In our report, there are 6 reasons why you might have the wrong sales strategy. The #1 reason: Your sales strategy is the same as your competitors.
From our report, here’s how this can impact your success next year:
“When a sales team has the same strategy as the competition, the sales experience becomes a commodity. When this happens, there is no longer the ability to differentiate on anything other than product or price. Unless the company is lucky enough to sell a product superior to others, an advantage that is likely to be short lived, the pricing pressure will result in missing the number.”
1. Answers You Need: The tool provides you with 16 questions to guide your efforts. By answering these questions, you are on your way to differentiation.
Example: What market is the competition targeting? By answering this, you can begin to answer if you are the same or unique. If they are focused on manufacturing, can you serve that market better? Or, because they are so focused here, can you win in technology? Reps often struggle to explain how you’re different from the competition. Knowing your market strengths will help them explain this better.
2. SWOT: This stands for strengths, weaknesses, opportunities and threats. Perhaps you’ve heard of or used this before. The strengths and weaknesses are your own. They are internally-focused. You can compare yourself against your competitors’ strengths and weaknesses.
Once this is done, you can look externally at opportunities and threats. These are market-focused macro factors. Ideally, you want to focus your efforts where you have strengths and market opportunities exist.
Example: You are a dominant player in Asia. The markets there are projecting high growth over the next 3 years. Your strength combined with the market opportunity gives you a leg up on the competition. Invest and crush them.
3. Keeping an Eye on the Competition: This gives you 3 easy ways to track the competition on an ongoing basis.
Example: Are you following your competitors on LinkedIn? Often they will message and announce things like new products or strategies. This is an easy way to track how they’re responding to market conditions. Follow the company page, executives, marketers, product managers and groups they’ve created. It’s amazing what you can learn through listening.