Today we\u2019re answering the do\u2019s and don\u2019ts of selling to the modern-day CFO.<\/p>\n\n\n\n
What you’ll learn:<\/h2>\n\n\n\n\n- Research the CFO as extensively as possible<\/a><\/li>\n\n\n\n
- Lead with cost benefits<\/a><\/li>\n\n\n\n
- Speak to the challenges that CFOs care about the most<\/a><\/li>\n\n\n\n
- Paint a clear picture of the implementation process<\/a><\/li>\n\n\n\n
- Secure a strong champion<\/a><\/li>\n\n\n\n
- Capitalise on positive word-of-mouth<\/a><\/li>\n<\/ul>\n\n\n\n
1. Research the CFO as extensively as possible<\/h2>\n\n\n\n
This first tip might sound obvious, but it\u2019s important to note that selling to a CFO requires more targeted and in-depth research than you may be accustomed to in your traditional sales preparation.<\/p>\n\n\n\n
Your typical planning might go something like this: You conduct basic research about the prospect\u2019s company, learn as much as you can about their business strategy and finances, and develop an understanding of their buying committee. <\/p>\n\n\n\n
If you\u2019ll be interacting with a CFO, you should take your research a step further and also learn about their background, current priorities, and even their style of communicating. Anything from their recent decision-making history to a social media post about their key interests can inform your action plan and help you win the CFO\u2019s trust.<\/p>\n\n\n\n
\n\t\n\n\t\t\n\t\t\tDrive pipe faster with a single source of truth<\/h2>\n\t\t\t\t\t\t\t
Discover how Sales Cloud uses data and AI to help you manage your pipeline, build relationships, and close deals fast.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t
\n\t\t\t\t\tLearn More<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\t\t\t<\/div>\n\t<\/div>\n\n\t\t\t<\/div>\n\t\n\t\t\t\n\t\t![\"\"](\"https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/themes\/salesforce-blog\/dist\/images\/offer-block\/offer-illustration-layout-seven.png\")
\n\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t\t![\"\"](\"https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/themes\/salesforce-blog\/dist\/images\/offer-block\/offer-cloud-layout-seven.png\")
\n\t\t\n\t<\/div>\n\n\n\n2. Lead with cost benefits<\/h2>\n\n\n\n
Unsurprisingly, cost reduction is currently the top business priority for CFOs<\/a>, according to recent reports. Now, you might hear that and think it means a CFO will be wary to spend money on your product or service \u2014 or that you should emphasise the price of your service compared to similar solutions offered by your competitors.<\/p>\n\n\n\nBut this approach misinterprets the priority of most CFOs. Their desire to drive cost efficiency doesn\u2019t mean they want to \u201cspend as little as possible\u201d on new services \u2014 in fact, they\u2019re actively looking to make the right investments that will help them drive growth as efficiently as possible.<\/p>\n\n\n\n
So it\u2019s your responsibility to show the CFO how your product will help their organisation do more with less and generate more profit overall as a result. Consider the following example:<\/p>\n\n\n\n
Let\u2019s say your company sells a revenue intelligence platform<\/a> that specialises in data-driven sales forecasting. Which of the following anecdotes is most likely to capture a CFO\u2019s attention?<\/p>\n\n\n\n\n- \u201cI understand your organisation has struggled with data visibility and the accuracy of your sales forecasts. Company X was dealing with similar issues, and used our product to increase their sales forecast accuracy by 200%.\u201d<\/li>\n\n\n\n
- \u201cI can show you how Company X generated an additional \u20ac1.2 million in sales last year as a result of our intelligent sales forecasting methods.\u201d<\/li>\n<\/ul>\n\n\n\n
The first option clearly states that your product will help alleviate a major pain point for the CFO\u2019s company. Great, right? But if the CFO\u2019s top priority is cost efficiency, why do they need to invest in your service now? Why is it so important to urgently address that pain point if they want the business to generate more money?<\/p>\n\n\n\n
Don\u2019t overwhelm a CFO with details about what your product\u2019s features and capabilities can achieve \u2014 and definitely don\u2019t lead with pricing details in an attempt to satiate their inner cost-cutter. Explain how your product\u2019s ability to solve a problem will ultimately reduce their business\u2019s overall costs and what ROI they can expect if they choose to work with you.<\/p>\n\n\n\n
3. Speak to the challenges that CFOs care about the most<\/h2>\n\n\n\n
Beyond cost reduction, there are a number of business challenges that a majority of today\u2019s CFOs share. According to recent research, the most worrisome challenges identified by CFOs<\/a> are execution risks to their strategies\/transformations, and talent risks, including retention and well-being.<\/p>\n\n\n\nWhen you sell to a CFO, you need to zero in on these challenges and specifically explain how your product addresses them.<\/p>\n\n\n\n
Take the first of the two challenges we cited above: \u201cExecution risks to strategies and transformations\u201d. This means that companies are concerned that the business initiatives they invest in will not be successful. As a salesperson, you need to understand what those initiatives are, what roadblocks might hinder the company\u2019s success, and how your product will diminish those roadblocks. If the CFO is worried about the success of a major business initiative, a product that alleviates those concerns will undoubtedly capture their attention.<\/p>\n\n\n\n
Or consider the growing issue of talent retention. CFOs know how risky and costly it is to lose important employees and be forced to hire new talent. How will your product impact the performance and well-being of the employees who will interact with it? Will it help them do their jobs more efficiently, alleviate their biggest day-to-day frustrations, and enable them to exceed their individual and shared goals?<\/p>\n\n\n\n
Remember: A CFO has concerns and fears about their performance, just like any employee does. If you show them how your product will help them save the day by conquering some of the business\u2019s most urgent challenges, you\u2019ll go a long way in winning over even the most sceptical of CFOs.<\/p>\n\n\n\n
4. Paint a clear picture of the implementation process<\/h2>\n\n\n\n
Believe it or not, the value your product delivers is not the clear-cut top priority for all CFOs. Ease-of-use and simple implementation are also top-of-mind. CFOs don\u2019t want to sign off on an investment that will only deliver value after a long, complicated implementation process, a steep learning curve, or an overhaul of their existing infrastructure. <\/p>\n\n\n\n
If time is money, a laborious implementation process translates to a lot of dollars wasted in the eyes of an experienced CFO.<\/p>\n\n\n\n
So make sure you\u2019re able to break down the implementation process step by step by the time you\u2019re discussing it with a CFO. Saying they\u2019ll be \u201cup and running in two weeks\u201d or promising that the process is \u201cvery smooth\u201d isn\u2019t going to cut it. <\/p>\n\n\n\n
You should be prepared to discuss a 30, 60, and 90-day plan and explain exactly what steps your implementation team will take to ensure a seamless process. The second a CFO starts to worry your service will be a headache to get up and running, you\u2019re at risk of losing their sign-off on the deal.<\/p>\n\n\n\n
5. Secure a strong champion<\/h2>\n\n\n\n
Keep in mind: Even if you do end up speaking directly with a CFO, they likely won\u2019t be present for a majority of conversations throughout the sales process. But that doesn\u2019t mean they won\u2019t be keeping a close eye on the deal \u2014 gathering opinions, asking questions about the negotiation process, raising sudden concerns, and so on.<\/p>\n\n\n\n
You need to make sure that the CFO receives encouraging answers to the questions they raise internally. How do you do that? You secure and proactively support an internal champion within the buying committee.<\/p>\n\n\n\n
The \u201csupport\u201d part of that equation is extremely important. Don\u2019t just blindly trust that your champion will give the CFO the right information to get the deal done. Think of any buying objections or questions that the CFO might raise \u2014 and equip your champion with specific data points, explanations, and testimonials that they can provide to the CFO in your absence.<\/p>\n\n\n\n
6. Capitalise on positive word-of-mouth<\/h2>\n\n\n\n
Here\u2019s the reality of selling to the CFO: there\u2019s only so much you can do as a salesperson to win them over. Most experienced CFOs trust unbiased third parties far more than they trust a vendor or salesperson. In fact, 61% of CFOs<\/a> rely primarily on customer reviews and word-of-mouth when vetting a new product.<\/p>\n\n\n\nSo do you just sit back and hope a CFO sees the great reviews of your product \u2014 and happens to miss that two-star negative review that\u2019s been plaguing your company\u2019s G2 page? Not unless you want to put the deal at risk.<\/p>\n\n\n\n
Instead, make an effort to leverage good reviews by getting the right ones to cross the CFO\u2019s desk. Let\u2019s say a highly successful business in the prospect\u2019s industry wrote a great review, highlighting the way your business solved a problem that the prospect is also dealing with. Send this review to your internal champion and suggest they pass it along \u2014 or, if the CFO is more hands-on in the deal, you might find the opportunity to send it to them directly.<\/p>\n\n\n\n
Meanwhile, make sure you stay informed about the overall word-of-mouth surrounding your company and products. Speak with your customer marketing or success teams and make sure you\u2019re aware of both positive reviews that can help the deal, and negative reviews that might raise concerns you\u2019ll need to address.<\/p>\n\n\n\n
Know the right buttons to push when selling to the CFO<\/h2>\n\n\n\n
If you\u2019re not used to interacting with powerful executives to close a deal, winning over a CFO might seem like an intimidating challenge. But selling to CFOs doesn\u2019t mean writing an entirely new rulebook for effective sales tactics.<\/p>\n\n\n\n
The tips we covered today are all about zeroing in on what details matter most to an influential decision-maker in today\u2019s business world \u2014 and how you can use your talents as a salesperson to drive those details to the forefront.<\/p>\n\n\n\n
1. Research the CFO as extensively as possible<\/h2>\n\n\n\n
This first tip might sound obvious, but it\u2019s important to note that selling to a CFO requires more targeted and in-depth research than you may be accustomed to in your traditional sales preparation.<\/p>\n\n\n\n
Your typical planning might go something like this: You conduct basic research about the prospect\u2019s company, learn as much as you can about their business strategy and finances, and develop an understanding of their buying committee. <\/p>\n\n\n\n
If you\u2019ll be interacting with a CFO, you should take your research a step further and also learn about their background, current priorities, and even their style of communicating. Anything from their recent decision-making history to a social media post about their key interests can inform your action plan and help you win the CFO\u2019s trust.<\/p>\n\n\n\n
Drive pipe faster with a single source of truth<\/h2>\n\t\t\t\t\t\t\t
Discover how Sales Cloud uses data and AI to help you manage your pipeline, build relationships, and close deals fast.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t
\n\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t\t\n\t\t\n\t<\/div>\n\n\n\n2. Lead with cost benefits<\/h2>\n\n\n\n
Unsurprisingly, cost reduction is currently the top business priority for CFOs<\/a>, according to recent reports. Now, you might hear that and think it means a CFO will be wary to spend money on your product or service \u2014 or that you should emphasise the price of your service compared to similar solutions offered by your competitors.<\/p>\n\n\n\n But this approach misinterprets the priority of most CFOs. Their desire to drive cost efficiency doesn\u2019t mean they want to \u201cspend as little as possible\u201d on new services \u2014 in fact, they\u2019re actively looking to make the right investments that will help them drive growth as efficiently as possible.<\/p>\n\n\n\n So it\u2019s your responsibility to show the CFO how your product will help their organisation do more with less and generate more profit overall as a result. Consider the following example:<\/p>\n\n\n\n Let\u2019s say your company sells a revenue intelligence platform<\/a> that specialises in data-driven sales forecasting. Which of the following anecdotes is most likely to capture a CFO\u2019s attention?<\/p>\n\n\n\n The first option clearly states that your product will help alleviate a major pain point for the CFO\u2019s company. Great, right? But if the CFO\u2019s top priority is cost efficiency, why do they need to invest in your service now? Why is it so important to urgently address that pain point if they want the business to generate more money?<\/p>\n\n\n\n Don\u2019t overwhelm a CFO with details about what your product\u2019s features and capabilities can achieve \u2014 and definitely don\u2019t lead with pricing details in an attempt to satiate their inner cost-cutter. Explain how your product\u2019s ability to solve a problem will ultimately reduce their business\u2019s overall costs and what ROI they can expect if they choose to work with you.<\/p>\n\n\n\n Beyond cost reduction, there are a number of business challenges that a majority of today\u2019s CFOs share. According to recent research, the most worrisome challenges identified by CFOs<\/a> are execution risks to their strategies\/transformations, and talent risks, including retention and well-being.<\/p>\n\n\n\n When you sell to a CFO, you need to zero in on these challenges and specifically explain how your product addresses them.<\/p>\n\n\n\n Take the first of the two challenges we cited above: \u201cExecution risks to strategies and transformations\u201d. This means that companies are concerned that the business initiatives they invest in will not be successful. As a salesperson, you need to understand what those initiatives are, what roadblocks might hinder the company\u2019s success, and how your product will diminish those roadblocks. If the CFO is worried about the success of a major business initiative, a product that alleviates those concerns will undoubtedly capture their attention.<\/p>\n\n\n\n Or consider the growing issue of talent retention. CFOs know how risky and costly it is to lose important employees and be forced to hire new talent. How will your product impact the performance and well-being of the employees who will interact with it? Will it help them do their jobs more efficiently, alleviate their biggest day-to-day frustrations, and enable them to exceed their individual and shared goals?<\/p>\n\n\n\n Remember: A CFO has concerns and fears about their performance, just like any employee does. If you show them how your product will help them save the day by conquering some of the business\u2019s most urgent challenges, you\u2019ll go a long way in winning over even the most sceptical of CFOs.<\/p>\n\n\n\n Believe it or not, the value your product delivers is not the clear-cut top priority for all CFOs. Ease-of-use and simple implementation are also top-of-mind. CFOs don\u2019t want to sign off on an investment that will only deliver value after a long, complicated implementation process, a steep learning curve, or an overhaul of their existing infrastructure. <\/p>\n\n\n\n If time is money, a laborious implementation process translates to a lot of dollars wasted in the eyes of an experienced CFO.<\/p>\n\n\n\n So make sure you\u2019re able to break down the implementation process step by step by the time you\u2019re discussing it with a CFO. Saying they\u2019ll be \u201cup and running in two weeks\u201d or promising that the process is \u201cvery smooth\u201d isn\u2019t going to cut it. <\/p>\n\n\n\n You should be prepared to discuss a 30, 60, and 90-day plan and explain exactly what steps your implementation team will take to ensure a seamless process. The second a CFO starts to worry your service will be a headache to get up and running, you\u2019re at risk of losing their sign-off on the deal.<\/p>\n\n\n\n Keep in mind: Even if you do end up speaking directly with a CFO, they likely won\u2019t be present for a majority of conversations throughout the sales process. But that doesn\u2019t mean they won\u2019t be keeping a close eye on the deal \u2014 gathering opinions, asking questions about the negotiation process, raising sudden concerns, and so on.<\/p>\n\n\n\n You need to make sure that the CFO receives encouraging answers to the questions they raise internally. How do you do that? You secure and proactively support an internal champion within the buying committee.<\/p>\n\n\n\n The \u201csupport\u201d part of that equation is extremely important. Don\u2019t just blindly trust that your champion will give the CFO the right information to get the deal done. Think of any buying objections or questions that the CFO might raise \u2014 and equip your champion with specific data points, explanations, and testimonials that they can provide to the CFO in your absence.<\/p>\n\n\n\n Here\u2019s the reality of selling to the CFO: there\u2019s only so much you can do as a salesperson to win them over. Most experienced CFOs trust unbiased third parties far more than they trust a vendor or salesperson. In fact, 61% of CFOs<\/a> rely primarily on customer reviews and word-of-mouth when vetting a new product.<\/p>\n\n\n\n So do you just sit back and hope a CFO sees the great reviews of your product \u2014 and happens to miss that two-star negative review that\u2019s been plaguing your company\u2019s G2 page? Not unless you want to put the deal at risk.<\/p>\n\n\n\n Instead, make an effort to leverage good reviews by getting the right ones to cross the CFO\u2019s desk. Let\u2019s say a highly successful business in the prospect\u2019s industry wrote a great review, highlighting the way your business solved a problem that the prospect is also dealing with. Send this review to your internal champion and suggest they pass it along \u2014 or, if the CFO is more hands-on in the deal, you might find the opportunity to send it to them directly.<\/p>\n\n\n\n Meanwhile, make sure you stay informed about the overall word-of-mouth surrounding your company and products. Speak with your customer marketing or success teams and make sure you\u2019re aware of both positive reviews that can help the deal, and negative reviews that might raise concerns you\u2019ll need to address.<\/p>\n\n\n\n If you\u2019re not used to interacting with powerful executives to close a deal, winning over a CFO might seem like an intimidating challenge. But selling to CFOs doesn\u2019t mean writing an entirely new rulebook for effective sales tactics.<\/p>\n\n\n\n The tips we covered today are all about zeroing in on what details matter most to an influential decision-maker in today\u2019s business world \u2014 and how you can use your talents as a salesperson to drive those details to the forefront.<\/p>\n\n\n\n\n
3. Speak to the challenges that CFOs care about the most<\/h2>\n\n\n\n
4. Paint a clear picture of the implementation process<\/h2>\n\n\n\n
5. Secure a strong champion<\/h2>\n\n\n\n
6. Capitalise on positive word-of-mouth<\/h2>\n\n\n\n
Know the right buttons to push when selling to the CFO<\/h2>\n\n\n\n
![\"\"](\"https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/themes\/salesforce-blog\/dist\/images\/offer-block\/offer-illustration-layout-one.png\")
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