• This topic has 5 replies, 3 voices, and was last updated 12 months ago by Flyn Penoyer.
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  • #9011829
    “Sounds good, but …”
    Jeff Graber
    Participant
    May 22, 2023

    I’ve got some reps getting, “Sounds good, but I want to see what my current provider can do before I make the switch.”

    We’re in the insurance business, so anyone worth selling to has an incumbent provider we have to “get fired” before we can take over. If that incumbent gets the last look, it’s pretty much guaranteed to be a lost opportunity for us. The incumbent will do/say whatever they possibly can to keep them aboard for one more annual renewal cycle in the hopes that we’ll go away.  (We won’t!)

    Does anyone have a good counter to this stall?

    #9011856
    Will Barron
    Keymaster
    May 23, 2023
    Will Barron May 23, 2023

    Hey Jeff. You need to identify “the gap” –

    The book runs through the competitor takeover framework from page 296.

    I’ve got some reps getting, “Sounds good, but I want to see what my current provider can do before I make the switch.”

    • Does the buyer really understand what separates your offer and the incumbents?
    • Have you positioned yourself as the person who is fixing the incumbents mistakes?
    • Is the prospect even really qualified or are they price shopping you to get a better deal?

     

     

    #9011862
    Jeff Graber
    Participant
    May 23, 2023
    Jeff Graber May 23, 2023

    I think the problem may be that we’re not communicating the mistakes clearly enough.

    In this case, one of our big points is that the incumbent waited too long to communicate with underwriters and therefore gets poor results because the underwriters run out of time. I think the prospect figures, “Yeah, but the results aren’t that bad” or “Yeah, but that’s just how it is.” They don’t really understand the impact of the failure, so it’s not a big enough deal for them.

    #9011889
    Flyn Penoyer
    Participant
    May 24, 2023
    Flyn Penoyer May 24, 2023

    My first hunch here is that the seller didn’t do his/her job.

    One of the most important things you must know is what your prospect is currently doing for the problem you solve.

    This is a must, as everyone is already going to be doing something.

    If the seller had properly addressed this they would know how they compete and in what area the prospect was experiencing issues with the current solution — that is the path forward.

    And I think Jeff G is right, they don’t understand the impact of their pain as the seller never covered it – at least from what I read here.

    #9011896
    Jeff Graber
    Participant
    May 24, 2023
    Jeff Graber May 24, 2023

    In my industry I think there’s a lot of “That’s just the way it is” or “Yeah, but it’s good enough” because I’m dealing with a product they need more than they want, specifically insurance.

     

    #9011899
    Flyn Penoyer
    Participant
    May 25, 2023
    Flyn Penoyer May 25, 2023

    Jeff… you are in an awkward position.

    You need to differentiate between your company and the competitor (or possibly you and the opposing salesrep).

    I was in your industry briefly in the 70’s – that is a very hard thing to do. I’m not even sure I know what to compare, though you might.

    Since the benefit is the benefit it would seem the only difference is the cost, or possibly the service. I guess there could be things in the insurance contract as well, but I don’t imagine they’d be deal-makers.

    You or an industry colleague would know what’s possible. Tough question.

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