“Insight” is an important word in sales today. In today’s world of commoditized products with little differentiation, being able to deliver unique and valuable insight to your clients is what is going to set you apart from the competition. Insight is a central part of the Total Benefit of Ownership conversation I wrote about in the last blog.
In The Challenger Sale, Matt Dixon and Brent Adamson note that often clients don’t actually know what they need. In fact, their greatest need is to find out exactly what they need. Instead of trying to interrogate to discover how to fit our solutions might fit, we can tell our clients what they need and give them insights into how they can think differently about their business. This is the teaching part of the Teach, Tailor, Take Control method taught by The Challenger Sale and it is what the clients truly want from valuable outside resources.
Insight is information – information that is probably not internalized by the client at this point. Information about the world that we see that applies to them and their role in their own company’s decision-making process. This is information that may reframe what a client is already thinking or open up a new train of thought.
Creating and delivering insight takes great focus on the client and specific wisdom about how your solutions can uniquely serve your client in ways that help them achieve one of their big three goals:
- Grow their revenue
- Reduce their total costs
- Manage their risks
Every interaction that we have with a client must be aimed at serving them in one of those 3 areas. We become valuable by helping the client see the same old things in a brand new light.
The “new” sales process pundits suggest that Insight should be created in the central hub of marketing and then delivered to targeted clients by the sales team. In effect they are advocating for creating Insight Factories. This can work. And these factory-generated insights can be reasonably effective at that point. They are just not the MOST effective. Consider the example of Grainger in the Challenger book. The Grainger story was about a specific insight and service that they could offer their client base by understanding the clients’ purchasing patterns. This insight was carefully researched and created and as it was delivered to the first clients, it represented a whole new way of thinking. It positioned Grainger as a strategic partner instead of just a transactional supplier and it offered a great difference to the client – until their nearest competitor also offered the same insight and service. So that great new way of thinking just got commoditized, and again price became the only discussion point.
Because pretty much anything made in a factory can be commoditized.
The real difference maker that we need to focus on is the Tailor part of the Challenger learning (Teach, Tailor, Take Control). You can take that insight that has been corporately created by the brain trust at the Insight Factory and use it as is…or not. It will work for a while. Then it will wither as others figure it out. But if you can take that insight and highly tailor it to the specific client that you are serving and their specific needs, you will be delivering unique, valuable difference-making insight.
By understanding the impact that your insight will have on your client and their business, you create a client-specific version of the factory insight and your advantage will last a bit longer. How long you keep your advantage depends on how well you tie in multiple aspects of your solution to multiple needs of the client. But there is another level of insight that will achieve even better outcomes: insight personalized to a specific person within your client. More on this next time.