Author:  Todd Blaschka

Reading Time:  Less than 2 minutes

Manage inside your box.  Cut marketing spend to offset slow growth projections.  Do more with less.

These statements are just a few that I’ve heard this summer long. From new companies flush with cash to established firms concerned about the short term, the economy is affecting how they look at new customer acquisition and driving new revenue for existing ones.  We’ve been through slow times before and the companies that thrive act differently.  They embrace the slow economy.

One company I worked with recently uses this as the time to “plant the seeds” for new customer acquisition.  Marketing continues, the sales professionals continue to consult (yes, consult, not sell!) with them.  This is often a time when a prospect shares more information about the business plans, the budget, and by serving them as a trusted advisor pays off (TIP 1: get to know your customers!) .  The connection developed between you and your prospect is developed, strengthening the bond to conduct business as soon as budgets open up.

Being their “trusted advisor” is earned.  Customers want sales professionals to understand their business, their challenges, and serve as their advocate. I am currently working with a company that sells its software on-premise (the buyer is responsible for the infrastructure in which the software operates).  They are considering adding Software as a Service (SaaS) as a new delivery model, but need the numbers to work – ROI, sales demand, etc.  They have spoken with many “reps” willing to sell them anything to help them make this transition.  Those reps are not winning.  The firm winning is working with them on the business side; educating them, earning their trust. 

Marketing also plays a key role in building the trust.  Technology has many eco-systems (customer and partner networks) one can leverage them for marketing.  One firm is partnering with its customer for a seminar on best practices for email marketing.  This provides both companies an opportunity to meet new companies they already may not be talking to.  Planting the seeds and developing the relationships is very important in this slowdown.

How do existing customers fit into this?  Their account managers need to use this time as the opportunity to further understand their clients’ business, business projections, and develop a program on how you can help. If that means revising a contract, pricing model or bring executives into the picture, it’s imperative that the customer know you have their interest at heart.  That’s what a business partnership is. By sharing in the pain, you are demonstrating they are an important customer during downturns and good times.   

Now is the time to embrace the slowdown and use it an opportunity to build trust with your customers.  Create an action plan to analyze each part of your business to understand how your teams are support this strategy.  It’s one that has been shown to pay off.

Author:  Kimberly Getgen Bargero

Length: 525 Words

Reading time: Less than 3 minutes

A recent survey revealed there are as many as 21 people in the decision making process for the typical high-tech sale at an organization of 1,000 employees or more. But it is not just the number of decision makers, it is also estimated that the sales process is growing longer – about 30% longer than it was just four years. If you’ve had a hard time explaining to your CEO or Board why deals are taking so long to close, you might want to share this article.

So, why the long sales process? High-tech product trials are complex, long and grueling. Pitching the value to management is more competitive than ever.  And, most significant of all when it comes to recommending a new technology or selling a new security strategy inside a big company, reputations are put on the line. Even if your idea is better, you are going against an even tougher competitor: the status quo.  Using caution (and not always innovation) is now king. Buying off on new ideas is done by committee and companies are looking for long-term, relationships with high-tech vendors they can trust. No one wants to put their neck on the line for an unknown, unfamiliar company.

Which leads us to an important question for those of you selling security products in this new economy.  How is your trust relationship with your customers? When was the last time you checked? When was the last time we made their job easier in the selling process instead of more complicated? Hint: Buying dinner, drinks and a movie doesn’t count… that is unless you are just dating them. When was the last time you showed you were committed to a long-term relationship by giving your customer something they really needed. Like, something that made them better at their job, a thought leadership piece they could share with their management or a service they could really use to justify the cost of migrating off an older system? Something that not only made them better at their job, it made them look smarter to their management and made their job of selling security to those 20 other decision makers easier? Gimmicks that worked in years past aren’t going to fly in the new economy. You need a trust catalyst. And, trust misappropriated can be your worst single point of failure (I don’t care how great your product is!). That’s why trusted advisors are 70% more likely to sell their ideas in a committee-driven environment.

This blog is about the process of selling security. We will offer discussions on how to become the trusted advisor in this process and from time to time, we will post polling questions on the issues about the impact of trust in this process (you can email me if you have anything specific to ask at kim@trustcatalyst.com ). I will ask guest authors to discuss what’s working and pitfalls to avoid. I hope you enjoy and look forward to hearing your thoughts!