No kidding, if you f... up your discovery you'll never know:

Hence, you could loose lots of time hoping to sign a deal that does not exist in your prospect mind, or loose it vs a competitor who will have better understanding of customer needs or is better connected to the decision maker

Please, be prepared for the meeting. Please. Really.

Do you homework about the company and the person you'll meet before the meeting.

It is important because:

How to run a Discovery?

A sales rep has 2 ears and 1 mouth, and has to use it in this order and in this proportion. What your prospect has to say is much more important than what you have to say.

Lots of frameworks exist: BANT, Meddic,...

You have to consider these frameworks as reminder of questions to be asked in order to assess the lead and to define the best strategy to close it.

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Here are some of the elements you want to evaluate