Sales training initiatives often overlook the importance of in-depth and on-going training and self-directed learning on business acumen. Business acumen is often what separates sales people who are seen as long-term trusted advisors and the sea of order takers out there who struggle to make quota.
In the competitive sales landscape, a common assumption by many salespeople and sales managers is the need for more leads to fill the funnel. This perception is often wrong. At times, the underlying issue isn’t a dearth of leads, but rather the capacity to convert them effectively. One significant contributor to this conversion challenge is the lack of in-depth business acumen on our sales team. This deficiency can diminish a salesperson’s credibility during customer interactions.
When delving into business acumen, the starting point is discovery conversations. Before initiating contact with clients, it’s essential to pose some fundamental questions:
- Do I comprehend our primary market segments?
- Am I familiar with their businesses, clientele, industries, and market dynamics?
- As someone in sales, do I grasp the top five to ten objectives, impediments, and challenges of a typical client in my domain?
For instance, if my target is small to mid-sized telecommunications companies across the United States, am I well-versed in the primary goals, obstacles, and challenges they currently face in the market? Moreover, do I understand how our solutions uniquely address these challenges, and are we the best solution providers in the sector? This knowledge isn’t inherent; it requires dedication to education.
Shane Gibson Keynote Speaker and Author Video Short on Building Business Acumen:
As sales leaders, it’s our responsibility to equip our teams with the insights, sales training, resources, and tools necessary to unearth these insights. It’s equally imperative that sales professionals embrace the commitment of continuously educating themselves on these aspects.
The goal in discovery discussions or meetings is to craft questions that highlight the top challenges that our solutions can address uniquely and effectively. While the typical questions a salesperson might ask have their place, the primary focus should be on those queries that reveal these key drivers. A competent salesperson today is constantly seeking industry knowledge, keeping abreast of trends, technology, and market developments. In essence, they should transition from having basic knowledge to being experts teeming with specialized industry insights.
So, how do we achieve this acumen prowess?
- Industry and Persona-Specific Training: For example, if a salesperson’s target is a service manager at an automobile dealership, they should undergo a training program to truly understand the day-to-day challenges of that role.
- Ongoing Business or Industry Education: Equip your team with an arsenal of resources, from conferences and webinars to industry publications.
- Weekly Stand-Up Meetings on Market Insights: Assign each team member to share new insights they’ve gleaned that week. This could be about competitive shifts, regulatory changes, or evolving consumer behavior.
- Client Focus and Use Case Meetings: Interacting with satisfied clients who’ve integrated your solutions can offer profound insights. Regular interviews help understand the real-world impact of your products, gathering valuable case studies and narratives for future sales pitches.
- Internal Team Interactions: Regular meetings with internal experts, like product developers or the CTO, can offer deep product knowledge and insights into future developments.
- Follow Industry Leaders: A list of top industry influencers and leaders can guide salespeople on whom to monitor for evolving trends and insights.
For those in sales leadership positions, fostering a culture where sales teams are not just transactional order-takers, but insightful consultants, is essential. It’s pivotal to evolve beyond just understanding features and benefits or merely taking orders. Modern sales training methodologies and today’s buyers require us to deliver value, insights, and leadership. Listen to the entire sales podcast on Spotify or Apple Podcasts.
