How to increase results by increasing competition
Improving your overall sales performance for agents is a constant challenge. This why many attend sales training sessions, coaching, and seminars looking for the one or two key innovations to make an impact on their overall yearly commissions.
However, there is one way to increase results which may not be as obvious.
Increase your competition.
With increased competition, you are led into an environment where resting on your existing techniques and strategies puts you on the back foot.
To thrive, a competitive environment will push you to improve your practices, work harder and more efficiently.
Seeking best practices
In a competitive environment, you will be pushed to find and develop best practices.
And this does not necessarily mean you will innovate on your own. With other competitive agents, you can constantly review what is working for who and why. If a new practice is paying dividends for another agent, you can ask yourself how it works and why it works for them.
Consider prospecting. If another agent is gaining new leads via cold neighborhood visits on Thursday afternoons, it may be worth analyzing why this practice works and whether you can implement the same strategy.
Overall, a competitive environment can lead you towards innovating and finding new opportunities to improve your personal performance.
Working hard and smart
At times, working smart may not be enough.
With a competitive environment, another agent may surpass your performance by increasing their time spent or intensity of their work. This is not to encourage you to spend 24 hours at the office, however, it can prompt you to reconsider whether you are actually spending your time in a focused way.
For example, for how many hours are you genuinely productive? Are you tracking where your hours are going? How much time do routine tasks take?
By understanding your investment of time, you can optimize and improve your actions to improve the productivity of your time spent.
Finally, a competitive environment can force you to think more strategically to make sure you are being as effective as possible.
For example, considering the market, you may find under the influence of a competitive office that many agents are targeting the same area or demographic. It then makes sense to think through what other markets may be better targeted.
Alternatively, perhaps you find that agents who perform work accordingly to particular strengths. Other team members may be particularly effective by cold calling, whereas others might be succeeding with email.
This can help you to reflect on your own strategy. Are you making use of your innate talents? Do you have a unique advantage or opportunity that can be exploited in a competitive environment?
A competitive environment is not something to be loathed, as it is an important opportunity to help motivate you towards consistent improvement.
Take advantage of a competitive environment to find and implement best practices, increase your working efficiency and intensity, as well as find the strategies that work best for your strengths and market.