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Submitted Question to Danny Wood by Mike Marsan of New Market Translations:
Many of the larger buyers in my industry use multiple vendors for the
services my company sells. I suppose these types of companies may present
better selling opportunities since it is presumably less risky for the buyer
to 'try out' a new vendor than to convince a buyer to switch from one
supplier to another. What suggestions can you offer to a salesperson when
operating in that environment?
Danny 's Answer:Great observation Mike, but let’s dig a little deeper and determine if this way of thinking is in your best interest. First, we must ask ourselves, why do the buyers in your industry buy from multiple vendors? We may think we know, but do we really? Have you ever just asked them why? Is it to reduce their risk because they had all their eggs in one basket and have been burned by a vendor in the past? Do some vendors have unique solutions to your prospect’s problems that only they can solve? Can some vendors deliver within a certain window that is needed by the buyer? I’m sure you can list many more possible reasons why they use multiple vendors.
So I suggest the next time you are speaking with a prospect you ask questions to prevent mutual mystification by saying, “Mr./Ms. Prospect, would you mind if I asked you a question? I’m a little confused as to why you use multiple vendors and I was hoping you could share the reasons why with me?” When you get the answer, and you get the prospect talking about it, you can now begin to dig for the prospects PAIN. Let’s pretend your prospect answers, “Well, we have been burned before using one vendor so now we spread our projects around to multiple vendors.” You can then ask, “When you say burned what do you mean? Tell me more, can you be more specific?” How long has that been a problem? Is it working for you now?” You may find that it’s not working because they are managing so many projects with different people in various companies and it is just too confusing and wastes too much of their time. Now Mike, you have something to work with! And you may get more than a ‘Try’.
If we are not going in and getting to the root of their issues, ‘their business root canal’, then we are not going to get their business in a competitive market. By the way Mike, have you ever went to endodontist and ‘tried’ a root canal? My guess is not. You went and paid more than you wanted to get rid of the pain, at least I know I did. Don’t forget, you must go in to your meetings and act like a very nurturing doctor. You can’t reduce the risk the prospect fears if you go in like a typical salesperson. You must have a strategy for developing trust with another human being. And oh, BTW, the same holds true with prospects that only uses one vendor. Mr/Ms. Prospect, can I ask you question? “I’m a little confused as to why you only use one vendor and I was hoping you could share the reasons why with me?” You now know what to do from here Mike. Good luck!
Danny Wood, an affiliate of the Sandler Training, is one of New Jersey’s most respected sales force development experts. His work has been recognized by business leaders and corporate managers for providing their people with the aptitude to realize millions of dollars in additional business that would otherwise have never materialized or would have been lost to competitors.If you have a question about an issue facing your company's sales development for Danny Wood to answer, email dwood@sandler.com or call 201-842-0055.
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