The Business of Knowing Your Customer’s Business – The Key to Selling Value Julie Thomas ValueSelling Associates April 19, 2013 © 2013 ValueSelling Associates Inc. All Rights Reserved. 1

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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 Today’s Objectives

Business Acumen Business acumen is keenness and quickness in understanding and dealing with a business situation. Business literacy the knowledge and understanding of the financial, accounting, marketing and operational functions of an organization Acumen as "the ability to make good judgments and quick decisions" © 2013 ValueSelling Associates Inc. All Rights Reserved. 4

The relationship: Relevance Credibility Knowledge © 2013 ValueSelling Associates Inc. All Rights Reserved. 5

The steps to create business literacy © 2013 ValueSelling Associates Inc. All Rights Reserved. 6 Investigate Predict Prepare

Investigation Local information – Business Journals Industry information – Associations – Trade Press – Lists Company Information – Financial statements – Executive Messages – Analyst Reports

Investigate: Research Research about them and the company/agency (looking for challenges they may be facing – helps us connect to Business Issue…) - Company/agency website - Earnings report if public Look for trends in key financial metrics How does this company describe, manage and measure the business health

Predict Business Objectives Business Goals Business Strategies Business Initiatives Business Issues © 2013 ValueSelling Associates Inc. All Rights Reserved. 9

Value created by resolving business issues What the organization needs to accomplish to maintain or grow their business/entity Problem Business Issue Business Objective What the organization needs to address and resolve to achieve business/entity objectives Difficulties that prevent them from being able to satisfactorily deal with or resolve business issues – technical/process/people © 2013 ValueSelling Associates LLC. All Rights Reserved. 10

Characteristics of a business issue Has a direct (business) impact Will align to a (business) objective May need to be discovered Has a cost and a corresponding value © 2013 ValueSelling Associates LLC. All Rights Reserved. 11

Questions to uncover business issues What’s your #1 priority or challenge? What stands in the way of you contributing to organization’s objective? What’s most important concern this year? What customers need to address/ resolve to achieve business objectives © 2013 ValueSelling Associates LLC. All Rights Reserved. 12

© 2013 ValueSelling Associates LLC. All Rights Reserved. 13

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. Anxiety Confirming Probing Open © 2013 ValueSelling Associates LLC. All Rights Reserved. 14

Value created by resolving business issues What customer needs to accomplish to maintain or grow their business – could be labeled a business goal ValueProblemSolution Business Issue Business Objective What customers need to address and resolve to achieve business objectives Difficulties that prevent them from being able to satisfactorily deal with or resolve business issues Capabilities any vendor needs to supply to enable customer to properly address their business issues – could be labeled a business strategy or initiative 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 © 2013 ValueSelling Associates LLC. All Rights Reserved. 15

Justifying the Sale © 2013 ValueSelling Associates Inc. All Rights Reserved. 16 Tangible Business Value: Measurable or quantifiable positive impact on the business issue.

What can you do today? Commit to staying current and relevant! Industry Financial literacy Specific company knowledge eExecutive ValueSelling Course © 2013 ValueSelling Associates Inc. All Rights Reserved. 17

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 Under the Knowledge & Insights tab, scroll down and click on Webinars Left-hand side of page, click on Webinar Archive © 2013 ValueSelling Associates Inc. All Rights Reserved. 19

Questions

Next webinar “Creating Urgency – When and How to Insert Anxiety into Your Sales Conversation” May 14, :00 PM Pacific Standard Time © 2013 ValueSelling Associates Inc. All Rights Reserved. 21

Julie Thomas (858) © 2013 ValueSelling Associates Inc. All Rights Reserved. 22 Contact ValueSelling Associates