The most common mistake sellers make around competition is limiting their thinking that their competition is only those with rival solutions.
Your competition could be any individual, initiative, or vendor competing for the same funds or resources you are.
Types of Competition
A list of possible competition could be:
- Rival Solutions – Your natural competitors
- Other Projects/initiatives that require the funds or resources
- The Organization building internally
- Inertia – doing nothing
Each of these types of competition requires a different kind of approach that is detailed at length within MEDDICC – The Book.
Rule one of sales is Do Not Knock Your Competition. Seriously, don’t. It’s fine to have a competitive strategy, but if you think openly criticizing your competition is a strategy, you are wrong. Your strategy sucks.
Your Competitive Strategy should focus on putting you on the front foot over your competition.
There are three areas of your competition to consider:
- Political: Who internally within the customer is aligned towards or is favorable to the competition?
- Technical: How does our solution match up against the technical elements of the Decision Criteria?
- Commercial: How are we articulating the unique value of our solution and/or the lost value of not selecting our solution?
Competition and your Sales Process
Summary Snapshot of in the sales process:
- Early: Is there competition in this deal? Who is it?
- Mid: What is our competitive strategy? Is it working?
- Late: Are we the superior solution? Are we preferred/chosen?
Summary of Competition
Your competition can be much more than just your rivals with comparative solutions. Your competition can be other people internally fighting for the same resources either to build their own solution to the problem you solve or to invest in solving another issue altogether.
As a result of this complexity, it is essential that you quickly establish who your competition is and what the Political, Technical, and Commercial landscape with the competition looks like.
Once you have a good handle on who your competition is, you have to understand why your solution is better. Elite Sellers do this by digging in deep to the customer’s Pains and needs using Discovery to find differentiators and to set themselves apart.
Knocking the competition directly rarely has a positive outcome for the party being derogatory, and in some cases, it can backfire on them entirely.
Using a Competitive Strategy Plan can help keep all parts of a Competitive Strategy in focus and the Seller on the path to becoming the chosen vendor.
This page is a super-condensed definition of Competition. For full insight, strategies, tips and hacks on how to use the Competition in your MEDDPICC / MEDDICC / MEDDIC Framework be sure to buy MEDDICC – The Book.
‘MEDDICC – The Book’ Sneak Peak!
The Competition is covered in ‘MEDDICC – The Book’ in great detail. There are sections on:
- Types of Competition that are your rivals and how to get ahead of them
- When your Competition is another project or initiative and how to deal with that
- How to deal with a scenario where your Competition is a Build vs. Buy situation
- How to prevent Intertia, the most underrated Competitor
- Why you shouldn’t knock your Competition
- What to do if your Competition is knocking you
- How to build your Competitive Strategy (Political, Technical and Commercial strategies)
- How to Plant Pain that catches out your Competition
- How to work with Procurement when there is still a Competitor involved in the deal
- How to deal with your Competition throughout your sales process
- Complete with examples, tips and hacks throughout.