The 5Rs of Research

The number one thing any salesperson can do today to radically increase their likelihood of success is to improve their level of preparation.

Being prepared is not just about finding the information that can support the value of your proposition, it's about your credibility. It's about signaling to the customer that you think the opportunity for value is large enough for you to have done some research to back it up.

A well-researched salesperson is a credible salesperson, and credibility creates trust. But research isn't just asking ChatGPT the 'prompts' that the gurus give you...

There is something in the art and graft of research... The way your mind digests and makes sense of the information. Inspiring sparks of thought. Ideas of how your solution can bring value. Helping you form your point of view. 

The impact of combining customer research with industry and product experience is 𝗛𝗨𝗚𝗘 💥. If you worked for BAIN or McKinsey, your customers would pay you millions for that point of view. 

In sales, we give it for free. But it's only worthwhile if we've done the work, which means research.

How much and what should you research? You should research relative to the size of the opportunity. And we recommend researching the 5 Rs:

THE 5RS OF RESEARCH

1. REPORTS/RELEASES 

Find company reports. Not just annual/financial reports but all kinds of reports that provide insights into the organization’s status, such as: 

• Annual Reports

• Earnings Announcements

• Analyst/Industry Reports

• Press Releases

• Product Releases

2. RECONNAISSANCE

Gather key details about the organization’s business. Look for insights relating to the reports/releases.

• Social Media

• Customer Reviews

• Glassdoor Reviews

• Rivals – All of the above👆

• Regulations that may impact

• Industry Trends

3. RELEVANCE

Via an early understanding of your customer, consider what relevant value you can present to them.

• What are their goals as a company?

• What are their strategies to support those 𝗚𝗢𝗔𝗟𝗦?

• What initiatives are in place to support the strategies?

• What obstacles are in the way?

4. ROLES

Research the profiles of the people you will be meeting. This will give insight into their roles, responsibilities, and career history.

• Role and Responsibilities 

• Career History

• Company Tenure

• Social Media: What is their style? Who are they connected with?

5. REQUIREMENTS

Based on 1-4, what requirements will the organization have to fulfill its goals?

• Decision Criteria (Technical, Economic, Relationship)

• Which Roles need to be involved?

Many of the components you see here help form the Value Pyramid. Which is a great tool you can use to bring your point of view to the customer and put yourself in a prime position to be seen as a trusted advisor.