At the beginning of each IMPACT Selling training program, we ask students what their greatest selling challenges are. Virtually every time, “increasing competition” tops the list. It leaves us wondering: Is competition really any tougher now than it was five or ten years ago? Or is part of the problem that people’s selling skills aren’t keeping pace with the rate of change in the marketplace?
Let’s look at the first question: Is competition really any greater now than it was five or ten years ago? The most honest answer is that it depends. It depends on what industry you’re in. It depends on who your prospects are. It depends on whether you’re selling a necessity or a luxury. And so on and so on. There’s no doubt that many salespeople today face fierce competition from every angle.
But hasn’t there always been competition? The biggest difference today is that prospects and customers have instant access to information via the Internet, cable and network television, even cell phone. Virtually every consumer – whether B2B or B2C – does research about you and your products/services before they even think about contacting you directly.
By the time your salespeople get in front of a prospect, it’s likely the prospect already thinks they know a lot about what your organization sells – and what your competitor offers – and they certainly already have strong opinions about how they’d like to buy from you (or your competitor).
Yes, your salespeople face tough competition. But so does every other company’s salespeople. We’ve found that the most successful salespeople – the ones who sell consistently at higher margin and higher volume – simply have a better set of personal and sales skills than their weaker competitors. And they do a much better job of getting out there and doing what they’re paid to do…selling.
They…
- Work on their business, territory, or customer base. They are never blindsided by fast-moving events because they are simply working “in” it. As a sales manager, you have to help your salespeople be more strategic – shift some tasks to administrative personnel, try strategic planning sessions with each salesperson, and ensure that you aren’t forcing them to focus just on survival or quota.
- Get sufficient depth in all of their accounts to offset the pressure that comes from the arrival of new, educated buyers, the political fallout that comes from consolidations, and the realities of competition in the 21st century. Be sure your salespeople have an account plan for every important customer, and that they are effectively, productively in touch with a variety of points of contact in every account. You never know who will get promoted, get fired, or influence a buying decision.
- Have a much better understanding of the marketplace, the competitive factors that affect them, and precisely how they, their product/service, and their solutions fit into it. Subscribe to industry publications and make them required reading for your entire team. Discuss issues that affect your industry at sales meetings. Set up roundtable lunches with other non-competing suppliers who sell to the same industries and companies you do so that you can trade knowledge.
- Expect to work harder, longer and with greater commitment than ever. It’s essential that your salespeople understand how powerful a greater presence in their marketplace can be. We advise salespeople to always be accessible to their prospects and customers – even sharing personal cell phone numbers. Continuous learning is also essential. Your best salespeople will be those who have a genuine interest in studying the market and constantly monitoring new developments.
- Are able to communicate their unique advantage, selling proposition, and differentiators quickly, easily and crisply. We teach that there are five ways to differentiate yourself: price, quality, service, “salesmanship,” and delivery. Can your salespeople tell their prospects, in a sentence or two, what it is that your organization does and how you are better than your competitors? Does your marketing department convey the same message? It will take constant collaboration to be sure the sales and marketing messages match.
- Study their competition. Knowledge of competition must be accurate, in-depth and constantly updated. Suddenly, a competitor whom you didn’t think was a threat can become a major player. Be sure you encourage your salespeople to share knowledge about your competitors and help them apply that knowledge strategically to win more sales.
- Are always looking for ways to reinvent and redefine the way they present products or services. A new product isn’t always the answer to changing needs and a shifting focus within your industry. Sometimes it’s simply a matter of addressing how your existing product can be adapted and reapplied to solve new challenges.
Your sales team doesn’t operate in a void – your best bet is to help them develop strategies that turn the changing marketplace to their advantage. We’ve heard people say that the days of simply servicing accounts without constantly seeking to deliver value, create better solutions, and anticipate the next wave of customer demands are over. Was there ever really a time when those things WEREN’T important? We argue that there wasn’t, isn’t, and won’t ever be.
As a sales manager, you’ve got to build your sales team accordingly – there’s no room for salespeople who are lazy, complacent, fearful of change, or self-satisfied. On the other hand…. salespeople who can embrace the new world – and legitimately be excited about it – will not only survive, but thrive in it.
Here are three key principles your team needs to embrace for success in today’s market:
- Accept that the status quo days of business are over.
- Become anticipatory, not reactionary when dealing with change and competition.
- Develop strategies to master competition and change instead of being held captive by it.
There is no doubt that selling is much more demanding and sophisticated than ever before. Don’t settle for simple solutions to complex challenges. Encourage your team to grow and change along with the marketplace and you’ll put the forces of change and increasing competition on your side.
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