There is a new breed of buyer who is more skeptical and frugal than ever before, indicating that price is the key factor in over 64% of decisions (U of Dayton). As well, these buyers are now firmly in control of the purchase cycle, inviting sales later than ever, when the process is already 65% complete (Forrester).
The engagement for many sales professionals doesn’t start at the crucial opportunity discovery or needs analysis phase. Instead, the engagement occurs when the “bake-off” is in full swing. As a result of the late invite and competitiveness of this stage, our sales professionals are often forced to discount as the only way to win the business.
Unfortunately, this has a high cost. Take a typical $500M software company. Discounting of a typical 10% per deal can add up, costing this organization $50M per year in lost sales.
What if you could reduce the number of deals where discounting was needed, and improve deal size overall?
For our $500M example, this would result in:
Accomplishing the reduction in discounting is a two pronged approach, enabling sales with: