Inside Sales Training – Competition Analysis…
With the drivers to start business being very low these days, there is competition (Atleast wannabes claiming to be a great company) in every industry.
All websites look alike and all sales people without exception say that their company is the best suited one to solve the prospects problem. Companies playing the SEO game can also appear in front of your prospect with a nice looking landing page that will make them talk to those companies along with you. As part of many company’s policy, the decision would be taken only when three vendors have been shortlisted and the proposals solicited.
You will, almost never be the single vendor. Any organization would like to have at least 3 quotes in order to be able to make a decision…. Sometimes, your competitor could be the existing vendor that they are happy with.
Having qualified your prospect and having unearthed the need, the next step is, if possible, identifying the competitor, or definitely the type of the competitor as a mandatory analysis.
If I am guessing your thoughts, Would the prospect be telling me who the competitor is? Would they prospect be telling me the truth about the competitors rates, features and how they are better than I am? Would the prospect not be negotiating hard quoting some fictitious competitor and beating me down on pricing? Yes, you are right and you can add a few more questions on these lines.
I m talking about the scientific solution led methodology than the feature or the capability led methodology that you should have adopted till now. This will keep you in a place higher than the place your competitors have. This will make the prospect buy from you. However, they will also be considering others. So, if you would play it well, there is a fair chance that you will know the type of competitor he is comparing you with if not the name of the competitor. This will help you to be a bit prepared on how to tackle this situation when it would eventually come to bite you.
This module will focus on the types of indirect questions to help you identify your competitors and compare them subtly when you would do a proposal presentation or even at a stage earlier than that so that you would stand a fair chance in winning the deal get the first choice of rejection.
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This module will go deep into analyzing the types of competitors that you face and would categorize them into multiple buckets. This module will also focus on building competitive positions against each types of competitors so that a logical high level comparison can be given to the prospect to begin. We can then get into specifics of who the competition is and can get more information out of the prospect to help you understand what you are fighting against and can help you use the right support systems to win the deal.
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