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?