Who is your company’s Number One competitor? Actually, it’s not who you think it is. In fact, it’s probably not “who” at all, but rather “what” that is taking away the most sales from your sales team(s).
We recently asked 180 IT salespeople with greater than three years of experience this question: “Thinking about the opportunities you’ve lost in the last 12 months, what is the most common reason for the loss?” They replied that in 43% of losses the reason was “Lost funding or lost to no decision: customer stopped the procurement process.”
Your Real #1 Competitor
Your company’s “competition,” more often than not, is actually buyers deciding not to make a decision at all. You lose to a “no decision.” Your perceived competitors didn’t win either. No transaction happened, no value was created; only cost was incurred by all parties involved. OK, so is this really a "new competitor." No. However, due to changes that I'll discuss below, it is a competitor that has gained far more of a foothold on business that you would like to have. So what happened?
“It's no longer sufficient to say that you are simply ‘customer-centric" or "customer-focused.’ The only successful strategy in the age of the customer is to become customer-obsessed — to focus your strategic decisions first and foremost on how your customers expect you to engage them.
Through our ongoing conversations with executive buyers, professionals in sales enablement, and through survey responses from hundreds of global executive buyers, Forrester’s Sales Enablement practice has discovered a massive gap between buyers’ expectations of salespeople and what they’re actually experiencing when they meet with reps. In fact, less than 40% of executive buyers say that meetings with salespeople meet their expectations (see figure 1). Further, only one in three IT executives said that sales meetings "usually" live up to expectations, and just over two of five business executives said that sales meetings hit that mark (see Norbert Kriebel’s report: Executive Buyer Expectations — The Bar Is Low).
Considering that perhaps 25% or less of the typical sales force is even capable of gaining access to executive buyers, consider the cost when these meetings miss buyer expectations and result in no further opportunity.