Tip of the Month
The IMPAX Tip of the Month is written for business development professionals who have learned and are implementing the IMPAX Process (in the form of IMPAX Strategic Account Sales Process, IMPAX Superior Account Management Process and IMPAX Strategic Inside Sales Process, among others). These Tips deal with subjects including Research, Communication and Presentation. For more Tips on dealing with Procurement, interviewing, relationship development, effective presentation delivery and much more, see the Tip of the Month archive and our book, Beyond Selling Value.
Net It Out, Part 2
The January 2014 Tip, entitled Net it Out, dealt with one of the most challenging situations in selling – trying to unseat an entrenched, incumbent supplier. We reviewed some of the challenges (fighting inertia, status quo and switching costs) and some of the things we need to do in order to position ourselves to win (our research about their business, needs and direction). We ended by considering the challenge of answering this question as posed by a senior level decision maker:
“Why should I switch?”
Now let’s turn this situation around. What if you are the incumbent supplier and your position is being challenged? What if a senior executive asked you this question?
“Why should I stay?”
Imagine a scenario where a hungry, hard-working and capable competitor is trying to take away one of your best customers. Maybe they are doing some of the things you did to win the business in the first place. Have you done the things you need to do to protect your position, such as…?
- Continuing to do your research
- Broadening your base of coaches
- Strengthening your relationship with decision makers
- Getting credit for the value you are bringing to the customer
- Proactively delivering innovative recommendations to extend your impact
If so, you are probably ready to answer the above question. Keep in mind that your answer needs to be clear and compelling. It should reflect on what you’ve accomplished in working together, but should also paint a picture of the results that lie ahead.
Of course, it’s best to be sharing this perspective before the customer ever asks you the question, “Why should I stay?” After all, the best defense is a great offense!
Every month IMPAX provides thousands of sales and account management professionals with a thought leading Tip of the Month. These tips support and expound on the IMPAX Process by addressing topics such as executive presentation delivery skills, powerful gatekeeper strategies and compelling interviewing techniques.
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