Accelerated Discontentment , Why you should care.

In a previous blog I talked about ‘how to establish a market dominating position (MDP), this blog is going to build on that and talk about ‘accelerated discontentment’.

What is accelerated discontentment and why should I care.

Well the simple fact is, that if you’re in business then somebody already has the client or customer you’re looking to sell to. You need to find a way of persuading that client or customer to change suppliers.  This is the conundrum that all business owners face on a daily basis. Because let’s be frank, if your prospect has got a relationship with a supplier that they may have had for a while they’re very unlikely to jump to somebody new just because you ask them to, even if (and this is important) you have lower prices.  The risk is just too great for them, nobody ever got fired for not making the decision to change suppliers.

Some prospects look at changing suppliers the same way they look at divorce – it’s painful. Getting a prospect to switch to you involves removing the pain.

There are two challenges. The first challenge in selling to prospects who are married to their present suppliers is to get them interested enough in your product or service to actively consider switching. The second challenge is to maintain that involvement long enough for the prospect to buy from you.

Here are six tips that may help you get a prospect to look beyond their current supplier and consider your product or service:

1. You need to have a market dominating position (see our previous blog about this). As part of this you need to be unique. It’s not just about offering something the present supplier can’t furnish but making that uniqueness something important to the prospect. So distinguish your company, product or self in some quantifiable way. Offer enhanced quality, quicker delivery, more thorough technical support, better personal follow-up and demonstrate genuine interest.The best strategy that may dislodge an incumbent supplier is to become such an expert in your field that the prospect can’t afford not to do business with you.  Uniqueness or differentiation is not a reactive strategy to an objection. It’s more proactive – something you do prior to the objection. It’s not short term, but represents a long-term commitment to excellence.
2. Emphasize your company, not your product or service alone. You want to get the prospect to focus on your company. Unless the prospect is impressed with what your company can do for him or her, the present supplier will keep the account.
3. Know your prospect, be prepared. The more knowledgeable and prepared you are, the better your chances of getting the account. Review what you already know about the prospect. There’s a direct relationship between your preparation and the results you achieve. The more front-end time you invest, the greater the return.
4. Proactively probe. Know the prospect’s wants and needs as soon as possible. Is his or her present supplier meeting these needs? Focus on customer problem areas where you feel you offer unique solutions. Once you’ve asked questions, listen. What is the buyer saying or not saying? Is there any indication that the present supplier may not be meeting all the needs? Be perceptive to all signals coming from the buyer.
5. Solve problems. Prospects become customers when you can solve problems for them. So a key task in replacing present suppliers is to create interest by identifying problems that are important to prospects and showing that you have the ability to solve them.
6. Practice value-added selling. Value-added selling is a good competitive strategy to sell prospects who are reluctant to leave their present suppliers. It helps you develop a habit of doing those things other sales people can’t or won’t do. When you sell value, you position yourself, your product and your company as the greatest package for the customer.

Switching more readily takes place when:

• The product is a commodity supported by very few services.
• There is no strong relationship between the buying company and the seller.
• Products and services are easily interchangeable with little or no testing/prequalification.
• The product or service is not supported by a strong brand.
• A market is awakened by a new supplier or an energetic supplier who runs a campaign that talks about the benefits of buying a different product or service.
• The buying company has switched a number of times and has no fears of the difficulties of switching again.
• The product or service is not of strategic relevance to the buying company.
• The financial benefits of switching to a different product or service are considerable.

All of this requires that you communicate with your prospect on a regular basis, using a drip campaign.  The ‘drip’ campaign could be via email but it will be far more effective if you use direct mail, postcards, seminars, and email to communicate with them.

Your communications should be based on your Market dominating position (MDP), which is not the same as your uniqueness.

Ask these questions when thinking about your communications in the drip campaign.

1. What does the customer want to change?
2. Why does the customer want to change?
3. What does the customer really want? What is the customer’s ultimate goal?
4. What is preventing the customer from changing? Why has he or she not already changed?
5. What motivates the customer? What makes the customer tick?
6. What is involved in making the change? What will it take?
7. How will the customer behave before, during, and after the change?

Simply answer one of these in each of your communications to the prospect and you’ll soon be sitting in front of them with that opportunity you’ve been looking for.