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Determining the Key Things You Need to Know
The success of your presentation is dependent on the quality of your information. Without relevant, insightful information, you can’t make a persuasive case and build value for your prospect. You’ll open yourself up to competition, negotiations on price, and longer buying cycles. If you’re selling to the C-suite — an executive with the letter C in his title, for example CEO, CFO, or CTO — you won’t win their attention or respect. That should make you want to spend more than a little time making sure you have the information you need.
In a world of information overload, more isn’t always better. If you gather enough material to write a book on your prospect’s problem but haven’t uncovered what other options she’s considering or the impact of the problem on her organization, you’ve wasted much of your time. Whether you have a month to prepare or you have to do a presentation on short notice — you’re responding to a web lead or referral, or simply a prospect who has an urgent need that can’t wait — you need the same type of information to create a new presentation or adapt a current one to fit your prospect’s needs.
In the following sections I introduce some of the key areas of information that you need to tailor your presentation to your prospect and provide an example of how to apply them on short notice.
Identifying the challenge or opportunity
You may have a good idea of what your prospect’s business challenge is but it’s important not to make any assumptions at this early stage. Often times what the prospect thinks is her problem is really part of a larger problem. Be as specific as you can when defining the problem or opportunity. For example, “They’re evaluating options to replace their current telecom system because their current system is unable to handle the volume and their contract is up for renewal” is a clearly defined scenario that can guide you as you start to build your presentation. “They’re interested in hearing about our system,” is vague and can lead to a generic overview presentation unlikely to resonate with your prospect.
Uncovering the trigger event
People don’t typically wake up and say “Today I’m going to solve this problem.” Usually some trigger event or catalyst has brought the problem to their attention and motivated them to address it. Knowing what that event is can help you evaluate and gauge the prospect’s real desire to solve the problem. For example, “With the recent outbreak of security breaches in some well-known companies, they’re concerned that their customer-sensitive data isn’t as safe as it could be” indicates a real interest in a timely resolution of the problem and provides specific context to frame your message.
Recognizing the status quo
Unless the problem has just occurred or completely shut down your prospect’s business, it’s likely your prospect has developed some work- around solution. You need to find out how your prospect is currently dealing with the problem. Is your prospect whistling in the dark hoping the problem will go away? Or is she using a bandage when a tourniquet is clearly needed? Discovering how your prospect is coping with the problem can help you define the status quo, which may turn out to be your biggest competitor.
Defining the impact
Recognizing impact is key among today’s decision makers. Knowing how the problem currently is affecting your prospect and her organization, and the potential impact of your solution can help you to develop important metrics around cost and value. Not having this information places you in a weak position against a competitor who has done their homework in this area. Here are two types of impact questions you want to be sure and explore with your prospect:
What’s the impact of the problem? How much does it hurt and can your prospect quantify the pain? In other words, is your prospect just a little bruised or is she spending a thousand dollars a week on physical therapy? Understanding the answer to this question can help you establish value in relation to cost and assess your prospect’s motivation to change.
What’s the impact of the solution? Knowing the results of solving the problem or taking the opportunity can help you develop a sound value proposition — a clear statement of the results that your prospect can expect to receive from your product or service — for your prospect. Just like quantifying the impact of the problem, quantifying the value of the solution is just as important, especially if you’re presenting to an executive. The prospect may be able to provide you with this information, for example, “Solving this problem would eliminate two redundant jobs” or “Gaining this advantage would increase our margin by two cents per unit.” If you don’t get the information from your prospect, look for similar clients, case studies, or industry statistics to give you direction and make your best educated guess.
Agreeing on clear goals
How does your prospect spell success? The goal may be obvious, for example, “to replace our equipment with a newer model as soon as possible,” however many companies use some type of key performance indicator (KPI) to track and assess their business processes. It may be year-over-year growth in sales, return on investment (ROI), customer satisfaction, or retention rates. Whatever it is, define that measurement so that you can address performance in terms in which your audience can relate.
Identifying key players
Although smaller sales may involve only a single decision maker, most larger sales today involve multiple decision makers as well as key influencers and stakeholders — people who have an interest and/or influence in the product or service being purchased. Knowing who all these players are and what their role is in the decision-making process is important because you need to address each of their unique needs and interests to make sure your deal doesn’t get stalled somewhere along the way. Most of the individuals involved in your presentation fall into one of the following three categories:
Problem owner: These are the people affected by the problem and typically the ones who will be using your product or service or be directly impacted by it. For example, if you’re selling medical equipment, it may be a nurse or medical specialist. If you’re selling a CRM solution, it may be a salesperson. Although problem owners may not be directly responsible for making the decision or even be at the presentation, don’t underestimate these key individuals’ potential to make or break a sale. No organization wants to invest in a product or service that is a hard sell internally.
Problem solver: This is the person who is seeking a solution to the problem and may be your point of contact at the organization. This individual may be the same as the problem owner, or she may be a manager, a consultant, or a buying committee who has been tasked with evaluating and vetting vendors. Like the manager of a sales team who needs a CRM system, the problem solver may be directly impacted by the problem; however, even if she isn’t, she has a vested interest in the solution and your ability to do what you say you can do because her reputation is at stake.
Decision maker: This is the person who is ultimately going to write the check to solve the problem. For larger purchases, this is typically a person from the C-suite whose interests are broad and usually take into account how the decision will affect the organization as a whole as well as how it fits in with other corporate objectives. The decision maker may not be at your presentation, but it’s important to address her needs and expectations, especially providing financial validation and alignment of your solution to company goals to avoid your sale making it all the way up the ladder only to get vetoed at the top.
Getting a read on urgency
Having a prospect excited about moving forward only to be unable to meet her deadline is disappointing. Clarifying your prospect’s expectations and timelines up-front can save you a lot of frustration later. Finding out about any time issues, deadlines, or objectives also gives you a good handle on your prospect’s level of urgency. If she tells you there is no real timeline, take note. You may want to re-evaluate the opportunity, dig deeper into the impact of the current problem, or find out what would have to happen to make it a greater priority.
Understanding your competition
Even if you think you know what other vendors your prospect is talking to, asking the following questions is a smart practice because your prospect’s answers may surprise you and affect your messaging dramatically.
What/who else is the prospect considering to solve the problem? Knowing what or who your competition is going into your presentation is necessary to help you address key differentiators and competitive advantages; however, don’t stop there.
Why is the prospect considering them? Don’t assume you know the answers. Let the prospect tell you in her own words. After all, you aren’t competing against your competition as much as you are against your prospect’s perception of your competition. Identifying current or prior allegiances or loyalties now can save you a load of heartache down the road. Refer to the later section on “Analyzing your competition” for more information.
What is their buying history? Past behavior is the best indication of future behavior, so discovering how your prospect has made similar purchases in the past and what her experience was with them is certainly valuable. Were there any non commitment or payment issues? Take these factors into consideration as you evaluate the opportunity and if you win the deal.
Gaining an edge with logistics
Who, what, where, and when are basic questions that every vendor will ask, but some finer points you can use to your advantage include the following:
Who can you contact? Like most vendors, you want to find out who will be attending the presentation and what role each individual plays in the organization. Take it a step further and ask for each person’s contact information as well. Your real competitive advantage will come from reaching out to additional influencers and problem owners within the prospect’s organization prior to the presentation to gain insight and build rapport.
What is the format? Is this a high-level overview or a deep dive? Does your prospect expect you to follow a script or a particular agenda? How much time do you have? Although often the time is allotted to you as something like “90 minutes next Tuesday,” you may be surprised to find that you can get additional time if you ask for it. Take a more assertive role in the planning stage and ask first what your prospect’s expectations are and develop an agenda around it so you can recommend the time needed to address all concerns.
Where and when will it take place? In addition to the basic information on location and timing that every vendor will receive, find out ahead of time how the room is laid out, if you can get in early to set up, and if other companies are presenting, what the order is.
If you’re one of several presenting companies, always ask to go first. That way you get to set the bar, and the prospect will compare everyone else to you.
