If you’re selling a new technology or an innovative product, there can be many advantages. For example, your company is typically on the cutting edge. It’s not likely that you have many competitors, and your product has amazing features.
With all the these differentiators and no clear competition, you are sure to win plenty of deals…right? Unfortunately, as many SaaS & Technology sales teams discover, you need more than just a disruptive product to drive revenue.
You need to understand that the market your team sells into falls somewhere along a spectrum of new vs mature. Our founder, Tom Snyder, has written two McGraw Hill Best Sellers that represent opposite ends of this spectrum.
The first, Escaping the Price Driven Sale focuses on mature markets, where established brands and products compete for the same pool of repeat buyers. In these scenarios, the need for the product has been well established, and buyers don’t see the difference between competitors, so they choose based on price.
On the other end of the spectrum, Tom’s second book, Selling in a New Market Space offers critical insights for teams selling innovative or disruptive offerings. As the people in these seats know all too well, buyers often struggle to understand the possibilities of new products that don’t have competitors.
Perhaps it’s because they don’t have anything to compare it to, potentially it’s because they don’t understand the way your product works. But at this point, elaborating on the finer points of your product like a human spec sheet won’t help them understand because they have nothing to differentiate against. And it certainly won’t help you close the deal.
In response, sellers need to create a vision of solving a problem or an outcome that the buyer would have never expected. This requires getting to know the prospect, and what problems they face that you can solve. Next, you have to frame these product solutions in a way that’s directly related to their issues.
A prominent example of this approach can be found in the popular CRM, Salesforce, and in particular their co-founder and CEO, Marc Benioff.
Tasked with growing his cloud-based computing company in the wake of the 2001 dot-com implosion, Marc Benioff was in a remarkably new market. One that also faced rampant skepticism following recent events.
In order to gain the confidence of the market, Benioff and his company had to create a vision of the way cloud-based CRM software solves problems businesses were facing at the time, such as remote workforces, offices across the globe, the cost of extensive internal systems, etc.
It’s safe to say he’s succeeded; cloud computing and Salesforce are as big as ever. But the better news is that by combining an innovative product with the approaches outlined here, you can reach the top of your own new market.
Looking for more on how to drive revenue with an innovative product?
Watch the webinar with SAVO Group:
Selling Innovation: Turning the Curious Into Customers