In this video, we talk about why a company (in this case, a bank) might have a sales team.
From economics, we learn that once something becomes a commodity, market share always goes to the lowest cost provider or producer (because they have pricing power).
There are only two reasons why we might want to have a sales team (or even just one salesperson) in a company.
Reason number one: To find out how the customer makes these kinds of decisions. I can't get that done with marketing. That requires a conversation. And there's no better time to do that than when I've got their pain on the table. When I've got the expected spend on the table,
When I've got all that stuff out there, it's a wonderful time for me to uncover how they make decisions like this.
Don't talk with your prospect about their "making a decision"; instead, talk about them harvesting the benefits of having made a great decision. It has a lot more impact.
The best pain of all is the pain they're experiencing because they don't have your differentiators. Because everything else is commodity. And we're not set up to compete on commodity. We're set up to compete on value.
The second reason to have an expensive luxury called a sales force is this: if they're not going to give us any points in the way they make decisions for our differentiators, then I have to alter their decision process to value our unique differentiators over a competitor's lower price.
That's why we have a sales team. 1) Find out the prospect's decision-making process, and 2) if necessary, alter it.
That's it.
The sales team's job is to have conversations with prospects. About how they go about deciding whether or not to make a change, and to ensure that when they are evaluating their opportunity to make a change, that they're giving proper weight in their decision to our differentiators.
That's how we can win.
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