Selling Enterprise Software in a Down Economy
June of 2012 has opened on a pronounced somber economic note. What impact, if any, does the general economic condition here in the United States have on the job of selling enterprise software.
The method of selling enterprise software, as we have alluded to it here in this blog, remains entirely the same in a down economy. The same principles apply to complex sales as have always applied. What has changed, and will continue to change should the economy continue to worsen (which looks to be the case at least through the remainder of this year) is that fewer prospects will pursue purchases. Prospects who have been proceeding on purchases without a strong foundation of conviction built on the results of a thorough analysis of why products should be purchased will likely drop the pursuit. Therefore, it is crucial for sales teams to identify questionable prospects as early as possible in order to ensure minimal lost time that should be devoted to better opportunities.
We think that an excellent way of accelerating prospect identification is to strictly adhere to the steps that we have identified earlier in this blog. With the first prospect conversation sales teams must be able to answer an important question:
Does this prospect broadly agree with us that our solution may produce significant cost savings or not?
A “maybe” answer to the above question should not be taken as an indicator of anything that would inspire optimism about a likely sale. The answer to this question must be either a “yes”, or a “no”. If the answer is no, then move onto the next prospect right away. There are no fewer prospects in a down economy than there are in a booming economy. In fact, as companies feel the pain of economic contraction, more companies will express an active interest in opportunities to save money and reduce costs. Therefore, down economies will produce more prospects for complex sales campaigns properly built upon specific, quantified financial metrics that demonstrate, irrefutably that substantial cost savings will be produced as the result of purchasing enterprise software.
Time is better spent in a down economy carefully researching prospects feeling the specific pain that a solution is designed to solve than pursuing further engagement with marginally interested prospects. We have considerable current experience in these markets. We welcome opportunities to discuss the needs of innovative technology businesses for better sales team performance. Please contact us. You may telephone Ira Michael “Mike” Blonder at +1 631-673-2929 to further a discussion. You may also email Mike at firstname.lastname@example.org.
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