Date post: | 29-Nov-2014 |
Category: |
Business |
Upload: | valueselling-associates |
View: | 83 times |
Download: | 0 times |
The Business of Knowing Your Customer’s The Business of Knowing Your Customer’s Business – The Key to Selling ValueBusiness – The Key to Selling Value
Julie ThomasValueSelling AssociatesApril 19, 2013
© 2013 ValueSelling Associates Inc. All Rights Reserved.1
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.
• 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
Today’s Objectives
Business Acumen
Business acumen is keenness and quickness in understanding and dealing with a business situation.
Business literacy the knowledge and understanding of the financial, accounting, marketing and operational functions of an organization
Acumen as "the ability to make good judgments and quick decisions"
© 2013 ValueSelling Associates Inc. All Rights Reserved.4
The relationship:
© 2013 ValueSelling Associates Inc. All Rights Reserved.5
The steps to create business literacy
© 2013 ValueSelling Associates Inc. All Rights Reserved.6
InvestigatePredictPrepare
InvestigationLocal information
– Business Journals
Industry information
– Associations
– Trade Press
– Lists
Company Information
– Financial statements
– Executive Messages
– Analyst Reports
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
Predict
Business Objectives
Business Goals
Business Strategies
Business Initiatives
Business Issues
© 2013 ValueSelling Associates Inc. All Rights Reserved.9
Value created by resolving business issues
What the organization needs to accomplish to maintain or grow their business/entity
Problem
BusinessIssue
BusinessObjective
What the organization needs to address and resolve to achieve business/entity objectives
Difficulties that prevent them from being able to satisfactorily deal with or resolve business issues – technical/process/people
© 2013 ValueSelling Associates LLC. All Rights Reserved.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
© 2013 ValueSelling Associates LLC. 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 organization’s objective?
What’s most important concern this year?
What customers need to address/ resolve to achieve business objectives
© 2013 ValueSelling Associates LLC. All Rights Reserved.12
© 2013 ValueSelling Associates LLC. All Rights Reserved.13
Executive dialogue – question types
Designed to surface customer’s view of current conditions.
Aimed at getting prospect to momentarily experience the consequences of not having your product or service.
Verifies shared understanding and confirms what we heard customer say.
Raises issues that didn’t surface on their own. Used to differentiate and create need for your products and services.
AnxietyAnxiety
ConfirmingConfirming
ProbingProbing
OpenOpen
© 2013 ValueSelling Associates LLC. All Rights Reserved.14
Value created by resolving business issues
What customer needs to accomplish to maintain or grow their business – could be labeled a business goal
Value
Problem
Solution
BusinessIssue
BusinessObjective
What customers need to address and resolve to achieve business objectives
Difficulties that prevent them from being able to satisfactorily deal with or resolve business issues
Capabilities any vendor needs to supply to enable customer to properly address their business issues – could be labeled a business strategy or initiative
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
© 2013 ValueSelling Associates LLC. All Rights Reserved.15
Justifying the Sale
© 2013 ValueSelling Associates Inc. All Rights Reserved.16
Tangible Business Value: Measurable or quantifiable positive impact on the business issue.
What can you do today?
Commit to staying current and relevant!Industry Financial literacySpecific company knowledgeeExecutive ValueSelling Course
© 2013 ValueSelling Associates Inc. All Rights Reserved.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
At the end of today’s webinar
Download a copy of today’s presentation from our website:
• Go to www.valueselling.com
• Under the Knowledge & Insights tab, scroll down and click on Webinars
• Left-hand side of page, click on Webinar Archive
© 2013 ValueSelling Associates Inc. All Rights Reserved.19
Questions
Next webinar
“Creating Urgency – When and How to Insert Anxiety into Your Sales Conversation”
May 14, 20131:00 PM Pacific Standard Time
© 2013 ValueSelling Associates Inc. All Rights Reserved.21
Julie [email protected]
(858) 759-7954
© 2013 ValueSelling Associates Inc. All Rights Reserved.22
Contact ValueSelling Associates