http://www.daryllu.com/wp-content/uploads/2018/10/entrepreneurial-ninja_logo_sm.png 0 0 Daryl Lu http://www.daryllu.com/wp-content/uploads/2018/10/entrepreneurial-ninja_logo_sm.png Daryl Lu2017-02-09 12:11:002017-02-09 12:11:00Losing a Sale Due to A Non-Competitive Comparison
Losing a deal sucks. I won’t paint a prettier picture or use more eloquent words. It just sucks. You’ll lose deals as a sales guy. You may lose a lot of deals over the years. However, there are some opportunities that sting more than others.
This happened to me recently when a prospect decided not to move forward with a pilot. The prospect cited an infrastructure and a missing feature issue. The infrastructure was actually the nail in the coffin, and was an internal issue. Not much can be done. However, I was also thinking about the feature issue. Though this wasn’t the real concern, it made me think because we’re selling a new product and building a nascent category. In this way, we can get compared to existing solutions that are similar-ish, but actually very different.
When it comes to buying, prospects want comparisons. Comparisons help understand solutions and offerings. Think about how often people say, “it’s the Uber of X” or “it’s the Facebook for Y”. They can be completely different, but people love comparisons to understand. Problem is when it’s a very new product/ category with limited comparables.
Given we’re all about relationships and we help sales leaders (and their teams), the natural comparison is the CRM. Indeed, we solve many issues of CRM. But what we do is very different in capturing the holistic relationship between the COMPANY and its PROSPECTS and CUSTOMERS.
Because of comparisons, it can be that much more important (beneficial) to get customers to the “wow” moment. In our case, it’s seeing your own data.
In my lost opportunity’s case, the missing feature actually exists in the CRM (again, our comparison point) because of the poor usability and access to the right data. We solve those problems. So in this way, we don’t actually need that feature. However, we are being anchored to preconceived pain points of our comparison point.
In sales, then, it’s vital to showcase why specific features are not needed due to your unique differentiators. It’s important to get to the “wow” moment as soon as possible. It’s vital to realize that you are being compared to existing solutions that may not be specifically competitive. Share the feedback with marketing to help address these issues early on.
Beware of comparisons.