The secret to outselling strong established competitors

Happy Friday to all?594 (up from 585 last week)?of you reading this today!?

The most common word founders use to describe the market/sales situation is "brutal". Today's newsletter will help you become brutally more competitive.

Today we will be covering:?

- How to outsell more established players you're competing with.

Reading time: 3.5 - 4 minutes.

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The secret to outselling your competitors is not to start with your competitors.?

The best start with their buyers and deliver more value to them than any other option.?

Why is this important?

If you focus on outcompeting the game your competitors play, you will always play a finite game.?

If you work backwards from your buyers, you will dictate the game.

You will change the game.

You will play an infinite game.?

You will create a Blue Ocean market approach.?

You will force your competitors to try and compete with your strengths.?

You will force them to play a game that they will lose!?

Analyse what your buyers want

One of my coaching clients is a realtor in a European market. He has plenty of leads (lucky him!). The problem is that he doesn't have enough properties to satisfy those leads.?

The reason why is that property owners have 2 other options:

- Try to rent their properties themselves; or?

- Work with a realtor who only charges a commission to the renter, not the property owner.?

He charges a commission to both the renter and the property owner. This has caused challenges for him as he is seen as the more expensive option.?

Those property owners believe they can make more money through these options.?

However, this is a false assumption. It is false because they not only lose money through these options, they lose a lot more that is of value to them!?

This realtor was blinded by the "headlights" of the obvious cost of the commission fee he charges but was unaware of all the other costs that the property owner could lose.?

Identifying all those other costs will help him become the best option for the property owners, even though he charges more!?

Action

Start by analysing what your buyer/client wants.?Use the buyer's language, not yours.?

In this example, property owners want the following things:?

- Stable income: tenants who have a stable income and pay on time?

- Responsible tenants who won't damage their property

- Hassle-free or minimal hassle tenants

- Quick turnaround: find renters quickly

- Receive the highest price possible.?

List all their options and pros & cons

From the above 2 options that the property owners have, list the pros and cons from the buyer's perspective based on their desired outcome.?

Below is an example.?

It is very easy to start using your own bias and language, but the key here is to think as the buyer.?

Here are some ideas on how to reduce bias to get the real pros & cons:?

- Ask equivalent buyers in your company, e.g. if you sell to CFOs, ask your CFO.?

- Ask your clients how they would articulate these pros & cons

- Use ChatGPT or other AI tools.?

Identify where you increase pros and minimise cons

This sounds obvious. The problem is most people start with their products or competitors to get to this point.?

My method above starts with the people who truly matter and will pay you!

Your buyers.

It is their perspective, their outcomes, their desires and their fears you have to address.??

Then, for each pro & con, calculate the financial cost?

Even if you can't create a 100% accurate calculation, be clear about your assumptions, as you can share those assumptions with your buyer to get their validation. This will help you together build a more accurate ROI calculation.

Neuroscience insight:?joint involvement makes people feel empowered, understood and more invested in the outcome. All of these involve specific parts of the brain involved in dopamine release that increase motivation as well as reward pathways.???

Now you dictate the game

You should now be much clearer about both the options your buyer is considering and the advantages and disadvantages of each.?

Your proposition is not about being necessarily different or better than your competitors but how you are?different and better in relation to the buyer's outcomes!

Most people make the mistake of focusing on where they are different or better, but the mistake they make is comparing those differentiators based on what you think is important, not what is truly important to your buyer.

By starting with your buyer's perspective, you create value with the people who matter to your business's success. By focusing on their outcomes, obstacles, and available options, you will more likely deliver value that matters to them.?

You will also play a game that you are more equipped to win!??

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