Your Biggest Competitor in Selling and How to Overcome It

In the world of sales and business development, we may think that our biggest competition is the 'other company' who sells the same products or services as we do. We can spend time trying find ways, pitches, and techniques to sell against them, and hope that we can outsell them. We often focus on understanding what makes us unique, better or different than them.

However, we may be missing something here when it comes to the word 'competition.' More often than not, the biggest competitor you face is not another company or product, but rather the silence and inaction of your prospects. Furthermore, when our sales opportunities end in 'indecision,' we question ourselves, and wonder how everything came to a halt. Today, indecision is more common now than ever. It is when the prospect either ghosts us, or says, 'we are going to put this decision off for now.' This challenge is more common than you might think. When our prospects go silent, they leave us in a state of uncertainty. However, understanding the reasons behind this and implementing strategies to overcome this buyer phenomenon before it happens can significantly improve your sales success rate.

These are the top 5 tips to ensure you do not lose to inaction or indecision:

1-Find a 'Why Now' that inspired urgency and inspires your prospect to take action: First, having a clear and measurable "why now" in your sales process is crucial. We must quantify and help our customers see the cost of inaction, and it should be measurable in terms of #, $, % or a compelling event. For example, I once heard a General Manager say 'we need to increase our sales to $30M this year.' Prospects need a compelling reason to act immediately. Without this urgency, they are likely to delay their decision-making.

2-Discovery is critical in the sales process: During the discovery phase, it's essential not to skip identifying this "why do something, why now." Understanding the prospect's pain points and aligning your solution with their immediate needs can create a sense of urgency. Discovery also helps us understand the 'who, what, when, where, why, and how,' of the customers current state.

3-Understanding who will be involved in the decision/purchasing process: Moreover, the absence of an executive or optimal sponsor can stall the sales process. It's important to identify and engage with key decision-makers early on. These individuals own the business problem, have access to funding, have political power in an organization, and have 'VITO' (very important top officer) power. Building a relationship with someone who has the authority to move the deal forward can prevent the process from stagnating. A common mistake is working with low-level decision makers.

4-Understanding the customers internal buying process and purchasing journey: Another common issue is a lack of understanding of the customer's buying process or journey. Every prospect has a unique path to purchase, and understanding this journey can help you tailor your approach. By aligning your sales process with the customer's buying journey, you can address their concerns and objections more effectively, leading to quicker decisions. Asking who will be involved, what the timeline is, is there a budget, and any other competing priorities is important. Ask early, ask many, and ask often!

5-Be a consultant and problem solver and remember that sales is service: Leading conversations talking all about ourselves, or our product, service, or solution instead of getting to know our prospect or their problems we can solve is a common mistake. Be 'other focused,' instead of being 'self focused.' Help your prospects and customers avoid land mines, be easy to do business with, and always be an expert in your industry. Focus on bringing value every day instead of making a sale.

In conclusion, overcoming the silence and inaction of prospects involves a strategic approach. By establishing a measurable "why now," engaging the right sponsors, and understanding the customer's buying journey, you can turn inaction into action and silence into successful sales. Be a problem solver, and a business partner. Remember, the key is to stay proactive and persistent in your efforts to engage your prospects meaningfully.