How to Achieve Win Rates that are Double your Competition
NOTE: I originally wrote this for SaaSSales.io, a terrific resource for learning more about SaaS sales. I’m a Founding and Premium Author over there so go subscribe and get the best content routinely.
Software companies these days face an uphill battle as there are more competitors in each space than ever before.
And to the buyer, they all look the same.
So the challenge, then, is to differentiate. To separate from the herd. To show that you know what you’re doing more than the others so you stick out and are remembered.
And more than sticking out, you create an emotion of need and desire.
Easier said than done!
Here are three things you can do to not just stand out from the competition, but also close at a significantly higher rate than them.
1. Create an Environment of Trust Through Terrific Discovery
In order for the buyer to become your customer, they first need to trust you. They need to know that if they give you their hard earned cash, you’ll deliver on your end of the bargain and you’ll do what you say you will.
This isn’t easy, many deals are lost to a lack of trust. And it’s often preventable.
One of the best ways to solve this is to check your mindset and ask yourself this question:
Am I trying to sell them, or trying to help them?
Sounds weird, right? You’re trying to sell, that’s what this is, sales.
But that’s just it: the best salespeople aren’t selling. They’re helping. They’re identifying problems and are solving them.
When you have a “sales” mindset, your buyers pick up on it and put up their guards, making sure you don’t swindle them with any sales tactics.
However, when you approach with a helping mindset, your buyers recognize that and are much more open and trusting, knowing you’re trying to get them the help they need.
2. Stop Building Relationships, Start Challenging
When you’re in a battle against other competitors, the natural thinking to try and win is to be as nice as possible to the buyer, right? Become their friend, do what they ask for, and say what they want to hear. Then they’ll love you and choose you, right?
If this was the thinking that made sense to you, it probably occurred to the competitors as well.
In their groundbreaking book, The Challenger Sale, Brent Adamson and Matthew Dixon proved with data that a relationship builder sales type is the worst performing type of any.
Customers don’t want to have someone tell them they’re great. They feel pain, they don’t feel great.
They need to be led, guided, and shown the right way through education, even if it’s different than what they originally thought. In fact, especially if it’s different from what they thought.
Adamson and Dixon call this the Challenger and this type wins in MUCH greater numbers than any other type of sales.
We teach this method in our SaaS Sales Coaching program and our clients see incredible win rate increases, usually more than double, through the tactics we coach.
It really makes a difference when you can become a challenger.
3. Process is the Differentiator
As I mentioned earlier, even if you think your product is amazing and so much better than the competition, it likely looks the same as everything else to buyers who aren’t as educated as you in the nuances.
One of my best clients, Alane, said: “We knew we had a superior product, so the reason we were losing to the competition was a conundrum.”
After diving in and investigating their sales process, I noticed it was severely lacking, with several areas of opportunity for improvement.
So, we implemented a totally new process through the entire buyer journey, and re-designed the sales calls, along with training the team. From that point forward, they doubled their close rates.
If your sales process looks the same as everyone else, and your product looks the same, guess what? You’re losing deals you should be winning.
Separate through a top notch, scalable and repeatable process.
With lower barriers to entry than ever in the software world, it is so hard to rise above the herd. Use these tactics to make sure you leave the competition in the dust.
Want to crush your competition? Book a call with me to see how I can help you do it.