Time to read: 3 minutes
Competition, Poker, and Trap-Setting: A Strategic Combination
As the world of sales rises in levels of complexity and competitiveness, industry professionals must level up with strategies and tactics to stay ahead of the competition. One way of doing this is by looking at tried-and-tested approaches from other fields and seeing how they apply to the sales world.
In this blog post, we’ll explore the principles of Competition in the MEDDPICC methodology and how it can be compared and even enhanced by the theory behind the game of poker.
Getting to Grips With the Competition in MEDDPICC
MEDDPICC is a globally renowned sales and go-to-market framework with Competition as a central component, as it is integral in helping organizations anticipate and adapt to potential obstacles and challenges, position their offering better, and ultimately gain a competitive advantage in their market.
Understanding Competition within the MEDDPICC framework means more than simply knowing who your competitors are. It is built around understanding how your product or solution compares to competitors regarding benefits, drawbacks, pricing, and more. This knowledge, data, and information can be crucial in crafting a personalized sales approach that helps sales professionals overcome objections and obstacles, putting themselves in a position of strength to highlight the unique strengths of their product.
The Art of Trap-Setting in Poker and Sales
In the game of poker, skill is as important as luck. The way a player utilizes their skill edge will define the potential of their success more than anything else, and this involves employing multiple strategies to beat their opponents at the felt.
One strategy is trap-setting, a poker tactic employed by the very best where they use passive play with a strong hand to mask the strength of their holding. The overall objective is to induce the opponent to bet more, setting up a perfect payoff when the ‘trap’ is sprung.
Trap-setting in poker requires a strong understanding, in-depth observation, patience, and knowledge of the opponent. This is done by accounting for the opponent's tendencies, betting patterns, and behaviors. It’s focused on playing the long game and utilizing strategic moves that might not have immediate gratification but can lead to significant wins.
Linking MEDDPICC, Poker, and Trap-Setting
Finding connections between MEDDPICC’s Competition element and poker’s trap-setting strategy can provide detailed and in-depth insights. In both situations, knowing your opponent in full detail is crucial. In sales, knowing your competition allows you to shine the spotlight on your strengths and weaknesses effectively, while in poker, knowing your opponent's poker tendencies can enable you to lay successful traps.
Applying trap-setting in sales could involve subtly showcasing the value of your solution without directly confronting competitors. This might come across as passive, but over time, the customer will begin to understand the depth of value you offer and see the competitors’ offerings as lacking. When this scenario reaches a climax, you ‘spring the trap’ through trap-setting questions, and then demonstrate why your product is superior to any competition.
(Bond did some elite trap-setting in Casino Royale)
When done effectively, the ‘trap’ method can build an engaging and compelling story around your product and its position as the best solution in the market, even if it’s a heavily crowded poker table.
Ready to master the sales and GTM game and crush your competition through the MEDDPICC framework? Level up your sales strategy, gain access to insightful resources, and enable yourself, your team, and your organization to become the best today. Start here on your journey to sales and GTM success now!
What does MEDDPICC stand for?
MEDDPICC stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion, and Competition. It's a renowned sales methodology that guides sales teams through complex sales processes.
What is the role of competition in the MEDDPICC framework?
The Competition component of MEDDPICC helps sales teams understand the competitive landscape, including who their competitors are, how their product or service compares, and how to position their product to outshine the competition.
Can other fields influence sales strategies?
Yes, strategies from fields like poker can provide unique insights for sales methodologies like MEDDPICC.