paddy

Director of Business Development

Best method for vetting competitors far in the sales cycle?

I have a prospect I'm closing in on and we're a viable use case and have demonstrated the value. I think he's evaluating some competitors but I'm curious, how does everyone on here go about asking their prospect who they're evaluating and why they're still evaluating others after you've checked the boxes? There's some Sandler methods for this I've read but if anyone has some alternative methods/questions they ask their prospect late in the sales cycle, please do share!

🔎 Prospecting

👑 Sales Strategy

📈 Closing

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CoorsKing

WR Officer

Retired King of the Coors Knights

I just straight up ask: "Who else are you evaluating as well?" If it is a real evaluation, they always share. Have not actually had someone NOT tell me now that I think about it. I also always ask for a ball park of what they priced as well, I don't want to come in way over or way under to start.

Once I know who else is involved, it is easier to determine why. Sometimes they are incumbent, leadership had them at a previous company, etc.

If they are shady or wont tell you... chances are you are not the leading vendor in the evaluation or it isn't a real project.

paddy

WR Officer

Director of Business Development

Fair point. Thanks for sharing

poweredbycaffeine

WR Lieutenant

☕️

I've always bring it up in discovery--let's get the cards on the table early so we can position ourselves in the best light as compared to the competition. In my current cycle, prospects don't seem shy to tell us who they are looking at on the first call. It seems like table stakes in this industry as compares to others I've been in.

paddy

WR Officer

Director of Business Development

I usually avoid brining it up till the very end on purpose. Kind of like a relationship. On the first date I never ask who they're talking to until we get into bed and are serious. Ya feel? I don't know your cycle though so maybe it's different. Appreciate the perspective either way.

poweredbycaffeine

WR Lieutenant

☕️

We end up breaking out the eggs and butter in a lot of competitive bake-offs, so we need to prioritize SE's time. I've also done a lot of work on FUD documentation, so if we hear a certain competitor we can go hard on that FUD work early and get them out of the way.

paddy

WR Officer

Director of Business Development

Ah I see. Good insight

HoldemCaulfield

Politicker

Sales Training & Enablement

I like Force Management's tactics here. They break them down by what stage you're at in the sales cycle:

https://www.forcemanagement.com/seller-blog/articulating-differentiation-5-ways-to-trap-the-competition

Otherwise, I think you can be honest with them and ask "why is it that you feel you need to look at other options based on what I've presented?" or "what have I not shown you or demonstrated to you value-wise?"

In cases like this I find that I need to go back and re-establish why they are buying and what business pain that they are trying to solve if they're still evaluating other options. I may have not establish enough value, I'm not talking to the buyer, or I'm speaking to lower-level problems in the org.

Practically, I don't ask who they are evaluating --- I've gotten "we don't tell people that as a matter of policy / we don't give out vendor names in an RFP." Also, I don't think it matters who they are evaluating in the grand scheme of things. Yes, it's important to know who you might be facing in competitive deals, but I've found that as sales reps we tend to get to caught up in the weeds or become too defensive "well you know they can't do this or they don't have this feature" if we know that they've just admitted they're looking at x competitor.

paddy

WR Officer

Director of Business Development

This is a great read, thanks!

CuriousFox

WR Officer

🦊

Just come out and ask. Be direct. Don't cower down. They will take advantage.

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paddy

Best method for vetting competitors far in the sales cycle?

9 comments

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