Sales Strategy – Sole Source By Dan Adams
We will address The Sole Source Strategy. The Sole Source strategy is appropriate when your company is the only game in town and there are no other contenders in your customer’s view.
As sales reps we fight for this opportunity but rarely encounter it. It is generally reserved for the true superstar who has achieved the status of trusted advisor and is considered a genuine inside sales consultant.
As you have ‘heard’ me say before, there are three types of sales reps: the product peddler, the visitor, and the consultative rep, who is either a problem solver or a problem avoider.
The Sole Source strategy is reserved for the rare rep who helps the customer avoid major problems and has therefore earned the right to proceed without competition. Let’s see how it works:
Strategy: Sole Source
Description: No Competition — Go It Alone
Why/When To Deploy: When you have earned the right to “go it alone” as a result of your consultative selling (problem avoidance).
How To Deploy/Examples: Get in early! Know your client’s business better than she does. Uncover issues, pains, challenges and opportunities before your client does.
Be proactive; be a problem avoider. Put tactics in place to convince your client that your offering has a higher ROI (return on investment) and lower TCO (total cost of ownership) than alternative solutions.
Demonstrate how competitive solutions will not be able to address her needs. Explain that the delay required for a formal bid/comparison/evaluation will only delay the benefits to the client (time to benefit).
Caution: This may be a very risky strategy, since you must be prepared that some corporations may have created fiscal and fiduciary policies requiring competitive bids.
If you believe this may be the case be sure to position yourself as the consultant to assist them with a process to evaluate multiple vendors.
Sometimes the sole source strategy works, and sometimes it doesn’t. In the worst case, the customer still decides to contact your competitors and you act as his consultant through the entire buying process, resulting in great benefits all the way around.
In the best case, you secure a deal with no competitors. For these reasons, the sole source strategy is the goal of every superstar.
I hope this strategy session was helpful to you.
Good Luck, and Close ‘Em!
Dan Adams, Adams and Associates
Dan Adams is a popular professional speaker, author, and consultant who draws upon more than 25 years of experience in the field of sales and marketing. Having honed his sales skills selling multimillion dollar solutions for Fortune 500 and high technology companies over the past 25 years, he founded a sales consulting company called Adams & Associates. Visit him at TrustTriangleSelling.com. Dan is the author of: Building Trust, Growing Sales: How to Master Complex, High-End Sales Using the Principles of Trust Triangle Selling.
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