Us vs. Them
How to posture, engage and win against the competition
Competition.
It’s kind of like the stars. Just because you can’t see them, doesn’t mean they aren’t there.
One thing is for certain in SaaS sales - there’s ALWAYS a competitor.
It may not be the competitor we think. The buyer may not be fully transparent, or it may even be an internal build or status quo…but rest assured, every deal is a competitive deal.
How we think about competition and engage with each buyer can mean the difference between a coveted Closed WON or regretful Closed Lost.
In this week’s edition of Stretch Weekly -
Chris Orlob and Gong give us some key insights on competitive selling and the blueprint to winning more competitive deals with 7 ways to crush the competition.
Andy Whyte explains how using MEDDICC helps uncover unique differentiators of your solution and why you should never knock the competition.
Plus an arsenal of snippets to arm you and your team to disarm landmines and win more competitive deals.
THANKS for reading!!
-Grant
And lastly - as always, if you find this newsletter valuable- subscribe or share it with someone who might as well 👊.
STRETCH SHARES
Don't Knock the Competition
One of the key points of MEDDICC as a qualification framework is understanding competitors in each deal. It’s so important in fact, that we’ve added an extra C to the acronym.
Andy Whyte of MEDDICC talks about why it’s important to never knock the competition during a sales cycle and how MEDDICC can actually help you uncover the unique differentiators of your solution.
Andy’s top reasons to never knock the competition?
1. It is unprofessional
It can be seen as dishonorable to criticize your competition, which is likely to lower your standing with your customer.
2. You are also criticizing your customer
In a competitive deal where your customer is considering your solution versus your competitors by criticizing your competition, you are questioning their judgment.
3. It makes you look weak
If you start talking negatively about your competition without being directly invited to do so, you will appear as if you have insecurities about your solution versus your competitors.
4. It focuses on the negative
Your customer isn’t going to feel good about a negative discussion about your competition.
5. Your competition is unlikely to be caught out by your criticism
If you say something negative about your competition that raises a concern with your customer, they are likely to raise it with your competition, giving them a chance to respond and overcome the issue. If your competition is sharp, they’ll rebuff the issue in a manner that shows you up for playing ‘dirty’.
Beyond the top 5 reasons never to knock the competition, learn how MEDDICC can help you win more competitive deals.
By being thorough in your discovery, you are likely to uncover unique differentiators of your solution. By implicating the pain that your solution solves and attaching the value of solving it to a Metric, you will be in a strong position to have the differentiator added to your customer’s Decision Criteria.
7 Ways to Crush the Competition
Leave it to the masters of data mining, Gong to give us some key insights on competitive selling and the blueprint to winning more competitive deals.
Chris Orlob’s seven ways to crush the competition:
Lead TO Your Strength -Not WITH It
Start with teaching the buyer about a problem only you can solve
Find A Weakness WITHIN Your Competitors’ Strength
Win Early, Or Perish
When buyers mention your competitors EARLY in the sales process, your close rates INCREASE
Avoid The Feature Comparison Death Trap
Avoid the spec war - a vicious cycle
Keep Your Message SIMPLE
Rise Above “Mud-Slinging”
When your competitor throws mud, respond by explaining the situation at a higher level of maturity. Act as if you’re an adult explaining to a child (your competitor) how things work.
Feed Your Buyers With “Landmines”
You should have 2-3 landmines up your sleeve. Tell your buyer to ask them as soon as your competitors enter the picture.
Check out these 7 tips and more HERE
STRETCH SNIPPETS
➕Andy Whyte says the most common mistake sellers make around competition is limiting their thinking that their competition is only those with rival solutions.
Your competition could be any individual, initiative, or vendor competing for the same funds or resources you are.
🥷 Talking mostly to founders, Jason Lemkin provides some tactical and strategic reasons on why you should kill your competition.
Buy-out deals, sales rep spiffs, leveraging FUD (Fear/Uncertainty/Doubt), and other ways come out ahead.
📚 Hubspot offers a comprehensive guide (free templates) to building your own Competitive Analysis
Christine White says a competitive analysis can help you learn the ins and outs of how your competition works, and identify potential opportunities where you can out-perform them.
🔥Jake Dunlap posted that knowing your competitors can help you find ways to connect further with your clients.
“That's where I can really make an impact. Don't use dissing your competition as a way to push yourself above them. If you know your strengths, that's much more powerful.”
🤔 Armand Farrokh gives a good recap of his podcast on competitive deals.
In this episode, Becc Holland reminds us to ask what prospective customers care about first to understand what is important to them, and then win that ONE battle.
🧠 Mindset
Thanks for reading!
My hope is if you find this valuable, consider sharing it with friends (or signing up if you haven’t already).
— Grant 👋
About stretch vp: confessions, learnings, and insights from sales leaders in SaaS
Compiled and aggregated from a network of sales leaders in SaaS, Stretch VP showcases learnings, insights, and experiences as well as best practices to overcome common hurdles, obstacles, and setbacks in your quest for excellence as a sales leader in SaaS.
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