Times are tough and money’s tight.
With companies counting every penny and watching their spend more closely than ever in the current recession, finance leaders are getting more and more involved in purchasing decisions.
So, to have any chance of making a B2B SaaS sale, you need to convince the finance leader.
Unlike other decision-makers, they’ve got entirely different needs that you have to cater to when giving your pitch, which means it’s essential to know exactly what matters most to them when making a software purchase.
That’s why our marketing team roped me into writing this article, even though I’m super busy denying all of their budget requests for squirrel costumes.
Cost is king.
And I’m not just talking about your software’s initial price tag.
Just to be clear, the cost of the initial investment is definitely important, but I believe that financial leaders are also watching out for any other potentially hidden expenses lurking under the surface or ongoing maintenance fees your SaaS could rack up.
For financial leaders to prioritize your solution, you’ll need to show that the return on investment (ROI) justifies the expenses the company will incur.
Most importantly, you need to make sure that your product’s price tag aligns with the company’s budget. Because if the company doesn’t have the funds available to pay for your solution, a financial leader is never going to give the go-ahead.
So, you’ll want to make sure you understand what the company can spend on a solution as early as possible in the sales process. This will help you avoid wasting both your prospect’s time as well as yours.
You can also explain how your product could help them alleviate other costs, which is a big selling point for financial leaders.
Let me clear up a common misconception.
Financial leaders aren’t just looking at the numbers. We’re also looking at the big picture.
Before I even think about making a purchasing decision, I need to be convinced that the software can scale and continue to deliver a strong ROI as the company grows or changes.
This is because I want to make sure that an investment in a product will accommodate future needs without requiring costly replacements or upgrades.
So when pitching to the financial leader, use your knowledge of the company’s goals and plans for expansion going forward and paint a picture that shows how your product will consistently provide value as they grow.
3) Efficiency and productivity
Everybody can get on board with a product that helps you do more with less time and money.
And this is especially true for financial leaders.
That’s why to catch the financial leader’s eye, you’ll need to show how your product will drive an improvement in efficiency and productivity.
So, when it comes to getting financial leaders to sign on the dotted line, break down how your software can eliminate manual work, offer automation capabilities, and streamline workflows.
4) Security and data privacy
Another factor that is super important to financial leaders is the level of security your product offers.
They want to know that your product provides robust security features, protects sensitive company and customer data, and complies with the relevant regulations.
That’s why it’s essential to take the time to address these security concerns and mention any specific features your product offers like being GDPR compliant or having SOC 2 certification.
5) Vendor reputation
I know I said earlier that cost is king. And this is true.
But trust also plays a huge role when convincing a financial leader to buy your software.
So, you can bet your bottom dollar I’m going to do my homework to better understand your company’s reputation and credibility. This is because I’m trying to avoid buying from a seller that over promises and under delivers.
I am also looking out for information that sheds light on the seller’s financial stability.
With this in mind, you need to prove that your company has a solid track record and is sticking around for the long haul. You can do this by providing them with customer reviews or case studies to show the value your product provided other customers.
It’s also a good idea to address the level of customer support they’ll be offered. This will help reassure the financial leader that you’re invested in the company’s success and that your team will support them throughout their onboarding journey.
Like it or not, finance has the power to deem any deal dead in the water.
So, while convincing these stakeholders that their company must have your software can seem like a daunting task, focus on conveying the value in terms of efficiency, cost-savings, and scalability.
And if all else fails, start singing: Dolla dolla bills y’all.
(Seriously, it’s the anthem of all finance leaders and they won’t be able to resist.)