In the current competitive world of business, it is more vital than ever for sales personnel to sell to any CFOs efficiently. The Chief Financial Officer plays a critical role in making decisions and has a notable influence on purchasing decisions.
Gartner’s recent survey revealed that CFOs are involved in 75% of business agreements, making them a significant force to contend with within your sales journey. Selling to the CFO, however, can be difficult due to their strategic and analytical approach to decision-making.
Sales professionals must understand the CFO’s viewpoint, anticipate common objections, and apply strategies to close more deals. In this article, we will see how to overcome common objections while closing top deals, whether you are a seasoned sales personnel or a beginner.
Understanding the CFO’s ViewPoint
The CFO is responsible for managing the financial potency of a company, and they are often the top decision-makers in financial matters. Their involvements shape the economic strategies of the organization and, over time, ensures its growth and stability.
Some of the CFO’s key responsibilities include;
- Predicting future financial performance
- Managing the budget of the company
- Ensuring the company complies with financial regulations
- Investing in new technologies
- Developing finance models to aid business growth
- Taking cost-effective measures.
Before selling to the CFO of a company, keep in mind the considerations they look out for. They want a comprehensive return on investment(ROI) and how a solution will benefit the company.
“At the end of the day, finance leaders have to be proper storytellers. You have to be constantly on top of your data and tell the story behind the numbers.”
– Gerardo Adame, VP Finance at XP Power
CFOs also appreciate honesty and transparency, hence the need for salespersons to provide accurate information and be open about potential risks and challenges. Additionally, CFOs value sales pitches tailored to their particular priorities and needs.
This demonstrates a clear comprehension of their business and the value your product can bring to the company.
Common Sales Objections and How to Overcome them
A successful pitch leads to sales when your product or service is within your prospect’s budget, your ability to convince them, and the right timing. Some of these objections and how to overcome them include:
1. Insufficient Budget
The objection of “it is too expensive” is one you will mostly face as a salesperson. This is because most purchases accompany aspects of financial risks, and overcoming this comes with a proper understanding of the CFO budget constraint.
You can achieve this by conducting in-depth research and getting information on the organization’s financial budget and situation. This indefinitely converts the conversation to a risk versus reward analysis.
By offering value and highlighting the benefits they stand to gain from your solution, they are assured that the reward justifies the risk.
2. Low Level of Trust
The common occurrence in the business world is one in which people transact with people they know, trust, and like. Most inbound sales discussions involve prospects that the CFOs have previously interacted with or are familiar with.
You can overcome this objection by reminding them while analyzing the viability of your sales cycle. In cases where the conversations are not inbound, and they have not heard of you, you should convince them of your value with an elevator pitch.
Ensure to emphasize your organization’s authority in the market.
3. Low Urgency Priority
When selling to the CFO, your solution could be highly promising. You should, however, identify whether the timing is a problem or an attempt to brush you off at that moment.
The way to do this is to ask them to explain reasons why they think it is not necessary or what other competing solutions capture their attention. Observe if the responses involve good timing problems or incoherent excuses.
If they do not have a valid point of rejection, this could be your opening to convince them further. Finally, you could always reschedule a later appointment if the initial meeting does not yield valid results.
4. Lack of Need
On the surface, this reason might come off as an objection, but it is an opportunity to provide detailed information to the CFO. You could also get helpful information in return. Utilize layered and open-ended questions to rate them and analyze their needs. If there is a fit, harness it to exhibit value.
5. The CFO’s Technical Proficiency
Another popular objection you could face as a sales personnel when selling to the CFO is that they are not familiar with your technology. To overcome this, it is vital to comprehend the CFO’s technical proficiency and narrow your sales pitch accordingly.
You can do this by researching the CFO’s expertise and technical background. You should also simplify the technical concepts and explain them in layman’s terms. Ultimately, this makes it easy for the CFO to understand your solution and see its value.
You can go further to convince them by providing real-time case studies and examples to demonstrate your product’s successful implementation in other firms.
Best Practices for Closing Better Deals
1. Using the right strategic tools
Investing in prospecting tools will not only widen your reach but will also significantly enhance your response rate, which is a critical indicator of making meaningful advances. Furthermore, verified CFO prospects data and other related resources can assist you in optimizing your deliverability and open rates, which are crucial for a successful campaign.
2. Build a Rapport with the CFO
You can secure a lasting relationship with the CFO by building rapport with them, and it can be based on mutual understanding and trust. By communicating regularly, being honest, and showing genuine interest in their goals, you can accomplish this.
3. Tailor Your Pitch to the CFO’s Priorities
Conduct extensive research on the CFO’s goals and business so that you can adequately tailor your pitch to meet them. This way, you get to efficiently demonstrate the value you offer.
4. Follow up after Your Sales Pitch
You can follow up on your conversation through emails or scheduling follow-up meetings. This way, you keep the CFO interested and build a relationship for future sales opportunities.
By applying these best practices and bearing the conditions that influence decisions when selling to the CFO, you can overcome sales objections. Always conduct extensive research to understand the firm you are approaching and properly portray your value.