The business of knowing your customer's business - The key to selling value
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Nov. 6, 2015•0 likes•7,078 views
The business of knowing your customer's business - The key to selling value
Nov. 6, 2015•0 likes•7,078 views
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Selling Power sponsored webinar* As sales professionals in today's competitive market, our customers and prospects demand more from us than ever before. We are expected to be advisors, consultants, and collaborate with relevant solutions for their business. To become that advisor, not only do we need to have current knowledge on our company's products and services, we need to also have business acumen and knowledge to be credible and relevant.
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The business of knowing your customer's business - The key to selling value
- 1. COMPLIMENTARY WEBINAR This document contains proprietary information of ValueSelling Associates. Its receipt or possession does not convey any rights to reproduce or disclose its contents or to manufacture, use, or sell anything it may describe. Reproduction, disclosure, or use without specific written authorization of ValueSelling Associates is strictly forbidden. <Month, Day>, 2015 | Julie Thomas *The key to selling value The business of knowing your customer’s business*
- 2. Today’s objectives What is business acumen and why is it important? How to engage in a business conversation The relationship between business issues and justifying the sale How to be a better business professional © 2015 ValueSelling Associates, Inc. All rights reserved.
- 3. Business acumen is keenness and quickness in understanding and dealing with a business situation © 2015 ValueSelling Associates, Inc. All rights reserved. Business literacy is the knowledge and understanding of the financial, accounting, marketing and operational functions of an organization Acumen is “the ability to make good judgments and quick decisions”
- 4. The relationship © 2015 ValueSelling Associates, Inc. All rights reserved.
- 5. The steps for creating business literacy © 2015 ValueSelling Associates, Inc. All rights reserved. INVESTIGATE PREDICT PREPARE
- 6. Investigate Local information ─ Business Journals Industry information ─ Associations Trade Press ─ Lists Company Information ─ Financial statements Executive messages ─ Analyst Reports © 2015 ValueSelling Associates, Inc. All rights reserved. INVESTIGATE
- 7. Investigate: Research Research about them and the company/agency (looking for challenges they may be facing – helps us connect to Business Issue…) ─ Company/agency website ─ Earnings report if public Look for trends in key financial metrics How does this company describe, manage and measure the business health? © 2015 ValueSelling Associates, Inc. All rights reserved. INVESTIGATE
- 8. Predict Business Objectives Business Goals Business Strategies Business Initiatives Business Issues © 2015 ValueSelling Associates, Inc. All rights reserved. PREDICT
- 9. Value created by resolving Business Issues Business Objective What the organization needs to accomplish to maintain or grow their business/entity. © 2015 ValueSelling Associates, Inc. All rights reserved. Business Issue What the organization needs to address and resolve to achieve business/entity objectives. Problem Difficulties that prevent them from being able to satisfactorily deal with or resolve business issues – technical, process, people.
- 10. Characteristics of a Business Issue Has a direct (business) impact Will align to a (business) objective May need to be discovered Has a cost and a corresponding value © 2015 ValueSelling Associates, Inc. All rights reserved.
- 11. Questions to uncover Business Issues What’s your #1 priority or challenge? What stands in the way of you contributing to your organization’s objective? What’s your most important concern this year? What customers need to address/resolve to achieve business objectives © 2015 ValueSelling Associates, Inc. All rights reserved.
- 12. © 2015 ValueSelling Associates, Inc. All rights reserved.
- 13. Executive dialogue question types © 2015 ValueSelling Associates, Inc. All rights reserved. Verifies shared understanding and confirms what we heard customer say. Designed to surface customer’s view of current conditions. Raises issues that didn’t surface on their own. Used to differentiate and create need for your products and services. Aimed at getting prospect to momentarily experience the consequences of not having your product or service.
- 14. Value created by resolving Business Issues Business Objective What the organization needs to accomplish to maintain or grow their business/entity. Business Issue What the organization needs to address and resolve to achieve business/entity objectives. Problem Difficulties that prevent them from being able to satisfactorily deal with or resolve business issues – technical, process, people. Solution Capabilities any vendor needs to supply to enable customer to properly address Business Issues Value The only thing that matters is customer’s perception of the value of being able to resolve their business issues; always a combination of tangible and intangible components. © 2015 ValueSelling Associates, Inc. All rights reserved.
- 15. Justifying the Sale Tangible Business Value: Measurable or quantifiable positive impact on the Business Issue. © 2015 ValueSelling Associates, Inc. All rights reserved. VALUE
- 16. What can you do today? Commit to staying current and relevant! Industry knowledge Financial literacy Specific company knowledge BusinessSpeak: Preparing for Business Conversations with Executives eLearning course © 2015 ValueSelling Associates, Inc. All rights reserved. PREPARE
- 17. Summary We must become business professionals first, sales professionals second Business executives expect peer-level value-added relationships Investigate, predict, prepare – all three steps are key to execution! Invest the time and effort to stay current and relevant to your customers and prospects © 2015 ValueSelling Associates, Inc. All rights reserved.
- 18. Special offer! © 2015 ValueSelling Associates, Inc. All rights reserved. 99$ a $500 value! Coupon code SELLINGPOWER available 1Q16 New launch eLearning course that shows you how to INVESTIGATE | PREDICT | PREPARE
- 19. At the end of today’s webinar Go to valueselling.com > resources > webinars to download today’s slides © 2015 ValueSelling Associates, Inc. All rights reserved.
- 20. Visit the eStore at valueselling.com Books ValueSelling tools On-demand courses Complimentary library of webinars and newsletters © 2015 ValueSelling Associates, Inc. All rights reserved.
- 21. © 2014 ValueSelling Associates, Inc. All rights reserved.
- 22. Thank you! Julie Thomas | President and CEO julie@valueselling.com +1 858 759 7954 www.linkedin.com/in/julieathomas