The One Simple Phrase That Crushed Competition and Led to a $1B Buyout
Published on December 20, 2024
They say that if you want to sell more, just find a problem and solve it. Simple advice, right? The problem is, most people don’t know how to do that.
As a top sales keynote speaker, I received a call one day from John Treace, Vice President of Sales at Xomed Surgical. He was considering me to deliver a keynote at their national sales meeting—a pivotal one. Xomed had just launched a new machine for Ear, Nose, and Throat surgeons that could save seven minutes per surgical procedure, enabling surgeons to perform more operations and, consequently, earn more money.
The challenge? Their biggest competitor offered a similar machine, but it wasn’t as effective as Xomed’s. However, the competitor was giving theirs away for free, forcing Xomed to rely on consumables for profitability. This was not acceptable to John or his team.
During our conversation, I asked who else they were considering as a keynote speaker. John mentioned Brian Tracy, a globally recognized thought leader and a good friend of mine. I knew Brian’s impressive resume would make him a tough competitor as a keynote speaker, so I had to differentiate myself.
I asked John what his biggest issue was. He described it in detail, and I said, “This is so important. Why don’t I come down and meet with your team? I’ll give you my time for free if you cover my expenses. That way, we both have skin in the game.”
John agreed. I spent a day with his team, and what we uncovered was that this problem was too big to solve with just a keynote. They needed someone like me—a top sales consultant—to observe live conversations with surgeons, identify the gaps, and make actionable recommendations.
I did exactly that. It worked. Later, they brought me back to deliver the keynote, which included the findings from my research. The results were extraordinary. Not only did Xomed eliminate their competitor from the market, but four years later, they were acquired by Medtronic for $1 billion.
Talk about success!
So, how did they achieve this? It’s simple. Ready for the magic phrase? If you really want to sell more, it’s not just about finding a problem and solving it. Well, maybe it is—but the real secret is this: Create. Don’t compete.
If all you do is compete on features, you’ll look the same to your customer, and they’ll choose based on price. That’s not selling. Selling is about value. So, how do you sell on value in the face of price competition?
It’s simple: Create. Identify the gaps your customer needs filled to achieve their goals. Fill those gaps, and you’ll sell more.
The phrase to remember is: Create. Don’t compete.
Ready to take your sales to the next level? Let’s talk about how you can apply the “Create, Don’t Compete” strategy to your business. Schedule a free call with me today, and we’ll identify the gaps you can fill to drive more value and close more deals: https://calendly.com/ronkarr/30min
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Posted in Sales, Top Keynote Speaker, Top Sales Consultant, Velocity Mindset and tagged Sales, Top Keynote Speaker, Top Sales Consultant, Velocity Mindset