If you’re marketing or selling technology, this decline could have a significant impact, stiffer competition, and even more headwinds to meeting your ambitious revenue growth goals.
Frugalnomics in Effect
- In-Control - Highly empowered by access to incredible amounts of solution research and information via the Internet and social media, buyers have taken control of the decision making process with sales reps being invited later to the game, and ever more competition for each deal.
- Cautious – buyers are Risk averse, afraid of making a wrong decision, not willing to spend as much per project, and more often than not, choosing to remain with business as usual / status quo rather than considering projects they view as too risky.
- Economically Focused – today’s IT buyer is more frugal, with over 95% of technology purchase decisions now requiring a formal business case, with quantifiable ROI and fast payback (IDC). Financial justification is the new language of IT selling, where CFOs are more involved through all stages of the purchase decision, and procurement is there to demand a discount if you lead with product and price vs. value.
Surviving Frugalnomics - The 3 Things You Must Do Now to Win in 2015
- Why Consider a Change? - the Prospect has a pain worth addressing and a significant cost of “Do Nothing”.
- Why Change Now? – the Prospect should not wait to address the issue because every day is costing them, they are leaving good money on the table (significant bottom-line impact, ROI and fast payback), and they are falling behind competitively (illustrated through peer comparison benchmarks).
- Why Your Solutions?– that your solutions / services can deliver unique and superior value at a lower total cost of ownership (TCO).
- Over 75% indicating significant decision making involvement,
- 41% indicating being the main decision maker for IT investments.
- Won't be considered a priority without a business case, and the larger the proposal, the more detailed and formal the case has to be,
- Won't be advanced unless you show that the issue being addressed is a priority with a high cost of “doing nothing”, quantified savings / benefits from the proposed solution, and a significant ROI and fast payback,
- Won't be approved unless you can prove your solution has a lower total cost of ownership (TCO) / better value than competitive offerings.
- Break the ICE - Engage Frugal Prospects with Provocative Content
- Empower Sales with Value Storytelling and Quantification
- Close the Deal with CFO-Ready Business Cases