Heidi Tucker, Vice President of Global Alliances, regularly contributes articles to MSDynamicsWorld.com on topics of interest to the Microsoft Dynamics community. Her most recent series has been on the topic of using data and insights for strategic advantage to generate revenue and stay ahead of the competition. InsideView augments Dynamics 365 with the type of data and insights she writes about through our offering, InsideView Insights. You can learn more here.
The posting below is an excerpt from the original article published on MSDynamicsWorld.com on May 17, 2019.
In this series of articles, we’re exploring how to turn your CRM data into a strategic advantage. And we’re defining data as both the data you enter into CRM and external data, if you have a sales intelligence add-on. In the first article, we talked about turning news into sales. Today, we’ll look at how to leverage industry insights to get the inside edge over your competition.
In my opinion, if you can know only one thing when you meet with a prospect, know about their industry. Hands down!
Why? Because it makes you sound intelligent and sets you apart from 99% of the other salespeople out there. Understanding something about your prospect’s industry, key drivers, and potential risks, enables you to relate to their world and demonstrates that you cared enough to do your homework.
I’m not talking about trying to be an expert. You’ll almost certainly fall on your face if you act like you know as much as they do about their industry. I’m talking about learning enough to ask intelligent questions and use the right terminology. For example, if you’re meeting with an insurance company and you talk about salespeople, you’re demonstrating that you don’t know much about their world. They call “sellers” producers. You need to know that and speak their language.
Not knowing about their industry is like visiting a foreign country and knowing nothing about the country or its culture.
How do I use industry insights?
In addition to speaking their language, I use industry insights as a priceless icebreaker. Imagine this scenario. You’re about to call on Virkam Beri, the head of sales at Harley Davidson, and you come across an article about the growing trend of women riding motorcycles, while doing your industry research. After you greet, you mentioned to Mr. Beri that you just read about this trend and ask, “How is this affecting your business…or is it just an urban legend? You can bet you’ll grab his attention and get him to open up.
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