Uncover the Goods: The 5 Must-Know Pieces of Information for Closing B2B Deals

As a strategist I’m always looking for ways to make the sales process easier all all parties involved. Over the years I’ve come to believe that it all starts with a successful discovery process. Without a solid understanding of your potential client's business, you're shooting in the dark and wasting time. Don't get me wrong, I love a good wild goose chase as much as the next guy, but when it comes to closing deals, time is money and you don't have time to waste.

So, let's dive into the five pieces of information you absolutely must uncover in your discovery process. These five nuggets of gold will ensure that you're not just talking to hear yourself talk, but that you're having productive and targeted conversations that will help you close more deals with less effort.

1. The Goals of the Business

The first step in understanding your potential client is understanding what they want to achieve. What are their goals? Are they looking to increase revenue? Improve efficiency? Expand into new markets? Whatever their goals may be, it's critical that you understand them in order to position your solution as the one that will help them achieve those goals.

Here are a few of my favorite ways to figure this out: 

1. Before we get started, what were you hoping to get out of this meeting today?
2. Can you tell me a little about your company's mission and what you are trying to achieve in the market?
3. Are there any specific initiatives or projects that the company is currently working on to achieve its goals?
4. Can you share any challenges or obstacles that the company is facing in reaching its goals?
5. Are there any long-term plans or goals that the company has in place for the future?

2. Why They Buy

Once you understand what your potential client wants to achieve, it's time to understand why they buy. What motivates them to make a purchase? Is it to improve their bottom line? To keep up with their competitors? To please their boss? Understanding why they buy will help you position your solution in a way that appeals to their motivations and drives them to take action.

Here are some example questions:

1. What factors are you considering when making a decision to buy?
2. What’s the motivation to change the way you guys are doing it now?
3. What challenges are you guys facing right now due to not having a solution?

3. What Their Specific Needs Are

Now that you understand what your potential client wants to achieve and why they buy, it's time to dive into their specific needs. What do they need in order to achieve their goals? What are the pain points they're facing in their business? What are their unique challenges? Understanding their specific needs will help you tailor your solution to their specific requirements and increase the likelihood of closing the deal.

More examples:

1. What’s currently holding you back from hitting your goals?
2. Can you describe any current limitations or roadblocks that your company is facing in its operations or processes?
3. What kind of support or resources does your company need to overcome its challenges and achieve its goals?

4. How They Make Decisions

Once you understand your potential client's specific needs, it's time to understand how they make decisions. Who is involved in the decision-making process? What is the process for evaluating solutions? What criteria are used to make the decision? Understanding how they make decisions will help you navigate the decision-making process and ensure that your solution is properly evaluated.

Examples:

1. How does your business measure success and what are the key performance indicators that you track?
2. Can you describe the decision-making process at your company, including who is involved and what role they play?
3. How does your company evaluate and choose vendors or solutions, and what criteria do you use to make a decision?
4. Are there any specific time constraints or deadlines that your company has in place for making a decision, and how does that impact the evaluation process?

5. What Issues They Have with Their Current Vendor(s) (if applicable)

Finally, if your potential client is already working with a vendor, it's important to understand what issues they have with their current solution. What are they unhappy with? What are they looking to improve? Understanding these issues will help you position your solution as a better alternative and increase the likelihood of closing the deal.

Examples:

1. Can you describe your current vendor relationship, including what you like and dislike about the solution and relationship?
2. Are there any specific issues or pain points that you are facing with your current vendor or solution, and how are they impacting your business?
3. What do you wish your current vendor or solution was doing differently, and how would that impact your business?
4. Are there any unmet needs or expectations that you have with your current vendor or solution, and how important are they to your business?
5. How does your current vendor or solution compare to other options that you have considered or evaluated, and what do you see as the pros and cons of each option?

So there you have it, folks. The five pieces of information you should uncover in your discovery process in order to close more deals with less effort. Don't finish your discovery process until you've uncovered each and every one of these nuggets of gold. Trust me, your clients will thank you for it and your bottom line will thank you even more.