[smart_track_player url="http://traffic.libsyn.com/thesalesevangelist/TSE_1080.mp3" background="blurred_logo" ] Building value is a critical part of any sales process, and the discovery meeting is an important step in that process. How much should you prepare for the discovery meeting beforehand? What should you know? What should you do? The insights I'll share come from the TSE Certified Sales Training Program, designed to help sales reps perform to the best of their ability, find more ideal customers, build strong value, and close more deals. What is discovery? The discovery meeting is an opportunity to learn about the challenge your prospect is facing. It's a chance to go a little more in-depth. It's not necessarily a chance to get all the information about the company or about its history. That's boring for the client who doesn't want to have to educate you. The client is likely meeting with other sellers and they aren't interested in working to educate all of them. Do your research beforehand so your discovery meeting can focus solely on understanding the prospect's true problem and understanding how you can bring value and help them learn more about what you have to offer. Research You can easily find information about the company and its history on the Internet or the company's website. If you show up to discovery seeking this kind of information the prospects will likely think less of you. I've said it before, but you also have the option to call into the company and ask the receptionist for more information. The organization may be able to share an information page or other company literature. The PR department may be able to provide the information you're seeking as well. This information is vital to the discovery meeting because it will help you have a meaningful discussion when you meet with the prospect. Understand the industry Make sure you also understand recent developments related to the industry and the company's role within the industry. If the company is in the housing industry and I discover that the housing industry is booming in states like Arizona, California, and Florida, then that will impact my presentation. If I'm selling marketing services to companies in the housing market it will be important to know that the market is growing. I'll also need to know the top challenges that companies within the housing market are facing. Then, determine how those trends will correlate to your product or service. Case studies If you have a previous or existing client that is similar to your prospect, consider sharing that information. Has one of your clients faced the challenges of growing in a high-growth market? Have you helped a client tackle some of the issues inherent in that situation? Is there a business case study I can share that helps my prospects understand the challenge they are facing? I did an episode some time back about case studies and the folks over at Gong outlined four main steps that should exist within every business case study. Identify the problem. What is preventing the client from growing? What challenges are hindering the company from accomplishing its goals? Develop a measurement. How can you measure the challenges the company is facing? How can you quantify the issue the company is facing? Determine the consequences of the company losing those deals or opportunities. Did they have to let people go or close their doors? Make a dramatic point without going over-the-top. What transformation did your product or service cause in this company? [Tweet "Case studies help companies see what you have done in the past and what you can do for prospective customers. #CaseStudies"] Prepare questions What things did the company try previously that didn't work? The more questions you ask the more you'll learn about them. Go deep. Ask them to tell you more. You may discover that they are currently working with a company that isn't providing the kind of results they need. Why don't they like the cur