In a previous blog post, I shared 3 points to help succeed in the current virtual B2B selling environment. Virtual selling isn’t going away and it’s important to embrace and master the keys to succeeding. One thing that seems like Selling 101, but warrants further discussion is ‘doing your homework’.

Customers have zero patience for educating you about their business from scratch. The best way to earn their respect and patience with your pitch is to show that you understand their business and industry, thus have a better chance at helping them connect the dots on how they can get value from your solution.

Here is a list of some of the key information you should have a handle on before you talk to a prospect:

  • Their industry
    • Who are their key competitors?
    • What trends are impacting their industry?
      • e-commerce, globalization, regulations, etc.

 

  • What they do within the industry
    • What is their value proposition and how do they differentiate themselves?
      • Do they focus on a certain ecosystem within the industry (if they make learning software, do they sell the software to consumers, public schools, and/or higher learning institutions)?
      • Do they provide both products and services to their customers (if services, what kind of services and is that a unique differentiator)?

 

  • Basic company information
    • Are they public or private?
    • Who is the CEO/their background?
    • Where is their HQ?
    • How long have they been in business?
    • Are they owned by a larger company?

 

  • How do they sell and market themselves?
    • What sales channels do they use?
      • Direct selling, inside selling, e-commerce, etc.
    • What marketing channels do they use?
      • Ads, social media, partnerships, etc.

 

  • Who is your contact? (do your LinkedIn research)
    • What is their role?
    • What is their background?
    • Do you have any common acquaintances/connections?

 

  • What are the biggest issues/challenges the organization is facing/thinking about?
    • Are they technologically behind?
    • Do they have labor/workforce issues?
    • Are there new regulations that are increasing their costs or causing logistical issues?

The last bullet (your prospect’s issues/challenges) is where you will most likely need to make a guess based on the other information you have; it doesn’t matter if you are right or wrong when you present this hypothesis to your prospect: they will be impressed that you have done your homework! That is also where you will ideally have the chance to explain how your solution(s) help them address/overcome any challenges they are facing.

The importance of doing your homework applies to following up on leads and referrals also. Just because you have been hand delivered a hot lead doesn’t mean that you can short circuit the basics. Doing your homework will impress your prospect and allow you to spend more time addressing how your solution addresses any pain points they may be experiencing.

Of course, it’s possible that you won’t be able to answer all of these questions before your first sales call, but it will be easier to fill in the blanks of what you are missing in that conversation if you are able to exhibit some foundational understanding of their world.

Are there some things missing from this list? Please comment to share your thoughts!