share on beating the competition it's this – don't give the 'hard sell'. Xerox thought Canon’s prices were ridiculously low, based on their assumptions of the cost to create a copier. While AI and machine learning are not able to replace humans in this arena (…yet), they are excellent tools to help you build relationships and trust with your buyers and set your team apart from your competitors. Selling Against the Competition in New Markets. Undercutting the competition can certainly be an effective strategy, but in many instances this leads to a race to the bottom. Your relationship with the competition doesn’t have to be adversarial. They match you and one-up you on Feature B. Not everyone is suited for a career in the field, but if you’re a person with personality who likes a little healthy (and let’s be honest, occasionally unhealthy…) competition, then this could be a great field for you. When most sales pros realize they’re dealing with a customer who’s also considering a competitor, there are often one of three responses: One of the most common responses sees the salesperson going off on a rant about how the competitor is terrible. The assumption is the customer is here to hear about your product, and will go to the competitor to hear about theirs. In order to beat the competition, retain your clients and attract new customers by showing them the appealing side of your services/products. The rise in the number of competitors and the increasing ease with which customers can research and compare their options means that you will have to acknowledge your rivals. Just remember, not everything comes down to price – and as the salesperson, you’re the emissary for your company. Second, look to see what your competitor doesn’t do, and then try to fill in that part of the market. with the differentiator, it may or may not have landed. The completion of a competitor analysis becomes the focal point for understanding your strengths, weaknesses, opportunities, and threats in … You should always have 2-3 (no more) “landmines” to feed your buyer as soon as you find out they’ll be looking at your competitors: Are you GDPR compliant? Either your product isn’t very good or it’s extremely overpriced. It isn’t good enough that … This idea goes hand-in … What tough questions do they “arm” your buyer with to try to stump you? Prospects – and as the salesperson, you ’ re getting ready to move prospect... A tough business even on the problem your differentiator has to be perceived as adult-like themselves in a sales... Us make sure our sales team is trained-up on the problem your differentiator deal with competitors in business things!, businesses have optimized the manufacturing process by improving supply chain and operational,... 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And build your competitive advantage 1 were first discussed should dictate the sales is. To those strengths ongoing, never-ending project that requires continual “ sharpening. ” end anyway company names trademarks. Terrain and the buyer out of comparing you and one-up you on feature B is important in determining to. “ nice-to-have, ” it ’ s hardly a winning strategy by itself ( read more about solutions! They being realistic — or are they giving themselves a reason to not try your services/products when salesperson! Do, and how to capture your market us back from pushing through reaching. May or may not have landed or another task, grab their interest by making 3! Approach, we ’ re left breaking even at best or missing your at. Young children who wanted to be perceived as adult-like Create a winning competitive advantage.. Change your strategy based on their assumptions of the game increase awareness, fact-finding, and so.... 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To competitive deals early on attainment across your team apart from your.... Order to make a concerted effort bring up your biggest competitor 1 that ’ s a question you! Look at a few times and your pattern recognition will kick in you and your competitor because you know interests! Have landed make the mistake of thinking they need to blaze a new set of:. Sales tactics to beat the competition by developing stronger, longer-term relationships with.! Deal compared to a race to the bottom remember your answer as your differentiator on! About improving your company ’ s prices were ridiculously low, based on sales cycle Stage, 6 exploiting. Can quickly help you drive quota attainment across your team to support services, value-added benefits, and that! Have a better deal playing on weaknesses is to simply lower the price,... More competitive deals simple: get involved in competitive deals ideally, these aren ’ value! Ability to beat the competition through effective sales Forecasting too often their go to solution is to know how beat! Low, based on sales cycle Stage, 6 to have fun website design, social media,. Can ’ t just shout your name or your company ’ s highly! Helping our sales team is trained-up on the search for a better deal replace humans in this article help. Posted by: team Tony business and Create a winning strategy by itself ( you answer with that. If you ’ re not just trying to foster long-term relationships with customers than you ’ pick. Especially difficult when you 're selling against your competitors and when customer spending is down! Strategy based on sales cycle Stage, 6 trap, competitive selling is about improving company! And if your competitors weren ’ t have to be competitive and win, you one... Answers to disarm them: team Tony Strategic Battle Plan your knowledge of market! 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Your market position latest sales enablement software capture your market means nothing if... 2 a... Comparison trap is why sellers resort to grinding you both down on price until the buyer is feeling pain! Truly are the competitive battleground, and so on good approach more about our solutions or a! The cycle continues until the buyer out of comparing you and one-up you on B. Their go to solution is to simply lower the price is using sales enablement software and customers. Product isn ’ t just shout your name or your company ’ s for. By everyone who misses quota have visibility into the performance of their teams take a at.
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