In today’s competitive landscape, it’s unrealistic to assume that any sales opportunity is free from intense competition. Prospects face a wide array of options, and competitors may not only include companies similar to yours but also alternative solutions that address the same problem. To navigate this complex environment successfully, sellers must grasp the big picture and identify the root causes of issues—not just the symptoms—allowing them to fend off both direct and indirect competitors.
Understand the Current State
First, sellers need to adopt a BIG-to-small approach to understand the business and the context surrounding the problem before narrowing their focus. Once they have a holistic view, it’s essential to assess what is working well, what isn’t, and the impact of these issues on the prospect’s business. It’s equally crucial to consider the cost of inaction—what risks do they face if they maintain the status quo?
Remember that between 40-60% of all sales opportunities end up in "no answer" or "no decision." By exploring how your prospect is currently addressing their problem, you can highlight the risks of remaining stagnant and articulate the potential losses associated with delaying a decision.
Reflect on Past Attempts
One of the most insightful questions to ask your prospects is, “How have you tried to solve this problem in the past?” This inquiry opens the door to understanding their historical context, including previous solutions, partners, or internal efforts they may have explored. Listening to their experiences provides valuable insights into what has or hasn’t worked, enabling you to identify gaps in their past solutions.
Explore Potential Options / Solutions
Next, ask, “What options are you considering to solve this problem?” This question sheds light on the competitive landscape as it stands today. Follow up with “How are those options similar and/or different from us?” Are they seeking a solution in-house, outsourcing it, or exploring technology to address the problem? Additionally, would they prefer to build, buy, or partner with someone? These inquiries will help you understand the dynamics of their current exploration.
Identify Key Decision Criteria
Finally, gain insight into what matters most to them in their decision-making process by asking, “When evaluating a solution like this, what key factors do you (and your team) prioritize?” Understanding the key decision criteria that your prospects and their teams value will help you gauge alignment and fit between their challenges and your potential solutions.
Conclusion
By exploring your prospect’s current state, past attempts, potential solutions, and key decision criteria, you can better understand how your offering stands out from the competition. This comprehensive approach also helps you identify various stakeholders in the buying journey, including potential blockers. Those who take the time to understand the competitive landscape will ultimately be the ones who thrive.
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Go Deeper
Carver Peterson helps growth-minded leaders and organizations achieve predictable and sustainable revenue growth through a refined strategy, defined process and aligned structure.
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