Overcoming the Complexities of Competition in the Market: An Insight into Sophisticated Selling

Introduction:

In the business world, I've read articles and heard from "experts" who often advise against focusing on competition, terming it as a mere distraction.

This perspective could hold some truth, especially if your venture is a market pioneer, setting the benchmark others aspire to reach. Nevertheless, it's an exception rather than a rule for a business to maintain market exclusivity. As your business gains momentum, competition will inevitably surface.

Competitors might employ more agile technologies and development methodologies, especially considering that new, enabling technologies may have emerged since your initial market entry. These factors can substantially affect your responsiveness to competitive pressures.

Recognizing Market Dynamics and Overlaps:

Another dimension of competition arises when your business introduces a new solution, rendering an existing one obsolete. Interestingly, the incumbent vendors of the superseded solution might emerge as your competitors. This situation is particularly challenging for new businesses grappling with overlapping technologies, as developing all the features that users want can pose a significant hurdle.

Understanding Your Audience:

The contemporary buyer is more sophisticated and aware of available market options. When needing a business solution, they often approach the market equipped with a detailed specification rooted in their experience and market knowledge. This specification includes a functional component outlining the precise capabilities they seek in a product.

Comprehensive Evaluation Process:

A key aspect of engaging with sophisticated buyers is their exhaustive evaluation process. These buyers categorize product features into essential, 'nice-to-have', and potential future requirements. Based on this assessment, they streamline their options and dismiss potential suppliers who fail to meet their criteria. This process, while thorough, may inadvertently exclude suppliers whose solutions, though not ticking every box, could provide substantial value.

Addressing the Superfluous Feature Dilemma:

During this evaluation process, sellers often face a unique predicament. Some features deemed necessary by the buyers may not necessarily align with their needs. Sellers often uncover this disparity during detailed discussions about product features. In such instances, sellers must understand that their product lacks these 'important' features and may not be a deal-breaker.

Strategically Navigating through the Hurdles:

Understanding that the evaluation phase is merely a stepping stone towards the larger goal is crucial. Even if your product aligns differently from every feature on the buyer's checklist, successful navigation through this phase is paramount. The real value emerges in subsequent discussions, where sellers can unravel the buyers' actual needs, demonstrate how their product caters to these needs, and foster a mutually beneficial relationship.

Conclusion:

Navigating the complexities of selling complex solutions to discerning buyers can be daunting, requiring patience, adaptability, and a keen understanding of the buyer's needs. By treating the buyer's initial evaluation process as an opportunity rather than an obstacle, sellers can facilitate meaningful discussions, customize their solutions to address the buyer's needs, and ultimately secure successful sales. This strategic approach transcends selling from a mere transactional process to a consultative and relationship-building endeavour.

By imparting this understanding, we aim to equip sales professionals with the tools to navigate the complexities of selling sophisticated solutions in today's fiercely competitive business environment.

?Author

Andy Hamer

With a track record of delivering disruptive technologies and a diverse commercial, sales, marketing, and operations portfolio, I offer consultancy services that drive business success.

Think of me as your personal "Google Maps" for business, helping you navigate the complex world of information and variables to find solutions that improve your business, increase profitability, and minimize risk.

I have worked with medium-sized businesses, start-ups, and major technology companies globally, including CodeBook, Xinaps, Invicara, XYZ Reality, IBM, DEC, Apple, Toshiba, Panasonic, ATT, BT, CSC, NTT, KDD, and Deutsche Telecom.

My consultancy services offered in-person, remotely, and in a hybrid format, are founded on aligning businesses for success.

Your business is my business, and together we will develop an aligned commercial-operational strategy to scale and grow your business.

Don't just take my word for it - my clients speak to my expertise and approach.

Accreditations

• BA (Hons) Marketing Engineering
• Fellow of the Chartered Institute of Marketing FCIM
• RICS Certified Project Information Manager

Publications:

• Guide to Exporting
• Importance of structured data for BIM
• Impact of BIM on FM