To Make a Lot of Money, You Need to…..

Published on May 10, 2012

If you want to make a lot of money, you need to create vs. compete.  No matter what services or products you are selling, if you continue to compete against others your ability to make a lot of money is greatly diminished.

In competition, the conversation usually turns to money and everyone gets commoditized.  Pressures are mounting to cut prices in order to get the deal.  The late Bill Brooks, my mentor and coach, did research in which they interviewed 6,000 buyers in all industries and asked them why they continue to beat sales people up on price.  Their answer was simple.  After meeting with six sales reps on average a day selling the same “stuff”, how do you differentiate one from the other?  The answer is price!

The key to making lots of money is not by competing, but by having different conversations and providing solutions to problems that are not being solved.  In a competitive environment, this means talking about challenges the customer is having and explaining how your products/services can address those challenges.  Even though you may be competing with a similar vendor, the fact that you are talking about issues not raised by your competitor is a form of creation.  That alone can lead to a sale with no discounting.  This means asking your customer about their challenges before you start “selling” your stuff.

Another form of creation is packaging your core competencies into a mix of services that produces the best result for a customer.  In this case you become so valuable that whatever you are asking for in terms of price is considered to be a drop in the bucket based on the value they are receiving.

Finally, creation also means being the first to market with solutions no one has thought of.  Think about brands like Google, Xerox, FedEx, etc.  Not only were they first to market, their brand names are now used to describe the act.  Example, let’s Google this term.  When this happens, is there any competition?  And are you making money?  Just look at today’s stock price for Google to answer that question.

Creation vs. Competition – which game are you playing?

This also applies to leadership in selling ideas.  Do you create arguments that motivate people to act or are you competing for their time and attention?

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