Changing vendors not only takes effort, but is fraught with concerns about risk.
Today, pick a top prospect you’ve been having conversations with and let’s do a bit of an evaluation on the RoE to switch over to you from their incumbent vendor.
Remember; we are talking about someone you’ve already gained access to, there has been dialog back and forth, you know there is business… they know you know there is business.
1. Why are they talking with you?
2. What are they hoping you will do that their current vendor doesn’t do for them?
3. Is their current vendor capable of that and just not doing it?
> my guess is you don’t know the answer to at least one of these questions! Don’t worry you’ll have time to have another conversation and figure it out – keep going.
4. How many people are you speaking with in the account?
> my personal minimum is 3 when coaching inside salespeople; your decision maker, their boss, and someone in purchasing – remembering there may be MORE than that but it is a minimum.
5. Does everyone believe in you, your company, the product/service/solution?
6. Who in the prospect’s organization is going to have an allergic reaction to changing vendors?
7. What level of influence & authority do they have in the decision to choose you?
> safety tip: if you believe everyone is your biggest fan ask yourself – why aren’t they buying from me right now?
8. What risks are associated for the prospect with changing salespeople, companies they do business with, AND the product/service/solution you are proposing?
9. How can you quantify those risks to the prospect?
10. What can you do to mitigates the risk?
11. Can you get each and every contact you have to articulate WHY it is WORTH all the effort to have you added as a vendor?
If nothing else you now have a better idea of why that particular prospect hasn’t converted to a customer yet. Plus can create a call plan for your next conversations with each person to uncover what is holding them back.
I would wish you luck, but I’m guessing you don’t need it. Rather you now have a formula for proving the RoE of switching to you is absolutely worth it!