Finding we lost this one sucks! Although I have a feeling that they might come back to us as their requirements wasn’t very straightforward.
Reason we lost was because we OVERSOLD the product! We’ve got to get a feel for what the client is like and their current mentality. There’s no point talking about the platform when all they want to do is to code their expenses… in fact it can FATAL to the deal if you show the client too much and overwhelm them. This is because they will feel like we are not a good solution match for them.
Lesson learnt: match the client emotionally, mentality, and technologically.
What is fully loaded/burdened?
That is the true cost of employing a person to perform a job for you. The cost of that person to the company, especially if that person is a FTE is much more than just the person’s salary.
True cost of a head would include:
- paid time-off, sick leave & public holidays
- occupancy (desk, building, carpark, heat/cool, phone, fax, email, tea/coffee, etc – maybe $10k)
- training & support
- allowances & benefits
- sustenance & catering
Fully loaded/burdened cost of an employee can safely be assumed x1.35, although some research point to x2 or even x2.5!!!
Like it or not, your prospects are building business cases whether YOU know it or not.
Like it or not, your prospects are building business cases whether THEY know it or not.
This is especially true if the contacts you are engaging with will need to present or “sell” the solution to the people who will sponsor the project and release funds for it. These project sponsors who are either C-level or Board of Directors are usually mainly concerned with $$$ – which equals ROI. How much $$$ will I get back if I spend $$$. This is the gospel truth!
Following the Challenger methodology, the business case should provide the warmer to demonstrate that we understand the “current state of play” and try to work in a bit of emotional drowning as well. The 2nd part should then be about what we can deliver and the benefits that they will get from us. If these 2 parts make sense, the ROI should provide the final knockout punch!
If they prospect is not convinced of the numbers there, that’s even better because it forces them to engage with us and they will need to justify and prove why they don’t agree with the numbers. It forces them to examine themselves which is always a good thing.
Going into this demo half blind as we didn’t do a full discovery prior. Nevertheless, the information provided in the RFP document contained enough info and I nailed the “objectives” page in presso. Always a good sign when they agree with the list, the sequence of priority, and nothing to add.
We had the CIO, Head of Treasury, Project Manager and Financial Transformation Manager in the room with just me and my Sales guy.
Demo went pretty well and client was really interactive. This session was a little bit unique because the CIO kept asking our opinions and what we’ve seen from our experience and all that. I think sometimes we don’t leverage our expertise and authority as the world’s leading vendor enough. We focus too much on the product sometimes and forget that it’s not about what the product can do, but it’s about how our product solve their problems.
I think clients want to learn from us and from other companies. They want to know what their peers are doing and don’t want to be left behind. They have a problem and they’re looking for someone to show them how to solve it – the product is secondary.
Closing, feedback from them was really positive but I’m not sure if it was compelling enough or not.
- Leverage our experience and expertise as leaders and experts more – show them how to do things the right way.
- Focus on solving their problems, not showing off our product.