I watched a rep completely bomb a discovery call with a healthcare company because she asked questions that work perfectly in SaaS but made no sense in healthcare.
She asked: "What's your customer acquisition cost and how are you trying to reduce it?"
The VP of Operations looked confused. "We don't really think in terms of CAC. We're a hospital system. We have patients, not customers we're acquiring."
The rep, trained on our standard SaaS discovery framework, pushed forward: "Okay, what about your conversion funnel? Where are you seeing drop-off?"
The VP tried to be polite: "We don't have a conversion funnel. Patients come to us through physician referrals and emergency admissions. That's not really how our world works."
Fifteen minutes into the call, the rep had established that she didn't understand the healthcare business model, didn't speak the industry language, and was asking questions from a SaaS playbook that didn't translate.
We lost the deal. Not because our product couldn't solve their problem—it could. But because our rep couldn't have a credible business conversation with a healthcare executive.
I've analyzed hundreds of discovery calls across different verticals. The pattern is clear: reps who use generic discovery frameworks sound smart in their own industry and clueless everywhere else.
The questions that work in SaaS (CAC, LTV, conversion rates, churn) don't work in FinTech (AUM, basis points, compliance costs, regulatory burden). The questions that work in FinTech don't work in HealthTech (patient outcomes, reimbursement rates, HIPAA compliance, quality metrics).
Great discovery isn't about memorizing a universal question framework. It's about understanding how each industry thinks about growth, profitability, and risk—and asking questions in their language.
Why Generic Discovery Frameworks Fail Across Verticals
Most sales training teaches a one-size-fits-all discovery approach: understand their goals, identify pain points, uncover budget and decision process, qualify the opportunity.
This works if you sell a horizontal product to similar buyers. It fails spectacularly when you sell across verticals where each industry has different business models, metrics, regulatory constraints, and buying motivations.
I used to train reps with this discovery framework:
Business Goals: "What are your top 3 business priorities this year?"
Current State: "How are you addressing those priorities today?"
Pain Points: "What's not working about your current approach?"
Impact: "What's the cost of not solving this?"
Decision Process: "Who needs to be involved in evaluating solutions?"
This framework worked great when selling to SaaS companies. It completely failed when selling to financial services.
I listened to a rep use this framework with a wealth management firm. She asked: "What are your top business priorities this year?"
The Chief Investment Officer said: "Delivering 8-12% returns while managing downside risk in a volatile market, maintaining AUM growth through client retention, and staying ahead of regulatory changes around fiduciary standards."
The rep nodded and asked her next question: "How are you addressing those priorities today?"
The CIO gave a 10-minute answer about portfolio allocation strategies, hedging techniques, and compliance workflows. The rep, who didn't understand wealth management, couldn't ask intelligent follow-up questions. She just moved to the next question in her framework.
By the end of the call, the rep had checked every box in her discovery framework but learned nothing actionable. She couldn't articulate how our product would help the firm deliver better returns, manage risk, or simplify compliance—because she didn't understand what any of those things meant in wealth management.
The problem wasn't the framework. It was that the framework was industry-agnostic, and credible business conversations require industry fluency.
What Makes Industry-Specific Discovery Different
Industry-specific discovery does three things generic discovery doesn't:
First, it uses industry terminology that signals expertise. When you ask a healthcare executive about "patient throughput" instead of "conversion rates," or a FinTech exec about "basis points" instead of "margins," you immediately establish credibility.
Second, it asks about industry-specific constraints that generic frameworks miss. Asking a healthcare company about HIPAA compliance costs or a FinTech company about regulatory capital requirements surfaces pain points that "what's your biggest challenge?" never will.
Third, it connects your product to industry-specific metrics executives actually care about. SaaS execs care about CAC and LTV. FinTech execs care about AUM and basis points. HealthTech execs care about patient outcomes and reimbursement rates. If you can't translate your value into their metrics, you're not having a business conversation—you're having a product demo.
I coached a rep who sold to both SaaS companies and financial services firms. Her discovery calls with SaaS companies were excellent. Her calls with financial services were terrible.
I listened to her discovery calls and found the problem: she was using the exact same questions in both verticals.
SaaS call: "How are you thinking about reducing customer acquisition cost?"
FinTech call: "How are you thinking about reducing customer acquisition cost?"
The SaaS exec gave her a detailed answer about paid acquisition channels, conversion optimization, and CAC payback periods. The FinTech exec looked confused and said: "We don't really acquire customers through marketing. Our clients come through referrals and wealth advisor networks. Cost per acquisition isn't a metric we track."
I rewrote her FinTech discovery questions to use industry language:
Old question: "How are you reducing customer acquisition cost?"
New question: "How are you growing AUM—through new client acquisition or expanding wallet share with existing clients? What's working and where are you seeing friction?"
Same underlying question (how are you growing?), but framed in the language and metrics FinTech executives use. Her next FinTech call went dramatically better because she sounded like she understood the business.
Discovery Framework for SaaS Companies
SaaS companies think in terms of growth efficiency: how do we acquire customers profitably, retain them, and expand revenue over time?
The Core SaaS Metrics Discovery Questions
Growth Efficiency:
"Walk me through your customer acquisition economics. What's your CAC and payback period? Are you happy with those numbers, or is there pressure to improve efficiency?"
This question immediately establishes you understand SaaS unit economics. It also surfaces whether they're in growth-at-all-costs mode (CAC doesn't matter) or efficient growth mode (CAC efficiency is critical).
Retention and Expansion:
"How are you thinking about net revenue retention? Are you growing more through new logos or expansion within existing accounts?"
NRR is the most important SaaS metric after ARR. Asking about it shows you understand that retention matters more than acquisition in mature SaaS companies.
Product-Led vs. Sales-Led:
"Are you primarily product-led growth or sales-led? How's that working for you?"
This surfaces go-to-market strategy and whether they're struggling with PLG-to-sales handoffs or sales cycle length.
The SaaS-Specific Pain Point Questions
Conversion Funnel Optimization:
"Where in your funnel are you seeing the biggest drop-off—top of funnel awareness, trial-to-paid conversion, or expansion conversations?"
SaaS companies live and die by conversion rates. This question shows you understand their funnel challenges.
Customer Success Capacity:
"How are you scaling customer success as you add more customers? Are you seeing CS becoming a bottleneck for retention or expansion?"
Every SaaS company struggles with CS capacity as they scale. Asking about it surfaces operational pain points.
Competitive Pressure:
"How much pricing pressure are you seeing from competitors? Are you competing on features, price, or something else?"
SaaS markets are hyper-competitive. Understanding their competitive positioning reveals strategic priorities.
Real Example: SaaS Discovery Done Right
I listened to a rep run discovery with a Series B SaaS company. Here's how he navigated it:
Rep: "You mentioned you're focused on efficient growth this year. What does that mean in practice—are you optimizing CAC payback, expanding NRR, or both?"
Prospect: "Both, but CAC payback is the bigger focus. We were at 18 months last year and our board wants us at 12 months."
Rep: "Got it. What's driving the long payback—is it high sales costs, long sales cycles, or customer ramp time?"
Prospect: "Sales cycle length. We're spending a lot on sales headcount but deals are taking 4-6 months to close."
Rep: "Makes sense. Are you seeing that across all segments, or is it specific to enterprise vs. mid-market?"
Prospect: "Mostly enterprise. Mid-market deals close in 6-8 weeks, but we're trying to move upmarket and enterprise cycles are killing our efficiency."
In five minutes, the rep understood their strategic priority (efficient growth), their key metric (CAC payback), and their specific pain point (long enterprise sales cycles). He could now position the product as a way to shorten enterprise sales cycles and improve CAC payback.
He earned that depth because he spoke SaaS language fluently. If he'd asked generic questions like "what are your goals?" he'd still be making small talk.
Discovery Framework for FinTech Companies
FinTech companies think in terms of risk-adjusted returns, regulatory compliance, and basis points. Their business models are fundamentally different from SaaS.
The Core FinTech Metrics Discovery Questions
Assets Under Management (For Wealth/Asset Management):
"How are you growing AUM—through new client acquisition, expanding wallet share with existing clients, or performance-driven growth?"
AUM is the north star metric for wealth management and asset management firms. Asking about AUM growth immediately establishes you understand the business.
Revenue Per Basis Point (For Trading/Investment Platforms):
"How do you think about basis points—are you competing on low fees or justifying premium pricing through performance or service?"
Basis points (0.01%) are how FinTech firms measure fees and revenue. Using this terminology signals expertise.
Regulatory Capital Requirements (For Banks/Lenders):
"How are regulatory capital requirements impacting your growth plans? Are you capital-constrained or do you have room to grow?"
Banks and lenders are constrained by regulatory capital. Understanding this shows you grasp FinTech fundamentals.
The FinTech-Specific Pain Point Questions
Compliance Costs:
"What percentage of operating budget goes to compliance and regulatory reporting? Is that increasing, and how are you managing those costs?"
FinTech companies spend 10-20% of operating budgets on compliance. This pain point is massive and rarely addressed by generic discovery.
Risk Management:
"How are you managing downside risk in client portfolios or in your lending book? Are you comfortable with your risk exposure or is there pressure to improve risk-adjusted returns?"
Risk management is core to FinTech. Asking about it surfaces strategic priorities around risk modeling, hedging, or portfolio diversification.
Customer Trust and Transparency:
"How are you building client trust in a market where fee transparency and fiduciary standards are increasing? Is this creating competitive pressure?"
Trust is a key differentiator in FinTech. Asking about it surfaces positioning and differentiation challenges.
Real Example: FinTech Discovery Done Right
I coached a rep selling to wealth management firms. Her early calls were disasters because she used SaaS discovery questions. I rewrote her framework with FinTech language:
Rep: "Walk me through how you're growing AUM. Are you focused on new client acquisition or deepening relationships with existing clients?"
Prospect: "Both, but our bigger challenge is client retention. We're seeing clients move money to robo-advisors and low-fee index funds. We need to prove we're worth the fees."
Rep: "Got it. So the pressure is around justifying your basis points. How are you demonstrating value to clients—through performance, service, or something else?"
Prospect: "Performance has been fine, but clients don't always see the value in active management when passive funds are up 20%. We need better tools to show risk-adjusted returns and how we're protecting downside."
Rep: "Makes sense. What are you using today to communicate portfolio performance and risk management to clients?"
In three questions, the rep understood their core challenge (retention pressure from fee compression), their differentiation strategy (active management and risk protection), and their gap (communicating value to clients).
She could now position the product as a client communication tool that helps advisors justify fees by visualizing risk-adjusted returns. She earned that insight because she spoke FinTech language from question one.
Discovery Framework for HealthTech Companies
HealthTech companies think in terms of patient outcomes, reimbursement rates, and regulatory compliance. Their buying process is slower and more risk-averse than SaaS or FinTech.
The Core HealthTech Metrics Discovery Questions
Patient Outcomes:
"What patient outcomes are you being measured on—readmission rates, patient satisfaction scores, treatment effectiveness? Where are you seeing the most pressure to improve?"
Patient outcomes are how healthcare providers are evaluated and reimbursed. Asking about specific metrics shows you understand value-based care.
Reimbursement and Revenue Cycle:
"How are reimbursement changes from CMS or commercial payers impacting your revenue? Are you seeing pressure on margins?"
Healthcare revenue is complex and heavily regulated. Understanding reimbursement shows you grasp healthcare economics.
Operational Efficiency:
"Where are you seeing the biggest operational bottlenecks—patient throughput, staff utilization, or administrative workflows?"
Healthcare organizations are operationally complex. Asking about bottlenecks surfaces pain points.
The HealthTech-Specific Pain Point Questions
HIPAA and Compliance:
"How much time and budget goes to HIPAA compliance and audit preparation? Is compliance burden increasing?"
HIPAA compliance is a massive pain point. Asking about it surfaces operational costs and risks.
Interoperability:
"How are you handling data exchange with other providers and EHR systems? Are interoperability challenges creating workflow inefficiencies?"
Interoperability is a chronic problem in healthcare. Understanding this shows deep industry knowledge.
Staffing and Burnout:
"How are you managing clinician workload and burnout? Are administrative tasks taking time away from patient care?"
Staffing shortages and burnout are critical issues. Asking about it surfaces both operational and cultural pain points.
Real Example: HealthTech Discovery Done Right
I listened to a rep run discovery with a hospital system COO. She used healthcare-specific language throughout:
Rep: "What patient outcomes are you being measured on by CMS and how are you performing against those benchmarks?"
COO: "Readmission rates and patient satisfaction scores. We're doing okay on readmissions but patient satisfaction has been declining because wait times are up."
Rep: "What's driving the wait times—patient volume, staffing constraints, or operational inefficiencies?"
COO: "All of the above, but the biggest issue is administrative workflows. Our nurses spend 40% of their time on documentation instead of patient care, which slows everything down."
Rep: "Got it. What systems are they documenting in, and is the issue time spent in the EHR or administrative burden outside the EHR?"
COO: "Both. The EHR is clunky, and we have separate systems for scheduling, billing, and patient communication that don't talk to each other. Nurses are constantly switching between systems."
In four questions, the rep understood the core metric (patient satisfaction), the pain point (wait times driven by administrative burden), and the root cause (fragmented systems creating workflow inefficiency).
She could now position the product as a workflow integration platform that reduces administrative time and improves patient throughput. She earned that because she asked about patient outcomes, operational efficiency, and interoperability—healthcare concepts, not generic business questions.
The Discovery Question That Works in Every Vertical (When Used Correctly)
There's one discovery question framework that works across all verticals, but only if you adapt the language:
"What metric are your executives watching most closely this year, and how is your team being measured against it?"
This question surfaces strategic priorities without requiring you to guess which metrics matter.
In SaaS: "Is your exec team focused on ARR growth, CAC efficiency, or net revenue retention?"
In FinTech: "Is your leadership team focused on AUM growth, basis point compression, or regulatory compliance costs?"
In HealthTech: "Is your C-suite focused on patient outcomes, reimbursement rates, or operational efficiency?"
The structure is the same (what metric matters most?), but the options you provide show industry fluency.
I coached a rep who was struggling with discovery across verticals. I gave him this one framework and told him: "Learn the top 3 metrics each industry cares about, and ask which one their execs are prioritizing."
His discovery calls immediately improved because he sounded credible even in industries where he wasn't an expert. He was asking executives to tell him what mattered instead of guessing.
The Uncomfortable Truth About Vertical Discovery
Most reps resist industry-specific discovery because it requires learning different frameworks for different verticals. It's easier to use one generic discovery approach and hope it works everywhere.
But generic discovery fails in complex B2B sales because buyers expect you to understand their industry. When you ask healthcare execs about conversion funnels or FinTech execs about customer acquisition cost, you immediately signal that you don't understand their world.
The reps who win across verticals aren't the ones who memorize the most questions. They're the ones who invest time learning how each industry thinks about growth, profitability, and risk—and ask questions in that industry's language.
That investment pays off in trust, credibility, and conversion rates. Because executives buy from people who understand their business, not from people reading generic scripts.