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Gathering information is similar to the way you process leads in your sales funnel. Just like every lead doesn’t result in a client, every piece of information you uncover doesn’t necessarily end up in your presentation. Figure 2-1 shows you how a presentation funnel works. You fill your funnel with the information you gather in this section. After you have the information, you use it to develop your value proposition, which you can read about in Chapter 3, and help you build a persuasive case, as I cover in Chapter 4.

Illustration by 24Slides

Figure 2-1: A presentation funnel: how the information you gather helps you construct your presentation.

Fortunately, information is easier to come by than ever before. That also means your competitors can easily access it as well so dig a little deeper to stay in the lead. Here are some places to search and what to look for:

Searching the prospect’s website

All sorts of information about your prospect and her organization is available to you on a company’s website. The company history, key executives, products or services, and marketing messaging are some of the things you want to check out, but also look for the following:

✔ Company goals and strategic initiatives: Most companies have a vision or a corporate objective that it has set for the coming year. For example, “We want to increase market share by 10 percent this year.”

✔ Community involvement: Look for pet projects or sponsorships. Perhaps the company sponsors a local sports team or runs an annual food drive for the homeless.

✔ White papers or case studies. Often organizations produce publications that address issues within their industry or show how they have helped solve problems for their customers. These can provide valuable insight into topical issues and industry trends.

Relying on other sources

A company’s website isn’t a full picture of your prospect. Finding out what others are saying about your prospect is equally important. Here are some places to look:

✔ Reports by industry analysts: Identify the trends or developments in your prospect’s industry that affect how she views the problem. Most industries have recognized thought-leaders that provide research and whitepapers, for example, Gartner.com and Techrepublic.com for technology, and Jdpower.com for many other products and brands.

✔ Business data sites. Several companies provide competitive information and statistics. Hoovers.com and Data.com provide you access and reports for a fee, while Owler.com is a free crowd-sourced company sharing site for competitive information.

✔ Google advanced search. If you master a few tricks on Google, you can find all data published on other sites about your prospect’s organization. For example:

● Allintext: By entering “allintext: company name,” you get a list of sites where your company is mentioned.

● Phrase search: Enclosing the exact keywords you want to search in quotation marks results in only sites that have that specific information, for example, “ABC Organization U.S.”

● Time and date search: If you’re looking for information from a specific time period, enter “daterange: company 2014-2015” to see results confined to that time period.

✔ Social media: A wealth of information on your prospects is available through sites like LinkedIn, Twitter, and Facebook. This information is helpful in getting to know the people you’ll be presenting to. Furthermore, you can also use it to listen to what other customers, employees, competitors, or vendors who have experience working with your prospect are saying about the company through several free social monitoring sites, including:

● SocialMention: Simply plug in the name of your prospect and Socialmention.com searches 100+ social media properties for mentions of the company.

● Hootsuite: Monitor in real time what people are saying about your prospect on social networks, like Twitter, LinkedIn, Facebook, Google+, and Wordpress with Hootsuite.com.

Speaking to decision makers and key influencers

In a more complex B2B (business-to-business) sale, the stakes and the competition are high, and a consensus usually is required to make a decision. In this case a more thorough discovery process involving speaking to key individuals within the propect’s organization is necessary to help you develop a focused, tight case and differentiate yourself from your competitors.

The best source of information about a company is the one that is often skipped by most salespeople: the company’s own employees, particularly problem owners, stakeholders, and other key influencers. Nothing sets you up for success more than having a conversation with these key people within your prospect’s organization. These conversations should take place early in the planning process so that you can get on these individual’s calendars and incorporate any valuable findings into your presentation. The following sections walk you through how to set up and conduct a discovery conversation.

Asking for a discovery conversation

A discovery conversation is a one-on-one meeting or phone call with someone in your prospect’s organization who can provide insight or shed light on the challenge you’re addressing in your presentation. Don’t be shy about asking for input. It’s a fair and reasonable request that benefits not only you, but also the prospect. Gaining a better understanding of your prospect’s needs shortens your presentation and allows you to provide a more accurate and precise recommendation. The following steps help you secure a meeting with key individuals within your prospect’s organization:

1. Ask your primary contact for three or four names of key people to speak with.

These names may be people who will be attending the presentation, key influencers, or those who work behind the scenes and who are able to provide insight on the problem or challenge.

2. Send a short, to-the-point email requesting a call or meeting with each individual.

Use one or two sentences to describe why you want to speak and how much time you’re requesting, (for example 20 to 30 minutes.) See Figure 2-2 for an example. You can use the same template for each person, but be sure to personalize the names and contact information for greater response.

3. Offer two or three different options of times to speak.

4. Use a subject line that identifies your contact to increase your acceptance rate.

5. Follow up with a meeting invite to secure the time on the person’s calendar.

Illustration by 24Slides

Figure 2-2: An example email request for a discovery conversation.

If prospects are hesitant to speak with you, they typically don’t see the value. A quick statement like the following can make it easy for them to see the benefit in speaking with you: “I understand you’re busy, which is why I don’t want to waste any of your time (or your manager’s time) during the presentation. Your input now will help me make sure I can get right to the point during the presentation and be sure to address your top concerns. Does that make sense?”

Conducting a discovery conversation

The key to a great discovery meeting is knowing what you want to find out and leaving room for your prospect to surprise you. For example, you may uncover additional challenges, competitive insights, or strategic goals that help you more closely align with your prospect’s needs. Following are some key findings you want to look for when speaking with someone in your prospect’s company:

✔ Get everyone’s point of view. Don’t assume that everyone within your prospect’s organization has the same understanding of the problem or agree on the solution. Ask each person her perspective on the problem and expectations of a solution. You want as full a picture as possible. If the answers are conflicting, circle back with your primary contact and ask for help to ensure that you understand the issues so that you can properly address the best interests of the company.

✔ Understand the decision-making process. Figure out how the prospect makes decisions. Does the organization have a formal process? Do all decision makers have equal say or does one person’s opinion have more weight? The more you know about the decision-making process, the more you can tailor your message. For example, if the CEO is the sole decision maker, you know to structure your presentation more around how your solution impacts the organization as a whole and less around the details of the process. See Chapter 3 for tailoring your message to decision makers.

✔ Define the personal impact. In addition to discovering how the current problem affects the organization, determine how it affects each prospect individually. The closer to home you can bring the problem and solution, the more powerful and memorable your presentation.

Comprehending additional benefits of discovery

In a competitive market more than likely you won’t be the only one asking your prospect questions prior to the presentation. In fact, your competitor may be asking many of the same or very similar questions and use the answers to help build a case for its product or service. If you’re the third or fourth vendor doing the questioning, your prospect’s answers can sound quite perfunctory. Set yourself apart by recognizing the following underutilized benefits of the discovery conversation:

✔ Revealing insights. Each question is an opportunity to gain insight around a prospect’s experience, expectations, and preferences. Don’t just settle for a pat answer. Take a four-year-old’s approach and ask why. Why do you do things that way? Why are you considering that option? Ask your prospect if there’s anything you may have missed. You’re looking for anything that can give you an insider’s view, which may include information on how bad the problem is, what’s at stake, and why the prospect needs to make a change. The answers you receive can help you to tailor your presentation to fit your prospect’s needs and expectations. Read more about applying insights in Chapter 3.

✔ Speaking your prospect’s language. Every company has its own buzzwords and acronyms. Instead of expecting the prospect to learn your language, make the effort to learn the prospect’s and incorporate some of the terminology into your presentation to build your credibility. For example, does your prospect call its salespeople “account executives” or “business consultants”? Does it refer to “customers” or “clients?” You may want to ask pointed questions about how your prospect refers to specific things or just take note of her word choice when she speaks.

✔ Planting seeds. The discovery conversation isn’t the time for a full-court sales press, but you do want the prospect to get off the phone with a sense of excitement and anticipation about your presentation if she’s attending, or a motivation to pass on her support if she’s not. Statements like, “It sounds like you could really use the extra time to focus on your new responsibilities if this were resolved quickly” can set expectations early. Aim for subtlety and be careful not to slip into a full-on selling mode.

✔ Building rapport and interest. Asking questions isn’t just about getting answers. You have a prospect on the phone or in person, so use this valuable time to strengthen your relationship and create some early interest going into your presentation. Here are some effective ways to do so:

● Really listen. The discovery conversation is the time to listen. End users in particular may have never been asked their opinion before and therefore may be more than happy to share given the chance, so keep your pencil sharp and listen. This time isn’t just about checking off a box. Don’t make assumptions or finish your prospect’s sentences. You’ll have plenty of time to speak during your presentation.

● Repeat back. Make sure that you’re clear on your prospect’s meaning, especially on important points, by repeating back to her what you heard her say. If you don’t understand something, ask questions until you do.

● Respond with empathy. Your conversation isn’t a therapy session, but it also isn’t a deposition. You’re talking to real people about real problems. Taking a moment to express appropriate emotion can go a long way toward establishing rapport. For example, “Wow, that sounds really frustrating” or “I imagine that must create a lot of pressure for your department,” will make your prospect feel validated and may get them to open up more.

Defusing potential objections

Not preparing for objections – reasons your prospect would have to not move forward with the sale – is like waterskiing without a life vest. You may glide along just fine for a while, but when you hit the water, you’re going to be glad you planned ahead. Although most salespeople prepare to address objections in their presentation, you can begin to neutralize many of them early in the planning stage before positions have hardened by doing a thorough job of discovery with your prospect. Following are some common objections that may come up in your initial prospect calls or discovery conversations and how to nip them in the bud or lessen their impact during your presentation. Check out Chapter 15 for more tips on handling objections.

✔ It’s not that bad/we’re in no hurry/other decisions are more pressing. These objections all fall into the “lack of urgency” category. You can usually handle them early on by getting the prospect to acknowledge or share the full financial impact of not solving the problem. If the prospect still brings up her objections in the presentation, you’ll be able to remind your prospect of the cost of delay.

✔ It’s too expensive. When price is an issue, the prospect doesn’t perceive enough value in your solution. Reaching agreement early on about the impact of resolving the problem or embracing the opportunity allows you to compare that cost objection to the value you’re providing. If this objection still comes up in the presentation, reflect the agreement on the financial impact back to your prospect and ask him if anything has changed since you last spoke.

✔ We prefer a competitor. Consider this objection a gift if it comes up early in the planning stages of your presentation. Armed with a competitive analysis (see the next section), you can emphasize those attributes that differentiate you from your competitor throughout your presentation. Focusing on competitive strengths without necessarily mentioning your competition early on can diffuse this objection as can opening designed to address the objection.

Analyzing your competition

Some salespeople have a tendency to skip over this step. After all, you run up against the same cast of characters all the time. However, two important reasons not to underestimate your competition are

✔ Familiarity breeds assumptions. With so many new things to contend with each day, people often overlook that which they already know. That tendency to undervalue a competitor, “Oh, they’re not a big threat,” or operate off of old data “They’ve never been competitive in this niche” can lead to unpleasant surprises. Shifts in strategy, new product launches, or marketing campaigns can impact your prospect’s perspective. Check your competitor’s website and industry reports to get the most current messaging. Social media is a valuable resource for finding out what customers are saying about working with your competition. Approach each competitor with a fresh eye to maintain a competitive edge.

✔ Bias blinds you. Being critical of your competition is easy, but if you look at your competitors objectively, you can notice that they probably do some things well. In fact, they may even be able to solve your prospect’s problem – maybe not as quickly, smoothly, or thoroughly as you – but they can probably do it. It’s to your advantage to be as objective as possible about your competition in order to outsell them.

Rounding up the usual suspects: Who is your competition?

You probably already have a clear idea of who your direct competition is for this opportunity, but depending upon the scope of the problem, some additional players may have entered the field. Make sure that you prepare for each of them.

✔ Direct competition: Direct competitors are the companies you probably compete with on a regular basis. You typically share an industry, product, service, market, and/or niche.

✔ Potential competition: Although not direct competitors, these companies may overlap with you in a specific area, or they may be a less obvious choice. For example, if you’re selling insurance, you’ll certainly compete with other insurance carriers, but in certain cases you may also find yourself up against firms that outsource HR services as well.

✔ Invisible competition: Many salespeople often overlook this category and major player. Your invisible competition is all the other priorities that are competing for the time, attention, and budget of your prospect. For example, your prospect may be considering a big capital investment in equipment, opening a new office, or sponsoring a community project. Getting a clear picture of who or what is competing for the same piece of the pie gives you greater insight into the decision-making process and helps you position your product or service.

✔ The status quo: This may be your toughest competitor. Regardless of the business challenge that you’re addressing, the status quo is almost always a major contender for two primary reasons:

● Many products that require a sizable investment, such as infrastructure, construction projects, or enterprise software, often lead to additional investments in other areas like training, staffing, or upgrading other systems. Change at this level can be overwhelming and lead to procrastination.

● The status quo is the path of least resistance. People get comfortable with the tried and true, no matter how flawed. In this case, the pain of not changing has to be greater than the pain of changing. Always treat the status quo as a favored competitor to avoid being blindsided.

Doing a competitive analysis

Knowing how you stack up against your competition is important as you start to develop your presentation. Getting an accurate handle on your competitors’ strengths and weaknesses helps you position your product or service accordingly and highlight key differentiators. Here are some areas in which you’ll want to look:

✔ Product: What are their primary capabilities and how do you rank against each? Are they a specialist in your prospect’s niche or industry or do they lack experience in this area? How does that compare to you?

✔ Service: How do their service models, prices, and response times compare to yours?

✔ Pricing: How do you compare in terms of base price, add-ons, upgrades, and so forth?

✔ Delivery: Are they fast, reliable, and on time? Are their prices for these services clearly disclosed and competitive?

✔ Resale: How does their product hold its value?

✔ Support: What type of support staff do they have when problems arise? How does it compare to your support?

✔ Marketing messages or themes: What marketing promises are they making or expectations are they reinforcing in the market?

✔ Unique selling proposition (USP): What is their USP and how is it different from yours?

✔ Company outlook: Are they poised for growth or taking a loss? Consider mergers, acquisitions, and hiring activity.

✔ Customer experience: What are their customers saying about them in social media? Are they able to deliver on all promises?

Putting together a competitive analysis chart like the one in Figure 2-3 can help you quickly see where your strengths and weaknesses are in relation to your competition and help you focus your efforts.

Illustration by John Wiley & Sons, Inc.

Figure 2-3: An example of a competitive analysis chart.

Identify one or two competitors and write their name at the top of a column. Begin by ranking your product or service from 1–5 against the competitive factors on the left. Then, do the same for your competition. When you’ve completed the chart, note which company has the advantage in each area. Play up those areas where you have a distinct competitive advantage in your presentation and find ways to shore up or have a ready response for those areas where you aren’t as strong.