The 10-year bull run is now in correction, possibly a bear market at the close today. COVID-19 is leading a new global economic slowdown to start 2020. Sequoia Capital has recently warned its portfolio companies to prepare for the negative business impact of the virus. Large tech companies have already asked employees to suspend travel and work from home, if possible. When fear takes over the market, businesses are only going to approve decisions based on sound economic principles. If you want your sales team to be fearless, equip them with the right tools. Help your sales team build a business case that can withstand deeper financial scrutiny. To do that you’ll have to prove the ROI and Payback in the business case are achievable. Follow these 8 steps to prove the viability of your business case.
1. Identify Your Best Customers
Identify your best customers and quantify the value created by solving business issues. Build a business case template that is based on solving a set of problems that customers say can be quantified. Layout a process to help sellers verify the business case collaboratively with prospects. You may need some help quantifying the value that you provide. Customers will naturally be hesitant to share the value created for fear of price increases. Have a third party like Zebrafi quantify the value for you by speaking with your customers on your behalf.
2. Target Prospects Who Look Like Your Best Customers
3. Research Prospects to Ensure They Have the Business Problems you Solve
Say no to prospects where the incremental value of your solution won’t be convincing.
4. Approach Prospects at the Decision-Maker Level
To approach prospects at the decision-maker level you need a business case that includes a hypothetical prediction of ROI and payback period.
5. Verify the Business Case With the Decision-Maker’s Key Stakeholders
Make the buying journey more inclusive by getting early participation and ownership of the business problems that need to be solved.
6. Present the Verified Business Case To The Decision-Maker
After gaining agreement that the problem is urgent and the business case achievable, ask to be introduced to legal and procurement.
7. Present the Verified Business Case To Legal and Procurement
Negotiate a win-win agreement inclusive of the product, services, and management, including the change management, necessary to achieve the business case.
8. Close and Make Sure the Business Case is Achieved.
When fear and uncertainty cloud the future, your prospects will be more conservative. Conservative prospects want lots of proof that other customers have succeeded with your solution. The key to selling through fear is to base your value claims on “Voice of the Customer” proof. Change the selling approach away from “Voice of the Salesperson” to “Voice of the Customer” to close business and achieve sales targets during uncertain times.