United States / Sales
How to Quickly Understand the Pain Points of Your Target Markets
by Kiera Outlaw
Apr 03 2019

Although you make it look easy, we know your job as a salesperson is a tough gig. You’re responsible for winning new business and generating revenue for your company. That’s no small task.

To perform your job well, you need to do some variation of the following:

 

  1. Find new accounts
  2. Pitch to prospective clients
  3. Conduct meetings and demonstrations
  4. Write proposals
  5. Negotiate
  6. Close the sale

 

Finding a viable new account and getting access to make the pitch is your first hurdle. The second is getting the pitch to land the meetings and demonstrations. The third is conducting a meaningful demonstration that leads to a proposal. And the final hurdle is navigating negotiations skilfully to close the deal.

The onus is on you to convince prospects to give you their time for that initial phone call. To do that, you must quickly understand the pain points of your prospect and communicate that you’ve done your homework. And let’s face it, your credibility as a salesperson is what increases your call time from one minute to three, in turn improving your chance of closing the sale. Every. Second. Counts.

So, how can you quickly get up-to-speed on the pain points of your prospect? Simply put, you need access to an industry intelligence resource like IBISWorld.    

IBISWorld provides meticulously researched business information and market research on thousands of industries worldwide. For sales professionals, like yourself, access to IBISWorld’s collection of reports will arm you with the information you need to make your first call sound like your third.

While the entire report is useful, there are four sections invaluable to a salesperson.


Industry at a Glance

What is it?

A great snapshot of what the industry does, its key influences, and past and expected performance.

How do I use it?

You can use this section to quickly gain an understanding of the industry’s key points before diving in further for analysis, or this can provide a succinct summary after you’ve been through the report.  

Executive Summary

What is it?

Three paragraphs summarizing key industry events, the industry’s past five-year performance and next five-year forecasts.

How do I use it?

You can use this section to get an easy-to-digest summary of the industry’s performance and expected changes, without having to go through the in-depth analysis. The section also provides extra insight to what’s behind the Industry at a Glance snapshot of the industry.

Key Success Factors

What is it?

Internal factors the company can control to ensure success in the industry. Some examples of key success factors include:

  • Establishment of export markets
  • Economies of scope
  • Economies of scale
  • Proximity to key markets (location)
  • Ability to adopt new technology

 

How do I use it?

It’s critical that you know what’s important to the person you’re pitching to. Knowing the Key Success Factors will allow you to form relevant and meaningful questions for the client, showing that you understand their industry and what they’re going through.

Call Prep Questions

What is it?

IBISWorld provides Call Prep Questions that are invaluable conversation starters that turn sales calls into strategic conversations about a prospect’s business.

How do I use it?

To have more in-depth conversations with your prospect, you need to understand the threats, trends and key industry information. You can easily access client industry trends and conversation starters, so you can take on a more consultative approach to selling.

 

Find out how quickly IBISWorld can become your right-hand man during your selling cycle by requesting a demo, or call us at 1-800-330-3772 and speak to one of our representatives today!