The business of knowing your customer's business. The key to selling value

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Marilyn Janas

Managing Partner

ValueSelling Associates, Inc.

May, 13 2014

The business of knowing

your customer’s business:

The key to selling value


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


Business acumen

Business acumen is keenness and quickness

in understanding and dealing with a business situation.

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.”


The relationship:

Relevance

Credibility

Knowledge


The steps to create business literacy

Investigate Prepare Predict


The steps to create business literacy

Investigate Prepare Predict


Investigation

Local information

– Business Journals

Industry information

– Associations

– Trade Press

– Lists

Company Information

– Financial statements

– Executive Messages

– Analyst Reports


Research about them and the company/agency

Look for trends in key financial metrics

How does this company describe, manage,

and measure the business health?

Company/agency website

Earnings report (if public)


Predict

Business Issues

Business Goals

Business Objectives

Business Strategies

Business Initiatives


Problem

Combination of people, process and

technology challenges

Business Issue

What customers need to address and

resolve to achieve business objectives

Value created by resolving business issues

Business

Objective What customer needs to accomplish

to maintain or grow their business


Has a direct business impact

Will align to a business objective

May need to be discovered

Has a cost and a

corresponding value

Buyer’s perspective may vary

depending on their level

within an organization

Characteristics of a Business Issue


Questions to uncover Business Issues

What’s your #1 priority or challenge?

What stands in the way of contributing

to your company’s objective?

What’s most important concern

that you need to address?

What customers need to address or resolve

to achieve business objectives


When the answer is a problem…

and not a business issue

Ask “why?” “Why change?” “Why look for a solution?” “Why is this a priority now?”


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.

14


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

Solution

Capabilities any vendor needs to

supply to enable customer to properly

address their business issues

Value is created by solving Business Issues


Justifying the sale

Tangible Business Value:

Measurable or quantifiable positive impact on the business issue.

Value

Benefit

Cost


What can you do today?

Commit to staying current and relevant!

Industry

Financial literacy

Specific company knowledge

eExecutive ValueSelling Course


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

Go to Resources > Webinars

http://www.valueselling.com/


Questions?


Next webinar

Handling Objections

June 12, 2014

9:00 AM PDT

Julie Thomas

President and CEO

ValueSelling Associate


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Thank you

Marilyn Janas

[email protected]

+1 619 674 9600

Sales

The business of knowing your customer's business. The key to selling value