Sales Engagement Insights

  By: Gary D. Seale – MBA                                                                                                                                        

Principal @ The Trucon Consulting Group, LLC    

Yes, your technical skills and the deep knowledge of how your product works are important. Yes, many people will appreciate how much diligence you put into your credentials to attain that level of expertise. However, they tend to be a given in this highly competitive market. Don't lament the effort you took to get there. Simply be aware that you need to differentiate your company, your products and yourself as a sales professional.

Let’s assume that in this scenario that the marketing department has performed admirably and placed a level A prospect into your hands to lead them to a close.

The research and engagement process now become a function of a one-time purchase or an ongoing acquisition of goods and services. However, the research and presentation phase do have similarities. It may be the terms and conditions that constitute the primary difference between the two types of agreement.

To get prepared for the engagement, work diligently to acquire a depth of knowledge about your prospect’s industry, company, company culture, company processes, constraints, individual location, and your decision makers.

Also assume that your prospect is looking for a solution sales engagement in lieu of the traditional question and answer sales process. That makes the preparation an ever more important ingredient. This is where having individuals onboard with deep experience in the prospect’s industry can pay huge dividends.

Never-the-less, here are some internal questions that will help your company to frame their expectations as you work the engagement process to a close.

One of the tools used to analyze the current position of a company and place it in capsule form is called a S.W.O.T. analysis.  The acronym stands for Strengths, Weaknesses, Opportunities and Threats.  This is a common form used by the senior executives of a company to describe the competitive position of the firm in their quarterly 10k reports.

 

 A description of the category content follows:

 

•        Strengths:  A description of the current and future strengths of the team.  This could include categories such as experience, product knowledge, market knowledge and close rates. For the company, this could involve product strength in the market, tech advantages, patents, management philosophies, research and development, cash, leverage, market position, pending product releases, customer relationships and international market penetration. All these factors contribute to the success of the sale team or individual.

 

•        Weaknesses:  Current and future weaknesses might include eroding margins, reduced product demand, technical disadvantages, employee talent depletions, and aging production equipment. For the individual producer, it may mean a failure to keep up with technology, a pessimistic attitude or a loss of focus and energy dedicated to selling the product. It could also simply be a deficiency in selling skills, which can be corrected with training.

 

•        Opportunities:  Increased market demand, a growing economy, competitor’s exit from a market, new product intro, marketing expertise, pending product development, leading technical expertise.

 

•                  Threats:  Patent expiration, new competitors, tax law changes, a weakening economy, loss of a production facility, radical product advantage by a competitor, senior management failures and pending legal actions. For the individual it could be low morale, a change in health or a concern about their future with the company.

 

 

The SWOT becomes a form of due diligence for management as they determine the strategies of the company.  Performing a SWOT analysis is an excellent example of keeping wisdom in view.  It also drives them to focus on opportunities and threats.  This focus keeps management from exploring frivolous ventures which are outside the scope of the company and incur unacceptable risks.       

If available, diligently research the prospect’s 10K report. Look under the financial reports or annual report on their website to discover this information.

Look for associations where your prospect company may be a member. Associations will often provide an objective overview of the industry, their competitive situation, average margins, and net profits. Comprehensive industry reports may be available for sale.   

Try  https://www.thomasnet.com/profile to start your research by viewing their website.

Obtain the names of their executive staff and search LinkedIN for a profile.

Google individual names and company names via Google to reveal more detail.      

Try:  https://www.dnb.com/marketing/media/dnb-hoovers-free-trial-business-database. For contact names and company profiles.                                                                                                                  

 

As you continue your research, ask yourself these questions. Dig deep until you are confident that the answers will provide your team with the level of insight that will give you a competitive edge.

What issues have driven them to explore a purchase with your company?

What is the highest priority for your prospect?

What product features, functionality and benefits will cause them to make a decision in your favor?

What goals will your product help them achieve?

How can you make the buying decision process as easy as possible?

Explore the psycho graphics of the prospect’s personnel and their responses in conjunction with your marketing message. Any insights here?

Discover the prospect's capital budgeting process and the calendar time frame when the funding takes place. i.e. When do they expect to make a decision?

What amount is in their budget that will allow them to acquire your product?

Have your competitors established trust bonds with the primary decision makers that will require you to place more effort in that area?

Who is on the qualification and budgeting team? How will you build a bond of trust with those individuals?

As a subject matter expert in your product and its applications; what changes would you propose to their expectations?

Does your prospect have a qualification questionnaire that must be submitted and approved by the customer?

Where are you planning to put your presentation emphasis regarding price, quality and service?

Ask for a pre-bid or pre-final presentation meeting with the decision makers to clarify that you are going to meet their expectations. Include your team members with the most acute level of social intelligence to read the prospect’s personalities and motivations. Be aware of the DISC personality profiles and work diligently to apply them in this sales engagement. Personal meetings are superior, but not always practical. Be willing to agree that the meeting to be a tele-meeting format to allow for full attendance.

Be aware of your competition's strengths and weaknesses. Do they have signed supply agreements in hand with your prospect? When does it end? (Be aware it is very difficult to unseat an incumbent supplier) 

Objectively evaluate your company’s product strengths and be prepared to press that information to the proper buying influences.

Are there company approved brand names which lock them into a strong relationship with your prospect? Can you earn distribution rights for that brand?

Research your prospects and be aware of the constraints they are operating under. Financial? Raw Materials? Labor? Energy? Legal? Senior Management Mandates?

Gather your sales and marketing team together and brainstorm your competitive advantages versus your competitors.

Remember this is a process, not a Hollywood movie plot where final decisions are made in two hours or less. Be patient, be thorough and be focused on the customer’s requirements.