Training Industry Magazine - Spring 2022 - 51
recovering/adapting to pandemic
impacts) and internal challenges
(talent retention and acquisition in
The Great Resignation). Thanks to
shrinking budgets and organizations
scrutinizing their bottom lines, sales
cycles are longer and include more
decision-making stakeholders. Data
is expected in purchasing decisions
to illustrate a clear ROI. Being nimble
and creative are no longer unique
distinctions - they
are
required
qualities of leaders in organizations.
A salesperson must be empathetic
about these things and insightful about
solutions, while translating the value of
what they are selling into a seamless
business conversation.
When developing salespeople and
providing them with educational
opportunities, here are tips to keep in
mind that will increase business acumen
and create better selling behaviors.
Know Your Audience
It might seem controversial to say that
not all salespeople need to be seen
as trusted advisors. But if they are
selling into a procurement department,
that might not be the best audience
for a holistic business discussion. A
procurement contact might be more
interested in direct answers and knowing
they have secured the best economy of
scale for their purchase.
Business acumen and thorough
research are required for conversations
with any kind of C-suite or senior-level
stakeholders in the decision-making
process. No matter who a salesperson
is
selling
to,
they must know their
audience and what their contacts value
in a conversation. Customers should
feel that a discussion with a salesperson
was a good use of their time.
If it is a business discussion with a
senior-level stakeholder, going in with
thoughtfully prepared questions about
the business will create a foundation
for partnership. Jumping into a features
and benefits conversation or asking
leading questions that segue into a
sales pitch will solidify vendor status.
Salespeople should use research
about their contacts, the company and
Know Their Business
Salespeople might think they have
strong business acumen, but most
C-suite executives will be able to
tell the difference between simply
name-dropping financial metrics and
asking insightful questions about the
economics of their business.
the industry to explore the contact's
business goals, needs and pain points
- then articulate how the product or
solution addresses those items. This
approach can lead to more meaningful
opportunities for both parties (for
a customer, discovering additional
capabilities or needs that can be
addressed; for salespeople, additional
business opportunities).
Taking a walk in a customer's shoes
means understanding the challenges
and opportunities in their industry, their
business model and what is important
to their customers. A knowledgeable
salesperson will always read the annual
report of any publicly traded company.
What challenges and successes does
the annual report mention? What risks to
the business? These are common items
included in the narrative that explains
the story behind the numbers.
Know Their Context
Consulting firms publish trends by
industry each year (and throughout
the year), as well as CEO and senior
leader surveys across industries.
Sales pros, if you cannot answer these questions,
you need to brush up on your business acumen.
Why do many organizations choose
EBITDA as a key profitability metric?
What is the difference between
cash and profit?
What are key financial metrics for
asset-heavy companies?
What are financial metrics for
platform-based companies?
What external events are impacting
your customer most right now?
What specific financial metrics
are unique to your customer's
industry? For example, crack
spread in the oil and gas industry,
RevPAR (revenue per available
room) in the hospitality industry,
MTTR (mean time to repair)
for equipment, technology and
service companies.
How do your customers' financial
ratios benchmark against their
competitors?
If your customer is publicly
traded, what is the story behind
the quarter's or year's stock price
fluctuations? What are analysts
saying about the company?
Other Tips
Learn how to read an annual
report and extract the story
behind the numbers.
Read the industry publications
your customers are reading about
their market.
Explore the industry reports
and CEO surveys distributed by
consulting companies each year.
Stay in the loop with their insights
on trending topics.
Connect, follow and engage with
your customers on LinkedIn and
Twitter. This can expand your
network of contacts within an
organization and keep you posted
on company news (which you
can reference in ongoing
customer correspondence).
TRAINING INDUSTRY MAGAZINE - SPRING 2022 I WWW.TRAININGINDUSTRY.COM/MAGAZINE
| 51
https://www.trainingindustry.com/magazine
Training Industry Magazine - Spring 2022
Table of Contents for the Digital Edition of Training Industry Magazine - Spring 2022
Putting the Learner First
Table of Contents
From Change Management to Resiliency
What to Consider When Evaluating EdTech Products
Prioritizing the Employee Experience
Relentless Engagement: Creating a Path for Inclusion Across the Employee Life Cycle
Learning in the Blended Workplace: Design Ideas for a Distributed Workforce
Enable Expert Performance With Adaptive Learning
Taking the Virtual Route to Leadership Training
Culture’s Influence on Global and Remote Learning
The 5 Paradoxes of Leading in a Hybrid Workplace
3 Steps For Successful Remote Onboarding
The Future of Work Requires Development Equity
Making the Leap: Correlation to Causation
L&D’s Role in Developing Company Culture
Better Selling Starts with Better Business Acumen
Corporate Gender Responsibility: A New Paradigm for Engaging and Developing Women
The Burnout Revolution
How Sam's Club Is Training and Retaining Current and Future Leaders
Reclaiming Development
Mindset Strategies for Business Growth in 2022
Pluralsight and Go1 Partner to Address the Growing Global Tech Skills Shortage
Company News
Training Industry Magazine - Spring 2022 - Intro
Training Industry Magazine - Spring 2022 - Cover1
Training Industry Magazine - Spring 2022 - Cover2
Training Industry Magazine - Spring 2022 - CT1
Training Industry Magazine - Spring 2022 - CT2
Training Industry Magazine - Spring 2022 - Putting the Learner First
Training Industry Magazine - Spring 2022 - 4
Training Industry Magazine - Spring 2022 - 5
Training Industry Magazine - Spring 2022 - Table of Contents
Training Industry Magazine - Spring 2022 - 7
Training Industry Magazine - Spring 2022 - 8
Training Industry Magazine - Spring 2022 - From Change Management to Resiliency
Training Industry Magazine - Spring 2022 - 10
Training Industry Magazine - Spring 2022 - What to Consider When Evaluating EdTech Products
Training Industry Magazine - Spring 2022 - 12
Training Industry Magazine - Spring 2022 - Prioritizing the Employee Experience
Training Industry Magazine - Spring 2022 - 14
Training Industry Magazine - Spring 2022 - Relentless Engagement: Creating a Path for Inclusion Across the Employee Life Cycle
Training Industry Magazine - Spring 2022 - Learning in the Blended Workplace: Design Ideas for a Distributed Workforce
Training Industry Magazine - Spring 2022 - 17
Training Industry Magazine - Spring 2022 - 18
Training Industry Magazine - Spring 2022 - 19
Training Industry Magazine - Spring 2022 - 20
Training Industry Magazine - Spring 2022 - Enable Expert Performance With Adaptive Learning
Training Industry Magazine - Spring 2022 - 22
Training Industry Magazine - Spring 2022 - 23
Training Industry Magazine - Spring 2022 - Taking the Virtual Route to Leadership Training
Training Industry Magazine - Spring 2022 - 25
Training Industry Magazine - Spring 2022 - 26
Training Industry Magazine - Spring 2022 - 27
Training Industry Magazine - Spring 2022 - Culture’s Influence on Global and Remote Learning
Training Industry Magazine - Spring 2022 - 29
Training Industry Magazine - Spring 2022 - 30
Training Industry Magazine - Spring 2022 - 31
Training Industry Magazine - Spring 2022 - The 5 Paradoxes of Leading in a Hybrid Workplace
Training Industry Magazine - Spring 2022 - 33
Training Industry Magazine - Spring 2022 - 34
Training Industry Magazine - Spring 2022 - 35
Training Industry Magazine - Spring 2022 - 3 Steps For Successful Remote Onboarding
Training Industry Magazine - Spring 2022 - 37
Training Industry Magazine - Spring 2022 - The Future of Work Requires Development Equity
Training Industry Magazine - Spring 2022 - 39
Training Industry Magazine - Spring 2022 - 40
Training Industry Magazine - Spring 2022 - 41
Training Industry Magazine - Spring 2022 - Making the Leap: Correlation to Causation
Training Industry Magazine - Spring 2022 - 43
Training Industry Magazine - Spring 2022 - 44
Training Industry Magazine - Spring 2022 - 45
Training Industry Magazine - Spring 2022 - L&D’s Role in Developing Company Culture
Training Industry Magazine - Spring 2022 - 47
Training Industry Magazine - Spring 2022 - 48
Training Industry Magazine - Spring 2022 - 49
Training Industry Magazine - Spring 2022 - Better Selling Starts with Better Business Acumen
Training Industry Magazine - Spring 2022 - 51
Training Industry Magazine - Spring 2022 - 52
Training Industry Magazine - Spring 2022 - 53
Training Industry Magazine - Spring 2022 - Corporate Gender Responsibility: A New Paradigm for Engaging and Developing Women
Training Industry Magazine - Spring 2022 - 55
Training Industry Magazine - Spring 2022 - 56
Training Industry Magazine - Spring 2022 - 57
Training Industry Magazine - Spring 2022 - The Burnout Revolution
Training Industry Magazine - Spring 2022 - 59
Training Industry Magazine - Spring 2022 - How Sam's Club Is Training and Retaining Current and Future Leaders
Training Industry Magazine - Spring 2022 - 61
Training Industry Magazine - Spring 2022 - 62
Training Industry Magazine - Spring 2022 - Reclaiming Development
Training Industry Magazine - Spring 2022 - 64
Training Industry Magazine - Spring 2022 - Mindset Strategies for Business Growth in 2022
Training Industry Magazine - Spring 2022 - Pluralsight and Go1 Partner to Address the Growing Global Tech Skills Shortage
Training Industry Magazine - Spring 2022 - Cover3
Training Industry Magazine - Spring 2022 - Cover4
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