For many of us who are in Business Development, Sales and Relationship Management roles, there is almost nothing more important that doing our research. Users of the IMPAX Process know this research needs to go beyond the typical "needs analysis" discovery. Here is a reminder of the various types of research we need to do:

1. Solution/Application Knowledge


This is where most salespeople shine - understanding the "needs" of the customer as it pertains to their own solution set. Solution/application knowledge includes understanding the current state and solution in place, and how the customer wants/needs to further develop. This research allows us to understand the strength of our solution fit and qualify the situation effectively.


2. Business/Strategic Knowledge


For people who sell value beyond product and price, business/strategic knowledge is critical. By understanding where the customer has been, where they are now, and where they want to be in the future, we can start to tie ourselves to critical business outcomes the customer is trying to create. In the IMPAX Process, we use the acronym "POSI" to remind us of four key elements - Profile, Objectives, Strategies and Issues.


3. Competitive Knowledge


In order to create an optimal strategy to win, we need to understand the competitive landscape in a given situation. Who are we competing against? What are their strengths/weaknesses? Who are they aligned with? How do they compete? Knowing these things will help us figure out how we stack up against the competition and how we can beat them.


4. Relationship Knowledge


If we are managing a customer relationship, it is important for us to understand first-hand how the customer feels about our relationship, products/services, service/support, account team, etc. More importantly, we need to understand the value we are creating for and with the customer. As we better we understand this, our penetration gets deeper and our retention rates get higher.


For us to be at our best, our knowledge needs to go beyond the norm. By understanding these items quickly and effectively, we will enhance our ability to gain and retain customer relationships.