From the course: Business Development Foundations: Researching Market and Customer Needs
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Understand the business you're in
From the course: Business Development Foundations: Researching Market and Customer Needs
Understand the business you're in
- If you sell software, you might also be in the insurance business. If you sell office equipment, you might be a building contractor, or an accountant, or delivery service business. Business acumen is about knowing more than just your products, it's about understanding the total landscape of your customer's world, and to do that, you need to put your role and your company aside for a minute, and you need to dive headfirst into your customer's business. If you want to sell to a business, you need to know how you can impact that business, and to do that, you need to look at a few different angles, and understand what your customer's top priorities are. Here's a framework for understanding how your customers, or any business, operates. We call it the five Ps. First, process, this is how a business functions, from billing, to manufacturing, to shipping, the operational side of the business, and how efficiently it functions is a pressing priority for all companies. Next, profit. While…
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