“Differentiation” is a term frequently used in sales. Advisors have been trained to search out and sell their “points of differentiation,” and prospective clients have been wired to ask advisors how they are different from their competitors.
In complex sales, I think we are all asking, and responding to the wrong question. In today’s commoditized world, replication of a new service, product or idea can happen in a heartbeat. A moment of differentiation is likely to be fleeting and lack any long-term significance.
As I reflect on my own personal experience as a buyer, assuming I feel confident that my needs or problems have been sufficiently satisfied at a reasonable cost, and that I like the people from whom I am buying, I don’t particularly care about how a firm’s products or services might be different from another.
The critical question is “What makes you the better choice for me and my particular situation?”
Answering the “fit” question is more complicated than the “different” question, as it demands a deep understanding of the client’s situation and a thorough analysis of your competitors’ offering.
It then requires the ability to effectively communicate and demonstrate that you are the better choice for the client. This can be a tall order.
Following are five strategies that will help you to effectively demonstrate that you are the right fit for a prospect.
1. Explore
Consciously explore the question, “Why are we a better fit for this particular client?” Don’t be tempted to use the “party lines” written for marketing brochures. Instead, challenge yourself and your team to come up with three to five ideas that are specific to this particular client based on their needs, your strengths and the strengths and weaknesses of your competition. Your answer to the question should be so specific that it would not be relevant to any other client.
2. Avoid
Avoid overused and empty phrases like “trusted advisor”, “partner”, “thought leader” and “best-in-class service.” These types of terms have been so overused in the industry that they have become meaningless. Instead, focus on the intent of your message and bring it to life by using meaningful examples explained in plain English.
3. Emphasize
Emphasize core similarities with the prospect and your existing clients. These can include culture, size and industry. In doing so, be careful to let prospects know that you understand that they are one-of-a-kind. Every client likes to think that they are unique and are often concerned that Advisors won’t take the time to get to know their specific situation.
4. Use
Use stories that demonstrate that you have a successful track record addressing the most pressing needs that they are facing. If the client wants to increase participation use examples that illustrate how you have helped similar clients achieve the same goal.
5. Connect
Nothing demonstrates fit more powerfully than interpersonal connections. People want to work with people that they like and trust. Make sure that you are your team bring your personalities to the table. Search for connections that you may have with the client, whether it be the school that you attended, a favorite restaurant in the area, or children of similar ages.
This is often best achieved in the introductions. Instead of telling them the number of years you have been with the firm or in the industry, make a personal connection. “It is so much fun being back in this neighborhood as I grew up down the street” or, “Your hospital has a special place in my family’s heart as both my children were born here.”
By all means, if you have a point of differentiation of which you are particularly proud, let your prospects know – just don’t hang your hat on it. Clients will choose the firm that they feel is the best fit for them and their unique situation.
Nadine Keller is President and CEO of Precision Sales Coaching & Training. Her firm has provided strategic programs for tens of thousands of sales professionals with measurable results. Her expertise crosses sales, marketing and communications with a focus on helping organizations drive sales behavior to achieve their goals.
Keller is an avid writer and speaker. Her most recent work is a book titled Make it All About Them: Winning Sales Presentations published by Wiley in 2013.
Nadine Keller is President and CEO of Precision Sales Coaching & Training. Her firm has provided strategic programs for tens of thousands of sales professionals with measurable results. Her expertise crosses sales, marketing and communications with a focus on helping organizations drive sales behavior to achieve their goals. Keller is an avid writer and speaker. Her most recent work is a book titled Make it All About Them: Winning Sales Presentations published by Wiley in 2013.