By S. Anthony Iannarino
Business acumen doesn’t follow closing,
differentiation, or prospecting, even though it is fourth on the list.
Although there are salespeople who may be
able to close and obtain commitments, most of the time the ability to obtain
commitments is reinforced or enabled by the salesperson’s business acumen.
There are lots of ways to differentiate
yourself and your company from competitors, and business acumen is surely one
of the most important. These two attributes and skill sets enable and reinforce
each other.
Prospecting is a skill that may precede the
need for business acumen, but in most cases it is made immensely more powerful
by the addition of business acumen.
What Is Business Acumen?
Business Acumen in Sales
It is only recently that business acumen
became one of the primary drivers of success in sales. In the past, it was
often enough to possess product knowledge, features and benefits knowledge, and
a strong sales acumen (overcoming objections, rapport building, etc).
As sales has evolved, the role of value creation has required a new set of
skills.
Great salespeople understand how business
works. They understand their company’s go to market strategy, their company’s
unique value proposition, how they compete and win in their market, and their
financial metrics.
Great salespeople also understand generally
how their clients compete in their market segments, their client’s unique value
propositions, and their client’s financial metrics.
Great salespeople are now great business
generalists.
Great salespeople are comfortable
discussing profitability, metrics, throughput, and any number of financial
metrics. They are as comfortable proving ROI using a spreadsheet as they are
presenting ideas using PowerPoint.
Great salespeople are comfortable
discussing execution with their client’s operations staff, and discussing
technical ideas and details with their client’s technical team. Great
salespeople are comfortable discussing compliance and legal issues with their
client’s procurement and risk management teams.
Great salespeople leverage their business
acumen to identify areas where value can be created, to build the vision of how
that value will solve problems or create a competitive advantage, and to work
with their clients to build solutions that deliver the promised outcomes.
When Business Acumen is
Missing?
When business acumen is missing, the
salesperson struggles to understand how their own company competes and wins in
the marketplace, and they chase opportunities that don’t fit their company’s
target or client models. They often try to sell price when their company
doesn’t compete on price.
When business acumen is missing, the
salesperson is unable to speak the language of business with their prospects.
They lack the conceptual understanding to be able to discuss the business
issues, challenges, and opportunities in a way that is meaningful and valuable
to their prospects.
When business acumen is missing, the
salesperson doesn’t understand the financial metrics that drive their
prospect’s business, and they cannot develop solutions that improve those
metrics. They are uncomfortable with numbers, spreadsheets, and proving ROI.
When business acumen is missing, the
salesperson struggles to build consensus with their prospect’s buying teams.
They cannot speak to operations about execution, they cannot speak to technical
issues with the technical team, and they cannot speak to legal and compliance
issues with the procurement.
When business acumen is missing, the
salesperson cannot develop and create the vision of improved performance or the
solutions that will deliver that value for their clients.
All of this can be lacking in a salesperson
with very high sales acumen. They may have a natural ability to develop rapport
and present ideas. They may have very high-level skills at prospecting and
closing. Without business acumen, these are no longer enough to succeed in
sales. Better the salesperson have the business acumen and the desire to sell.
Conclusion
In the past, success in sales depended very
heavily on the salesperson’s sales acumen. While sales acumen is still
necessary, business acumen is now equally as important as sales acumen (and in
many cases, more!). The business of sales is now the business of business.
Salespeople now need the business acumen of a great general manager.
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