That's what Chris Orlob said in his Linkedin post, here

"If you can't sell to the CFO, it's going to be a rough 2023 for you"

He's right, we are in a recession, down turn, call it what you want. For you to get budget, you are going to be able to explain to the CFO why they should spend budget on whatever you sell.

That's mean you are going to need to be able to demonstrate a return on investment (ROI). 

An ROI meaning, if they give you a $, you have to give them more than a $ back.

For example, one of our clients has a 10,000:1 ROI, which means for every $1 they gave us, we gave them $10,000 back.

Chris also points out

"There are only 3 types of ROI that resonate with CFOs.

Position your solution accordingly.
 
 
1. Reduce costs

Understand that the CFO's job is keeping the company financially healthy. That means unproductive spend is their mortal enemy. If your solution has a (perceived) high risk of unproductive spend, time for some repositioning.

And if you can demonstrate that they can reduce costs (without losing big gains), you've got a great shot.


2. Maximize productivity (get more from the same (or less) spend)

Don't sweat it if your solution isn't a cost saving tool: Can you replace existing spend (on a ~1:1 basis) but improve the yield from that same spend? That gets CFOs to pay attention.

If you offer a comprehensive technology that can replace 2-3 (existing tools), this is your jam.


3. Improve the topline with ‘very believable’ bets.

This is the hardest one. Because 'everyone' claims they improve the topline. CFOs are 'nose blind' to that pitch. So if this is your value.... your business case better be 'CFO worthy' and believable.

Leave off the fuzzy or 'stretch' business cases."

If you live in the world of SaaS, then business will want a proven ROI during the sale, they will also want to see a proven ROI after the sale, otherwise they will cancel the contract.  I'm sure there are many a customer service and renewals team that have suddenly been hit with cancellations.  One company I'm talking to has just cancelled 50% of their Linkedin sales navigator licenses as they just don't see the business benefit. 

PS: Before you cancel your Linkedin sales navigator licenses, you should talk to us, Sales Navigator is by the best lead generation tool out there, you just need to know how to use it. A bit like a skateboard or a bike. 

Want to know more about social selling, check out my new book

"social selling techniques to influence buyers and changemakers - 2nd edition".

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Articles on how these business have and are implementing digital, from Mercer, Telstra Purple, Ring Central, Cyberhawk, Namos, Ericsson, Crux Consulting, DLA Ignite and more.

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