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COMPETITION

Competition refers to any person, vendor, or initiative competing for the same funds or resources you are.

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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. 

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RIVALS

 

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SELF-BUILD
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OTHER INITIATIVES
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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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SUMMARY

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Your competition is any person, project, initiative, or thing competing for the same resources that you are, whether it be budget or physical resources. You need to be ahead of your Competition because if you aren’t, they will be ahead of you. If you don’t fully understand the competitive landscape, then you will be unable to accurately forecast your deal. 

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Metrics
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Economic Buyer
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Decision Criteria
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Decision Process
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Paper Process
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Implicating The Pain
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Champion
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Competition
RELATED RESOURCES

WANT TO KNOW MORE ABOUT COMPETITION?

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Top Mistakes Reps Make When Handling Sales 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!

WATCH HERE
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MEDDPICC Explained In 10 Minutes!

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. 

WATCH HERE
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The #1 Competitor You’re Ignoring in Every Sales Deal

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. 

WATCH HERE