Customer growth strategies vary by vertical market. Your sales strategy should do likewise.
Here are 3 pivotal trends to consider:
1. Financial Justification.
Across vertical markets, it’s well known accounts are placing heightened emphasis on financial justification. The challenge is that each vertical can emphasize different metrics.
From regulatory compliance to margin growth, your team’s ability to quantify impact using industry-specific metrics meaningful to each account is essential.
For example, how your Financial Services customers quantify value is vastly different than the approach of your Service Provider customers.
2. Business Model Innovation.
Amid market and industry shifts, executives are increasingly embracing business model innovation to move ahead of the competition. However, many sales professionals struggle to sell their solution’s capability-changing business cases.
Readying sales professionals with business skills to stay ahead of such trends and understand their customer’s business model requires regular training. What’s your team’s Business IQ?
Amid economic headwinds, customers have largely focused on moving costs out of their organization. Now, as they refocus on growth, readying your team to align solutions with growth and innovation should be a key organizational priority.
Almost all companies are actively seeking to innovate again, but few do it well. Not surprisingly, executives cite the lack of a fact base and the level of uncertainty as key roadblocks.
Consider what a McKinsey & Company Survey revealed:
- 84 percent of executives say innovation is extremely or very important to their companies’ growth strategy.
- 43 percent said the top challenges included choosing which ideas to move forward.
It’s always easier to cut costs, than grow revenue. But cost cutting belies sound growth. And it can’t continue forever.
Plan your Next Executive Conversation
Vertical selling strategies in today’s market have gone from business specialty to absolute necessity. Incorporate these best practices to change the conversation to value:
- Gain industry insights.
External factors such as regulatory issues or interest rates, as well as industry-specific business metrics, apply to all accounts within a vertical. Learning this information offers one of the quickest paths to build CXO relevancy.
- Keep current.
Industries continually evolve. Stale knowledge is one of the most common breakdowns we see when working with account teams. Invest today. Invest regularly. Follow trends, attend industry seminars and workshops, read industry related news to keep current.
- Socialize innovation.
Ideas live under every scalp in your organization, not just managements’. Actively seek to convert ideas to revenue. Energize everyone to come forth. Offer rewards. Bestow recognition.
What challenges have you encountered selling into vertical markets?