Whatever you do, task preparation is just as important as task execution. Especially in the world of B2B sales, preparation i.e sales research is one of the big keys to success. Sales Research lays the very foundation for the strategic sales plan that you and your company are trying to achieve.
Today buyers want to be understood, not just sold to.
However, they aren’t being understood.
Why do they feel that way? It’s because sales professionals don’t put in the effort to properly understand their target accounts but rather just focus on the end goal which is “to sell”. In other words, buyers feel that way because there is a complete lack of sales research from the sales professionals’ side.
So what exactly is sales research and how is it different from market research?
While marketing research focuses more on the macro side of things, sales research is more focused on the micro side. Marketing research is conducted to understand personas in your target industry. It’s done to understand the agencies you are targeting and how they’re currently operating. Marketing research is done to understand the trends followed by the target accounts. For example, researching the role of CIOs in the automotive industry is a part of market research. However, integrating some parts of marketing research into your sales research can always be beneficial.
However, sales research is done by targeting a person within your target account. It is done to understand what a particular buyer is doing and their background information. It’s done to understand a potential buyer’s agenda and how you can enable them in their role. For example, gathering information about the creative head in a company you’re trying to sell your graphic designs is sales research. By understanding the creative head’s role and agenda, even though they may not be responsible for the purchase, they might influence the purchasing decision.
Why is sales research so important?
Imagine this: you have a sales pitch to deliver but you haven’t given time to prepare for it. Your approach for every potential buyer is to spray and pray- the same pitch for every buyer. You try to execute your task as well as you can but because of a lack of preparation, there are high chances that this sales pitch is going to go haywire for you and even for your potential buyer.
Sales research is absolutely crucial to captivate your buyer’s interest, achieving personalization, and delivering a successful sales pitch. Without the necessary background information on your prospect, you will lack the context to build a conversation with them.
Moreover, having information with which you can build context and personalization with your buyers makes them feel valued. It also gives you a better understanding of their industry and pain points, and how you can give value to them.
What are the most effective sales research techniques?
Here are some effective ways you can conduct your sales research to get valuable information before you reach out to your potential buyers:
- Check for past interactions and existing data
The first thing to do when you’re conducting sales research on a potential buyer is to check your internal resources and see if you already have access to information about them. They might have recently engaged with your company’s marketing campaigns. They might have had interactions with your sales representatives previously. Either way, this can help you better understand their interests, pain points, and how you can add value to their requirements.
- Analyze their company’s website and social media presence
It’s always a good idea to research the company your prospect is working at. Analyzing their company’s website may help you understand whether they really need your solution or not. Events such as hiring sprees or even investment announcements can give certain indications. Similarly, researching their company’s social media presence can help you gain a wealth of information as well.
- Find current customers who are similar to them
When a potential buyer asks you if you have worked with a similar company like theirs before, it pays to let them know that you have. If you have sold to a company similar to theirs, there is a higher chance of your solution resonating with them too. Look for resources that let you understand what has worked with similar prospects before as well.
- Conduct some industry research
It’s absolutely crucial to be able to speak your buyer’s language, hence it’s always a good idea to incorporate some of their industry research as well when you’re doing your sales research. While gathering intelligence, dig information about their industry trends, their key competitors, and any major event. This helps you create a context to be able to relate to your buyer and personalize your outreach efforts towards them.
- Work with a sales intelligence team
If you feel like you haven’t gathered enough important information even after checking out all the publicly available resources, you can always reach out to professionals. Sales intelligence providers specialize in contacts and company information. Although you have to pay for their services, professionally gathered information will definitely be worth it.
Final Thoughts on sales research
When it comes to sales, there is no such thing as being too prepared. The time taken to conduct sales research is always time invested- you can learn how to provide a tailored experience to your prospects. Before you reach out to your potential buyer, ask yourself if you have all the information you need.
Business Brainz has got research covered for you so that you can pay attention to selling and close deals faster! To know more about our services, and why we are the best sales researchers, contact our team today!
FAQs on Sales Research
- What is sales research in marketing?
Sales research is done by targeting a person within your target account. It is done to understand what a particular buyer is doing and their background information.
- What are the types of Market research?
There are various types of market research. But the common ones are primary research, secondary research, qualitative research, quantitative research, customer research, product research, and competitor research.
- How can you improve sales research?
You can improve your sales research by checking for past interactions and existing data, analyzing your prospect’s company website and social media presence, finding current customers who are similar to them, conducting industry research, and working with a sales intelligence team.