It can be tempting to take shortcuts in the sales process to try to close a deal as fast as possible to make your numbers and move on to the next opportunity. Taking the time to identify your prospect’s next best alternative is an important step you shouldn’t skip to ensure the longevity of your potential customer relationship.
This key step in the sales process will help dictate your strategy and next steps with your prospective buyer to figure out:
- What is the most realistic next-best alternative for your prospect?
- What about these alternatives aligns to your customer stakeholder’s desired outcomes?
- What are you doing to mitigate the risk of the alternative?
Here are key points and questions to consider when identifying your prospect’s next-best alternative to your solution:
- Understand that the top three alternatives for the prospect doing business with you is:
1) Doing business with your competitor
2) Doing nothing and maintaining the status quo
3) Doing it themselves
- Map the alternatives to the prospect’s business issues and politics.
- Assess the strengths and weaknesses of your prospect’s next-best alternative.
- If your customer’s next-best alternative is a competitor of your business, then do the research and understand what their expected sales strategy would be.
Learn more in our video guide to strengthen your sales strategy when engaging prospects.