Do Your Account Research Part 1
For you to “Help Your Customer Buy”, first you will need to
gain an understanding of the customer’s current situation. This will take a little preparation. Before you engage, you need to understand the customer’s current performance, their profitability, their growth, and key initiatives. Then work to uncover their key business challenges and their key strategies to address those challenges.
Identifying Account Targets
Your sources of information will depend on whether your target account is a public corporation or a privately held company.
When Your Target Company Is a Public Corporation
Because public companies are under a high level of scrutiny and have fiduciary responsibilities to report detailed information for shareholders and the investment community, it is relatively easy to find information about their key challenges and strategic initiatives.
The investor relations section of a company’s website contains a wealth of information you can leverage to learn about your target account’s performance and key initiatives. You can download the company’s quarterly and annual regulatory filings and the slides and audio portion from investor presentations.
When Your Target Company Is Privately Held
With private companies you will not have ready access to detailed financial reports or investor presentations. Nonetheless, you can still get good information about the company’s status and initiatives from its social media feeds, online presence, and press releases.
Several business-related websites contain information about private companies such as Yahoo Finance, Bloomberg, and Hoovers. Information available includes the company’s major competitors, competitive position, estimated size (employees, facilities, revenue), and other relevant data. To get this information on a regular basis, you can register to receive the company’s press releases and news item feeds.
I’m DJ Sebastian, for more info on what it takes to become an Elite Seller, visit my website at thetechseller.com