When it comes to business negotiation, the only genuine negotiation power resides in 'the gap.' What's the gap? It's what you have that the competition doesn't. And if you think what you have to offer looks exactly the same as the competition, you desperately need a fresh perspective!
Consider this top insurance sales professional. "The insurance I sell isn't any different than anyone else's," she admitted. "But what I do is make appointments for my clients. For instance, if they want to see a certain doctor, I'll get them in. I've make myself irreplaceable because no one else offers that level of service."
She created a gap by offering her customers a service beyond mere price.
"Sure, my customers can get the exact same coverage for the same premium elsewhere," she said. "But right now, they're not getting what I give them in service."
Insurance is a highly commoditized industry, yet this insurance agent figured out a way to set herself apart. However, her approach wouldn't be that challenging for the competition to emulate. That's why wise businesspeople are always looking for opportunities to differentiate themselves and realize that the tougher it is for the competition to imitate what they're doing, the better.
Understanding and exploiting your value is critical. Want to know more? Interested in how this applies to sales teams and larger organizations? Request our two-page article on negotiation power by clicking on the button below.