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Healthy Competition!

I am not sure if you had seen this tweet from Burger King that actually asks its customers to buy from McDonalds. Here it is:

This is not the first time that a brand has shown some love for its competition.

During Aug 2018, when swedish furniture giant IKEA entered India, online furniture retailer Urban Ladder welcomed them with a tweet and a video. Please see below:

Keep your #competition close to you and your #customers closer to your heart!

#HappySelling!!

#b2c #b2b #sales #innovation #creativity #changethegame

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Why do you find Pizza Hut next to Domino’s?

We went shopping. Our son, who is 12 years old, noticed something during the trip.

Once we got back home, he asked:

Why Domino’s & Pizza Hut are next to each other everywhere?

That’s a good observation, I told him.

This is called as #NashEquilibrium named after the mathematician John Forbes Nash Jr.

In game theory, let us say, there are two players – Alice & Bob. They choose strategies A & B respectively. Then (A, B) is a Nash Equilibrium, where the players don’t have any other better strategy other than (A,B) that maximizes their pay-off in response to the other player. [credit: Wikipedia]

NE applies to a #zero-sum game whether there are two or more players. If you add up the profits of all players & subtract their total losses then it sums up to zero.

You don’t gain by changing your strategy in response to your competitor if they also don’t change theirs. On the contrary, you stand to lose if you change your strategy. The optimum level is discovered and each party sticks to the same strategy.

This is the reason you find,

KFC next to Taco bell [& Burger King & Mc Donald’s].
Pepperfry next to Urban Ladder.
Max Fashion is followed by Reliance Trends & Pantaloons.
Petrol bunks located next to each other.
Starbucks, Costa Coffee & Barista next to Coffee day.
Restaurants are grouped together.
Jewellery shops in the same location.
Silk Saree shops all lined up together.

You may want to watch a TED-Ed video titled “Why do competitors open their stores next to one another? – Jac de Haan” [https://www.youtube.com/watch?v=jILgxeNBK_8]

This is the reason you find Amazon’s “The Great Indian Festival” overlapping Flipkart’s “Big Billion Days”.

This is election season everywhere. Some countries have two players whereas we have multiple players, in India. ๐Ÿ™‚

Find your Nash Equilibrium Vis-a- vis your competition!

HappySelling!!

#b2b #b2c #sales #innovation #entrepreneurship

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Track your competition!

Those were the days I was hungry for leads.

I used to trouble my tech support guys for leads.

Not a good lead source, you say. Hang on.

One such day, my tech support guy said “go to xyz [name of a place]” unable to bear my pestering.

Not knowing where to go, I knocked on all doors & accidentally found a training institute & met few people. Left my cards with every other department where I couldn’t meet anyone.

Two days later, the unimaginable happened.

I got a call.

Rest is history.

That turned out to be a very big order for many software for multi location.

My colleague had been in touch with his ex-colleague & friend. He casually heard him say that he had been to that place but didn’t tell him the client name.

I found it out.

Later, I asked my colleague how did he get that lead. That’s when he told me about his conversation with his ex-colleague.

This story helps me work with optimism till date.

Takeaways:

  1. Follow your competitors, if you cannot be there before they do.
  2. Be optimistic.
  3. Ask your colleagues, if you are stuck somewhere.
  4. Be at the right place at the right time. If you cannot be early, that is.
  5. Highlight your strengths.
  6. Allow the buyer to contact you & help them make it their decision to choose you. This is very important.

#HappySelling

#b2b #changethegame #sales #marketing #leads #business #leadgeneration #competition

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How to differentiate yourself from your competition ?

Businesses of all sizes have competition. The sales people have to face stiff competition day in and day out. They have to counter the competition to win deals and acquire clients. What are the various things that a Sales person can do or should do during the Sales Process to differentiate themselves from the competition ? How can the sales people stand out from their competition and win deals ?

  1. Provide Value to your prospects.
  2. Don’t sell on Price.
  3. Build good rapport with your prospects. Develop friendship with them. They are not machines to print your purchase orders.
  4. Understand your prospects.
  5. Don’t take advantage in any situation.
  6. Understand their pain points.
  7. Look at their situation from their perspective.
  8. Think that there exists a solution for their problems and then go find it.
  9. If you can help them resolve their problems, deal is yours.
  10. Carry yourself well through out the sales process.
  11. Be Professional.
  12. Small things matter a lot. So pay attention to small things.
  13. Pay attention to detail.
  14. Be a team player.
  15. Be interesting.
  16. Sound positive always.
  17. Have a grasp of current affairs.
  18. Be an expert and a thought leader in your Industry.
  19. Get your prospects to get connected with you, your products and your services.
  20. Be Passionate about Sales.

Group of ecstatic business partners looking at camera with raised arms

If you think you can, you will. Leaving you with a Poem by Walter D. Wintle.

Poem “The Man Who Thinks He Can”
by Walter D. Wintle

If you think you are beaten, you are;
If you think you dare not, you don’t.
If you’d like to win, but think you can’t
It’s almost a cinch you won’t.
If you think you’ll lose, you’ve lost,
For out in the world we find
Success being with a fellow’s will;
It’s all in the state of mind.

If you think you’re outclassed, you are:
You’ve got to think high to rise.
You’ve got to be sure of yourself before
You can ever win a prize.
Life’s battles don’t always go
To the stronger or faster man,
But soon or late the man who wins
Is the one who thinks he can.

Happy Selling !!