A little elbow grease goes a long way

If you’re one of the many tech sales professionals between jobs right now—including yours truly—it’s the perfect time to not only dust off that resume but also sharpen your game, so you’re ready to level up in your next position. 

And y’all know me; I’m the most giant tech sales nerd ever. I’m always digging around for ways to out-research and outsmart my competition. So today’s account analysis entry is about the magical, info-packed document known as a company annual report. We’ll discuss what an annual report is, who it’s written for, and four ways to use this document as a tech sales-boosting machine.

Let’s dive in. 

What’s an Annual Report?

Indeed.com explains it simply and succinctly:

“An annual report is a document that reports a company's information for the year. It is a regulatory report that ensures all shareholders and investors have access to all financial and operating information. Companies are often required to publish this report to maintain an active status with the state in which they conduct business. Shareholders may use this information to learn more about the finances of the company, including their ability to pay debts, whether the company has profited or lost money over the last year, how much money is being reinvested and the operating costs” (emphasis added).

In other words, an annual report is the official document of the yearly meeting of current shareholders, employees, consumers, and company leaders. It’s an insider’s report of what’s happening at the company. But it’s not classified information. Use this database to find a company you’re curious about or have a nose around Harvard Business School’s Baker Library. 

And while annual reports are publicly available, they’re not written for an external audience—which is why it’s such a crucial document to explore. It’s not for outside sales professionals—it’s insider information that most salespeople don’t take advantage of. Imagine being invited to be a fly on the wall at your potential client’s shareholder meeting. That’s an invitation you’d accept, right? 

Using Annual Reports in IT Sales

Once you’ve gotten your hands on the annual report, you’re ready to buckle down and pan for gold. Because now that you know where they’re spending money and their upcoming goals, the world–ahem, the company–is your oyster. 

#1: Discover Deficits 

Where are they weak? What numbers are trailing? Compare last year’s projections to this year’s reality. Where are the cracks? And where are they hemorrhaging money? Being able to take data from the annual report and translate it into the company’s real problems is precisely what a successful sales professional should learn to do. 

#2: Adjust Your Angle

Once you’ve discovered a company’s deficits, you can tailor your sales pitch to their needs. Before heading into that first meeting, think about how you can adjust the angle of your approach, so it aligns more easily with what the company needs to succeed. If they’re looking to grow their consumer database, for example, they will need to upgrade their cloud storage so it can accommodate growth at a large scale. They’ll suddenly see your offer as not “too expensive” but a necessary investment. 

#3: Grab onto their Goals

With your adjusted entry angle, ensure you use the opportunity to grab onto the company’s goals. Whatever they’re looking to change, you—and your product—can be the conduit for that. Learning where they’re going in the next 5-10 years puts you in the driver’s seat of dominating that first meeting. Steer the conversation based on what you know their goals to be. This shows you’re entirely in tune with their needs and can be a valuable asset to the company. 

#4: Crush the Competition

Perhaps most importantly, annual reports let you know who your competition is AND whether or not a company is happy with the support they provide. Who have they been working with in the past? How much have they paid them? And are they seeing the results they want? If not, or if you spot any cracks in your competition’s approach, be ready to pounce on that. Knowing who else is in the arena gives you a significant advantage in your meetings. 

As we’ve been saying, most tech sales professionals don’t take advantage of all the free information available. And most tech sales professionals don’t close many multi-million dollar deals either. It can be a short-lived career for those unwilling to put in the elbow grease to push through multi-million dollar deals. But that’s not you. That’s not us. We’re willing to go the extra mile, take a highlighter to that annual report, spot things others won’t, and use them to our advantage. Ultimately, you’ll find happier customers, a higher rate of problem-solving, and a big, fat commission check. 

What’s Next?

While you’re anxiously awaiting the final installment of our Triple-A Series—Advanced Account Analysis, that is—a perfect next step is to join a community of tech sales professionals who are building a better world through empathetic selling and problem-solving. 

Lissen, I know that everyone doesn’t have the budget for another monthly membership—although this Patreon is pure gold, so you may wanna give it some thought—so y’all know I’ve always got a freebie or two ready for instant download and implementation. 

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