Understand the Industry from a Bird’s Eye View

As we continue our advanced account analysis journey, today we’re zooming out as far as possible, to understand your potential client’s industry at the macro level. 

Sales professionals are called to work at the cross-section of many industries. We must be chameleons, able to fit into any environment or board room. So salespeople should always seek ways to expand their knowledge and meet the customer where they’re at. 

In Sales Enablement, Byron Matthews and Tamara Schenk put it this way: “For sellers, the competitive landscape shifts like the sands of the Sahara. Salespeople will need to get better at crossing these boundaries, selling into new markets, and competing against companies that they never imagined would enter their space.” 

Today, I’m sharing the top three ways I research a new industry, so I’m ready to ask the right questions in that all-important first meeting. 

#1: Wall Street’s Analysis

The quickest and easiest way to understand the state of any industry is to check in with Wall Street. What are the industry stocks doing? What’s the Wall Street Journal’s analysis of any stock fluctuations? 

You’ve got to find the “big story” that your potential client’s industry is currently grappling with, so you can enter a possible sales conversation on the same page as the client. These days it’s likely to be inflation, which affects different industries differently. What’s happening with the CPI—consumer pricing index? Sales professionals work across sectors, so understanding where the industry stands on Wall Street will work wonders in your first meetings. 

#2: Competitor Research

Next up, what’s your client’s competition doing? DiscoverOrg is an excellent resource since it provides actual numbers and complex data. You can see where your client’s competition is spending money and what opportunities they may miss. This gives you a leg up in meetings to be able to not only bring a helpful product to the table but also intelligently articulate how this can put your client ahead of their direct competition. 

#3: Industry Reports

I recently started building relationships with clients in the retail industry, somewhere I’d never worked a deal before. So, of course, I had to learn about the retail sector. Industry reports are an excellent way to get pared-down information that’s easy to digest, which you know I love. With a few quick Google searches, I found SalesForce and Deloitte reports on the state of the retail industry. And boom, a few minutes later, I’m up to speed and ready to go. 

What’s Next?

While you’re anxiously awaiting the next 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—and y’all know I’ve always got a freebie or two ready for instant download and implementation. 

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