Is there a world without competition? The answer is “No”. As in wars, it’s true for businesses as well “Either you fight or you die”. Every company is striving to get the maximum share of wallet from the customers – The goal is to have the maximum market share and be Number 1. And to make it happen a competitive takeout is a must unless you are in a Blue Ocean like the iPod. And we all have seen companies following the Purple Ocean strategy now as finding a blue ocean in today’s world of “easy replication” is very difficult.
In sales world the people who focusses on getting new accounts are referred as “Hunters”. They are those assertive people who can turn the most stressful job of trying to convince customers "giving you a cold shoulder" into a fun experience. There are few things that always works when pitching in a competition’s account -
1. Value proposition - Be convinced with facts in place, why your offering is a better fit to the customer's need.
2. Consider purpose over ego - take the customers behavior as part of your job role and only focus on what you want to achieve.
3. Find your Foot-on-the-door - Don’t compete head on and try to find gaps where you can fit in you solution.
4. Be patient - Remember “change is hard” for everyone so this would take time thus we need to be empathetic to our prospects.
5. Mindshare before market share – Just focus on helping customer know about your value proposition, invest in training customer teams with your technology, etc. without expecting any immediate ROI.
Ending with a message from the ex-CEO of Bajaj; He suggests that in such cases, we should give these prospects all the information and then just wait for competition to do a mistake and because the customer is aware of our propositions, he would automatically turn to us to support and at that moment how prepared we are and how we respond decides the fate.
Feel free to share your view and what worked for you for all of us to learn.