What do you have that others don't?
We heard this question every time the customer wasn't 100% convinced by our pitch.
Ideally, this question shouldn't even come up in a sales conversation.
The art of creating a competitive advantage lies more in the early stages of the sale—from the initial contact to identifying the client’s needs, and then to presenting the value proposition and supporting it with a compelling case. If these early phases fail to convince the client, a question reflecting their doubt will arise: “What do you offer that my current banker doesn’t?”
Competitive advantage is a result, not a stage in the sales process.
The competition is fierce. Customers are more fickle than ever before (much more so). All banks are becoming more aggressive and refining their mass-marketing strategies. Your competitive edge is built on the benefits you can provide to your customers. You’ll have to seek them out in every aspect of the customer relationship—from the first smile, which should be warmer than your neighbor’s, to the chocolate you serve with coffee, which should be more delicious.
What are the key strategies for staying ahead of our competitors?
Knowing How to Make a Difference
The first step to gaining a competitive edge is to understand what makes your business unique. Identify your USPs (Unique Selling Propositions) and highlight them. The first and simplest way to stand out is to focus on costs. Reducing costs while maintaining quality can attract many customers. I know this suggestion might make advocates of “excellence” cringe. Market realities have caught up with us—cost is crucial.
Customize Interactions
Taking a more personal approach to conversations can make a big difference. Instead of sticking to a script, ask, “How can I get more involved?” Show your customers that you care about their specific needs and that you’re willing to go above and beyond their expectations.
Thinking “Outside the Box”
Innovation is the key to success. Don’t be afraid to think differently and explore unconventional ideas. Sometimes, the best solution is to go back to basics and ask fundamental questions: “What do you really want?” Taking stock of your life and adopting a quasi-psychotherapeutic approach can reveal valuable insights.
Reengineering and Fundamental Issues
Reengineering your processes can also be beneficial. Challenge established methods and look for more efficient ways to achieve your goals. Ask yourself fundamental questions about what you’re trying to accomplish and how you can best achieve it.
Drawing Inspiration from Digital Marketing
Digital marketing teaches us a valuable lesson: rather than selling aggressively, focus on “nurturing” your customers. Provide added value through relevant content and dynamic interactions. Show that you’re there to support them along their journey—not just to close a sale.
A USP has three dimensions
The manager can “highlight” their competitive advantages on three distinct levels. The first is that of their organization; they can identify advantages for their future clients in its history, governance, structure, and location. All the factors that make up the organization where you work can become USPs depending on the situation—it’s important to think this through. The second frequency is that of the product or service being offered. The angle from which the product is presented depends on the client’s need. The key is to align the need with the product—though sometimes this doesn’t work. The third frequency is the most important: the personal frequency. What you can highlight includes who you are, your technical skills, your personality, your positive energy, and your enthusiasm for working with this client.
Every manager moves their pawns and pieces across the chessboard of negotiation, highlighting their strengths; we recommend that they do so with caution. A good chess player will first set up their position before exposing their key pieces. Don’t rush into using your USPs. Use them judiciously, being mindful of the danger of experience—not expertise. In reality, an experienced manager often understands a client’s needs within a few minutes—patterns tend to repeat themselves. The danger has a name: introversion—failing to see the client’s reality and relying solely on the model already imprinted in one’s mind. Switching to “psychotherapist” mode allows you to work calmly with your client’s biographical analysis while taking your time.
The 5 sales behaviors that work in tandem with a competitive advantage.
- Be ambitious and look beyond what the client lets us see.
- Tune in to their emotional frequency.
- Be direct. Ask the question: What's wrong elsewhere?
- Work to build and strengthen a relationship of trust.
- Have two managers meet with the client.
