The Winning Formula
The Winning Formula is one of the most important ideas of the twentieth-first century. It says that small differences in knowledge and ability can lead to enormous differences in results.
Here is an example:
If a horse runs in a horse race and comes in first by a nose, it wins ten times as much as the horse that comes in second, by a nose. Does this mean that the horse is ten times faster? Is it twice as fast? Ten percent as fast? No. The horse is only a nose faster, but a nose translates into ten times the prize money.
When a company gets the business in a competitive market, it is often only a tiny bit better than the company that failed to get the business. But the company that wins gets … 100 percent of the sale, 100 percent of the profit, and the salesperson gets 100 percent of the commission. Is the company or salesperson 100 percent better than the company or salesperson who loses the deal? No. The company or salesperson has merely developed “The Winning Formula.” And that makes all the difference.
One small piece of information that you have that your competitors lack can be all that it takes for you to gain the winning edge in a particular transaction.
“Our ability to learn and apply new ideas faster than our competition is our only real source of sustainable competitive advantage.”
Story contributed by Hans Ouwerkerk – former Global Head of Sales at Reuters – the best sales professional and leader I have been allowed to learn from – a truly inspiring mentor.