This is the Twelfth in a series of articles for e-learning for Advanced Sales Training for IT and High-Tech Sales "Sales Strategy, Understanding Your Customer Part 4: Changes Affecting Your Customer -Identifying Internal & External Opportunities.”
Advanced Sales Training for IT and High-Tech Sales: Understanding Your Customer P4
Changes Affecting Your Customer
Advanced sales training in IT and high-tech sales, includes powerful tools and techniques for understanding and improving your customer’s business performance. This is not just about knowing your customer’s immediate needs. It's about delving deeper into their business environment, challenges, and future aspirations.
This article provides a guide to two powerful analytical tools, P.E.S.T.L.E analysis and SWOT analysis for sales professionals to deeply understand their customers, ultimately leading to more effective sales strategies and stronger customer relationships.
Why Understanding Your Customer Matters
Building Strong Relationships:
- Knowing your customer’s business inside out helps in building trust and long-term relationships.
- A deep understanding leads to offering solutions that are precisely aligned with the customer's needs.
- In a market crowded with generic sales pitches, a customized approach sets you apart.
This tool stands for Political, Economic, Social, Technological, Legal, and Environmental analysis. It helps sales professionals understand the broader context in which a customer operates. By analysing these six factors, you can gain insights into market trends, regulatory changes, technological advancements, and social dynamics that might affect your customer's business. This understanding allows you to identify opportunities for helping your clients succeed by tailoring your solutions more effectively to the customer's needs and the external factors influencing their business.
- Political Factors: How does the political environment impact your customer's industry?
- Economic Factors: Consider economic trends that could affect their budget and spending.
- Social Factors: Understand the cultural and social dynamics that might influence their business operations.
- Technological Factors: Stay updated on technological advancements that can either pose a threat or an opportunity to your customer.
- Legal Factors: Be aware of any legal constraints or opportunities in their sector.
- Environmental Factors: Consider environmental aspects that could impact their business strategies.
- SWOT Analysis
Standing for Strengths, Weaknesses, Opportunities, and Threats, this tool is more focused on the internal aspects of a customer's business. It helps in identifying what the customer is doing well (strengths), areas where they are lacking (weaknesses), potential areas for growth or improvement (opportunities), and external factors or competitors that may pose a risk (threats). By understanding these elements, you can better position your product or service as a solution that addresses specific needs or challenges.
The key to effective use of these tools in sales is not just gathering information but translating that information into actionable insights that can inform your sales strategy and approach.
- Action Steps
- Train Your Team: Ensure your sales team is well-versed in these analytical tools.
- Involve Your Team: Collaborate with your team for diverse perspectives.
- Conduct Regular Analyses: Schedule regular sessions for P.E.S.T.L.E and SWOT analyses and update your analyses to stay aligned with changes in your customer’s business environment.
- Customize Your Approach: Use insights from these analyses to integrate into your sales strategy and shape your sales approach and communication for each customer.
Incorporating P.E.S.T.L.E and SWOT analyses into your sales strategy transforms how you approach your customers. It enables a deeper understanding, fosters more meaningful conversations, and paves the way for more effective sales strategies and stronger customer relationships. Ultimately it leads to the delivery of solutions that resonate with your customers’ core business challenges and aspirations.