Sales Researching
Research is the secret weapon of a sales champion! Arm yourself with knowledge and conquer any sales challenges, I will discuss what sales research is all about, its key elements, considerations, and tips to score more deals with B2B prospects.
What Is Sales Research?
While we will deal with cold calling in another article, sales research is important before cold calling because it allows salespeople to understand the needs and pain points of their potential customers. By researching a company’s industry, competitors, and specific business challenges, a salesperson can tailor their approach and messaging to be more relevant and effective. Additionally, research can also help a salesperson identify key decision-makers and understand the company’s purchasing process. This can help increase the chances of success in cold calling and improve the overall efficiency of the sales process.
However, in recent years, with the emergence of data analytics, intelligent CRMs and the COVID pandemic, salespeople will need to upgrade their sales prospecting skills in order to meet new demands and yet maintain a branding presence on behalf of their company.
1. Research about Sales Updates and Emerging Trends
Here’s an interesting example:
Marc Wayshak of Sales Insights Lab has interesting information to share about what top-performing salespeople do differently in a research survey. His findings show that:
Top performers make 54 percent more conversation switches on calls, whereas presentations generate 78 percent, preventing long monologues.
Takeaway: Salespeople must listen actively and create more conversational back-and-forth (constantly follow-up using quick questions) to increase the likelihood of ultimately closing the deal.
The discovery calls of top performers are 76 percent longer than average performers.
Takeaway: Top salespeople can engage prospects in longer conversations than others.
Top sales reps talk about product features less.
Takeaway: Prospects don’t care about the bells and whistles of the products and services you offer. They only care about whether you can solve their problems. So ask the right questions! Some examples include :
- How do you measure success in your marketing efforts?
- How would you divide your lead generation strategies? For example digital marketing, physical events, media collaboration and etc.
- What are your key priorities this quarter?
- What kind of challenges arise in your marketing plan ? (In terms of getting new leads)
- With your previous marketing plan, how is it helping the company to receive more engagements from your target audience?
2. Research About Your Prospect
Let’s say you’re about to present a sales proposal to a B2B client. Are you confident enough about the prospect information you have at hand? If not, then you need to research more in-depth information about your prospect first.
As much as you’re knowledgeable about your product or service, knowing what your prospect needs and wants will make a huge difference. That’s when sales prospecting comes into play.
According to RAIN Group, top-performing sales reps generate nearly three times more sales meetings through prospecting as compared to those who don’t.
Sales prospecting involves searching for potential clients for your products, services, or solutions, moving them down the sales funnel, and eventually converting them into revenue-generating customers.
Cambria Davies of HubSpot shares key steps on how to prospect, which include the following:
- Research your prospect’s business to determine whether you can offer great value.
- Prepare a personalized sales pitch.
- Ensure you’re helping the prospect, not selling.
- Iterate your sales prospecting process to become better.
3. Research Sales Channels
B2B clients aren’t only in the four corners of their offices. With digital technology, B2B clients are also active through online channels. Therefore, I highly recommend researching the potential channels where you can obtain prospects and score deals.
Here are some examples:
- Social Media (such as LinkedIn)
- Corporate Events (like in-person seminars and conferences)
- Virtual Events (such as Webinars, Keynotes, and Executive Roundtables)
Use the tips above to craft your sales research workflow. Kickstart your sales research strategy today!
Stay tuned on this subject in future articles as I will share more specific tactics that you can research on, to WOW your prospect.
Disclaimer note:
The opinions expressed in this post are those of the author. They do not purport to reflect the opinions or views of ThinkLogic Media Group or any company and their associates.
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