Sales Leadership with Jim Pancero
Sales Leadership with Jim Pancero
What can you learn by doing business with your competitors?
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Years ago I consulted with a major bank in Cincinnati. I was so impressed with the senior leadership of the bank. They had a rule their senior leadership had to do business with another bank.
They wanted to make sure their executives clearly understood the competitive service challenges they were facing in their marketplace so they could decide what they needed to be doing to increase their sales and win more business.
Are you and your leadership team able to do business or conduct blind shopping studies of your competitors? It could be a great way to increase your competitive awareness as to why they're winning business and what you need to do about it!
Today’s video discusses the benefits of blind shopping or doing business with your competitors. After all, the more you learn about your competitors the more you are likely to sell!
Could doing business with your competitors help increase your competitive advantage? Hi, I'm Jim Pancero, helping you and your team be more effective in selling today. And years ago, I worked with a major bank when I lived in Cincinnati. And I was so impressed with the senior leadership of the bank because they had a rule that anybody in senior leadership had to do business with another bank. They were not allowed to do on regular banking with their own bank. And the idea was they wanted to make sure as these senior leaders were trying to figure out what services their bank needed to provide and what they could do to increase their sales and win more business. They realized the best way to do that was to have a better understanding of exactly what the competitors were doing, taking care of their customers, especially their more important higher income customers. So because of that, the bank had a rule that any executive had to do business with another bank so they could experience and see for themselves what was happening to hopefully help improve their decisions in the future. What can you do as the leader of your team to make sure that whenever possible, you have a chance to do work with the competitors or you do blind shopping of them so you have a better understanding and perspective on what it is that they offer, why they're winning business, and what you might need to do to sell against them. Because if we do that, this is how you sell even more.