They’ve been to your website to research your product and download free content. They follow you on social media and learn from your posts without commenting. Though they lurk in the shadows, today’s buyers are hard at work educating themselves about every possible solution to their problem.
But an informed buyer isn’t necessarily an effective or motivated buyer. In many environments, buyers face three challenges that can lengthen the sales cycle and lead to indecision and inaction:
- Multiple decision makers
- Significant budget scrutiny
- Buying decisions made outside the department
With restricted purchase authority and the need to satisfy the CFO and other stakeholders, buyers need your help to justify the purchase and successfully convey the value of your solution before any deal can move forward.
From Analysis to Action
One of the most important phases of the sales process is creating and presenting buyers with a solid business case that’s built on credible and persuasive data. Your goal is to demonstrate that you solve their issues better than any other vendor so that buyers, in turn, can persuade the CFO and everyone else involved in making the purchase decision.
Think in terms of bottom line. Everyone wants to do more with less, so spare the “marketing speak” about your solution’s latest features and high quality. The best way to overcome indecision and motivate action is by showing how your solution will save money, grow revenue, and/or improve productivity.
Once you establish that your solution meets these criteria, shift the conversation to how much it can help. You can create a sense of urgency by quantifying your solution’s value, setting the stage for the necessary internal approvals from buying committees and finance.
Tipping the Scale in Your Favor
A proper business case with clear cost justification will help your buyer navigate committee gridlock and obtain budget approval. Use these tips to strengthen your business case and help your buyer meet these challenges to finalize a decision and close the deal.1. Address the needs of each decision maker.
Each member of the buying committee has a different agenda. Show them what’s in it for them in specific terms. Once each stakeholder understands how they can benefit, the group will achieve consensus quickly and decisively.2. Be prepared for rigorous budget scrutiny.
Use an ROI tool to forecast the anticipated total value your product delivers as well as the investment required. Common financial metrics found in the ROI report include net present value, internal rate of return, and payback period. Collaborating with your buyer to build a business case for your solution will help you close more deals and shorten your sales cycle.3. Appeal to the senior finance team.
The role of the CFO and other finance executives is to approve projects that offer higher financial returns than other internal investment opportunities. To receive proper consideration, buyers need to present them with a financially credible business case for your offering.
Your sales team is uniquely positioned to help buyers conquer internal challenges and champion your solution. Thoughtfully crafted ROI and value calculators will ensure that the business case addresses the needs of everyone on the buying committee, especially those responsible for the financial decision. Use your business case as a strategic sales tool to further educate your buyers and motivate them to take action and close the deal. Click here to learn more about value calculators.
View this video to learn more about How to Use the Value Selling Methodology to Close More Deals.