COMPETITION
Competition refers to any person, vendor, or initiative competing for the same funds or resources you are.
THERE ARE DIFFERENT TYPES OF COMPETITION:
Each of these types of competition requires a different kind of approach.
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.
RIVALS
SELF-BUILD
OTHER INITIATIVES
INERTIA
KNOW YOUR COMPETITION
No matter the size of your deal, you are going to come up against competition, whether that be your usual rivals or your customer simply choosing to do nothing instead.
It’s important to know the lay of the land to avoid falling into traps your competitors might try to set for you – do your research and talk to your Champion. Better yet, be proactive with establishing Decision Criteria so you set traps for your competitors.
You can’t win every deal, but it’s your responsibility as a salesperson to be as prepared as possible to fend off your competition, whatever form it takes.
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WANT TO KNOW MORE ABOUT COMPETITION?
In this episode of The MedMen Show, Pim and Andy want to remind you that your competition isn’t just who you’d identify as your competitors, but anything that takes priority away from your solution. Tune in as they reveal what other elements could be classified as Competition!
MEDDIC as it was first known is the number one methodology in enterprise sales. This video gives a brief overview of each element of the most commonly implemented connotation of MEDDPICC and MEDDICC.
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In this episode of MEDMEN, Andy and Pim dive into your biggest invisible competition: inertia. They look at the typical reasons for inertia and what you can do to counteract it and stop your deal slipping from quarter to quarter.