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Definition of Strategic Selling
Take a look at a typical Fit-4 report
Strategic Selling is one of the most complex sales approaches and requires skills more akin to those of a business analyst than those of classic salesmanship. It is defined as: the ability to proactively position for the customer a positive outcome to his current business problem, where he has not yet identified how to resolve this business problem for himself.
This involves sophisticated research and analysis of the market dynamics in the customer's marketplace to 1) alert the customer to challenges over the horizon, 2) define with the customer the potential problems presented by those challenges and 3) craft solutions to those problems and meet them head-on before they arise. This may involve providing solutions to several needs as part of resolving the overall business problem.
Candidates for Strategic Sales roles require a range of capabilities to perform this role including the ability to:
- Research and analyse the customer's marketplace
- Identify current and impending customer business problems from the market data
- Select capabilities required to address identified business problem(s) with the widest possible scope
- Propose to the customer executive team a solution package that not only addresses the current or impending business problem but also creates competitive advantage for the customer's business
- Engage others outside of direct responsibility, such as partners, in the development of the proposition so that it increases perceived value delivered
- Develop and track a set of metrics (probably financial) to demonstrate sustained success over time
- Create a relationship with the customer whereby future business is assured and current successes can be fully leveraged in attracting other customers
- Capitalize the business value created for maximum mutual long-term business benefit
How does Strategic Selling map to adjacent roles?
Key Account Management is the next level up in sales complexity from Strategic Selling. It is defined as: the ability to identify the prime customers in which to invest time, resource and money, based on a robust analysis of the Net Future Value (NFV) of each customer to your company. This valuation is based on rigorous market research and analysis and culminates in the creation of a market segmentation map and McKinsey Magic matrix, through which Key Account selection is carried out.
Solution Selling is similar in sales complexity to Strategic Selling, but requires less complex analytics. It is the ability to craft for customers a complete, high-level and complex solution to meet a customer business need where the way forward for the business has already been determined by the customer. Often the customer is without clarity as to how he will move forward - solution selling provides the "how." Solution selling develops answers to meet complex customer needs and sometimes incorporates the offerings of others, where appropriate. The solution selling premise is that customers may know in principle what they need, but they may not have all the capabilities to pull a solution together and deliver a high-impact business outcome.
