When a business or sales person says that the top issue hindering sales is the price, it is actually wrong. The biggest challenge in sales in recent years is the status quo. Prospects usually have an affinity to sticking to the status quo. This bias is largely due to familiarity.
What Exactly Is the Status Quo?
Status quo is the situation when your prospect is happy with his vendor and doesn’t feel any urge to think about the ‘need’ to change vendors. The most disappointing and challenging response from a customer is “I’m already happy with what I’m getting from my current vendor and not looking for a change.” Here the challenge is not your competitor or their offerings, but it is the prospect’s emotional bias to sticking with the status quo.
How Do You Actually Deal with It?
There are a few possible strategies you can use to tackle the status quo. Harness the appropriate strategy in your approach to effectively pull customers away from their status quo. Here are 3 strategies to overcome the status quo:
1. Shake Their Vendor Preference
Research your prospects and their current vendors is a requisite to formulate a set of queries that spark interest in a shift. Ask them for the reasons behind selecting their existing project solution Who was the decision-maker and what was the significant motive behind it? Find more about their status quo and ask have you ever been let down by your current vendor If you hear ‘Yes’ then ask for the reasons behind the instances of being let down and their relevance. To make the prospect rethink their status quo, ask if they would like to consider a reliable and robust solution that would make them feel more confident than their existing choice. Asking these questions can provide an opportunity to illustrate how your business can provide a better product or service that is superior or more affordable. Asking these questions is likely to shake their vendor preference and open up opportunities for conversions.
2. Cut to the Chase With USP
Promote the Unique Value Proposition of your product. The USP should be stand strong against your prospect’s current solution. Hone your USP approach to assure greater productivity, higher efficiency, and acceleration of ROI compared to their current vendor. Create a clear window of dissatisfaction that your prospect faces with their current solution and grab the opportunity with your value proposition and pursue sales conversions. Turn them into a hot lead in the conversion funnel.
3. Target the Right Audience for Your Pitch
Spending all your strategical skills on a prospect and having it led to a dead end is always disappointing. Push your brand’s value and benefits through the right medium to the real decision-maker of the business. A blind maze race is not going to work. The right decision-makers like C-level personnel are always open to new options and establishments if they can provide worthwhile benefits and savings. Target your pitch to them and procure sales leads.
But be aware of your momentum – your goal is to build a long-lasting relationship, not just sales. So remember not to push too hard. Research what excites your customer and build a specific strategy to shake up their status quo.
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