Issue link: http://read.dmtmag.com/i/211845
Know More! Selling By Sam Richter T he Internet has changed the way companies sell and buyers buy. Unless you have been living on a deserted island for the past 15 years, that statement did not send shock waves through your consciousness. Even if you had been living on a deserted island, you probably had Internet access. However, I am not talking about companies selling their products online and consumer online purchases continuing to grow annually by double digits. Rather, I am talking about business-to-business selling. No…not reverse auctions, online catalogs and the ability to leverage the Internet for global outsourcing. I am talking about the traditional sales person calling on a prospect or even an existing client—the one-on-one client relationship—that the Internet has completely redefined. Unfortunately, most business executives do not yet fully grasp the scope of change. Nor have they grasped the opportunities this change represents to the companies that understand HOW to leverage the Internet to grow their traditional business. People still buy from people that they like and trust. The ability to understand the prospect or client, ask probing questions that get to the heart of business issues, and create relevant solutions that ultimately deliver results is core to 64 every sales program and sales process. The problem is, in today's world where virtually everyone is exceptionally pressed for time, many buyers expect you to know the answers to questions BEFORE you walk in the door (or pick up the phone or send an email). Especially for in-person meetings, buyers get frustrated when a salesperson asks what some feel are obvious questions, like company size, lines of business, competitive information, etc. Many buyers expect salespeople—even in the first meeting—to have more complex business knowledge, such as industry changes, market positioning, and even a base-level understanding of the buyer's internal business issues. How can you get the kinds of information that will make a great first impression? How can you differentiate from the typical salesperson? How can you get the information you need to understand your prospect and their key issues before you walk in the door? The answer is Sales Intelligence. The Power of Sales Intelligence and the "Fourth R" According to a study by CSO Insights, Sales Intelligence is one of the most effective tools for improving a company's sales effectiveness. When you understand your prospect – their company, industry focus, issues, and details about the individual with whom you're meeting – you're able to customize the presentation and conduct a meaningful sales call. In fact, according to the CSO Insights study, if your company embraces a culture of Sales Intelligence, your company is almost two times more likely to move your prospects through your sales process toward a closed deal. Yet, according to the CSO Insight study, fewer than 10 percent of companies provide their people the training and resources necessary to conduct Sales Intelligence. Why? Historically, students of business and sales are taught that success comes from mastering the traditional "Three Rs" of reading, writing, and arithmetic. If you learn to communicate effectively, write a good proposal, understand a financial spreadsheet and manage a realistic budget, chances are good that you will succeed in business. In today's value-oriented business marketplace, the "Fourth R" – research – is the tool that truly differentiates one business from the next and one salesperson from the next. Talk with anyone who is an expert at influencing people, from a minister to a politician to a great salesperson, and they all practice the "Fourth R." If you understand what interests the people you meet with, if you know what they genuinely care about, you gain permission to ask relevant questions and engage people to share what they most likely do not share with others. When you are armed with relevant data, you are able to not only ask better questions, but also massively increase your credibility. Remember, people buy from people. People buy from people they trust. And people trust people who can intelligently engage in meaningful dialogue. Asking a generic question, like: "What are the key barriers to you achieving your objectives?" shows your prospect that you are a trained salesperson. Asking a prospect a question like, "I see that your biggest competitor, Widget Corporation, is coming out with a new product, and I was wondering how you plan to differentiate yourself?", shows your prospect that you are a true professional who understands the market. The "Fourth R" is a powerful tool that, once applied in every sales interaction, will elevate you to the top one IDA UNIVERSAL November-Dcember 2013