06 Feb Five Quick Tips for Selling to CFO’s
If you’re involved in large, complex B2B sales, you will often need to get the approval of senior-level decision makers at some point within the sales process. There are many salespeople who agree that it can be far easier to “speak the language” of the CEO who is focused on future possibilities, than it is to sell to a CFO who is focused on cost reduction or mitigating risk. CFO’s can put the brakes on any deal, especially if they feel there are risks involved.
So how do you sell to the Chief Financial Officer? How should you adapt your approach? Here’s five quick tips to help you sell more effectively to a CFO.
1. Avoid the Pitch
You can’t convince a CFO by delivering a great pitch or engaging presentation. Nor can you convince the CFO by focusing on all the bells and whistles that your product has to offer. Taking them out to the nicest restaurant on Broadway won’t convince them either (although they will surely thank you for it)!
Instead, you must present them with facts, information, and data. Focus your presentation on the ROI their company will realize from investing in your solution.
2. Be Prepared to Speak the CFO’s Language
Each CFO has a unique way of evaluating financial value. So, before speaking to the CFO, do a little homework on what’s important to the CFO. What are they focused on? Operating cash flow? Working capital? Return on equity?
Financial objectives will vary from one company to the next. Know the language of the CFO and be prepared to speak their language. This will be sure to get their attention.
3. Be Precise
Your presentation to the CFO needs to be top-notch. Make sure that it is backed by a detailed financial report with supporting analysis and quantifiable benefits. Provide the CFO with a financial model so they can understand any assumptions that surround your analysis.
4. Focus on the Cost Savings
Ultimately, for-profit companies make decisions for three reasons: to increase sales, to reduce costs, or to mitigate risks. Your solution influences the results of each company in one of these three ways.
Focus on cost-savings by aligning your solution with a cost reduction initiative within the CFO’s organization. Demonstrate how your solution keeps production costs, operational expenses, or head-count costs low. Again, be prepared to back this up with hard numbers, data, and facts.
5. Present a Balanced Perspective
There is no solution that’s a perfect fit. So make it your job to provide a realistic and accurate perspective of the product or solution, not to paint a perfect picture. CFO’s aren’t impressed with flashy marketing material or pretty brochures. CFO’s will be impressed, however, if you present them with a balanced perspective.
Openly discuss the potential drawbacks in investing in your solution. This may sound counter-intuitive, however you will quickly lose credibility if you hide something from the Chief Financial Officer.
Summary
Selling to CFO’s ultimately boils down to understanding their needs, their business objectives, and areas of concern. By understanding how CFO’s think, you can more effectively speak their language. Focus on facts and data. Present a sound business case. Most importantly, demonstrate the ROI.
If you’d like further insight on how your sales team can be more effective in selling to the C-Suite, contact us to learn more.