Today we discuss deal delay risks and how Sales Leaders should handle the conversations both internally and externally.
Kevin Cohn, Chief Customer Officer of Brightflag, joined Chorus CEO, Jim Benton.
Here is the highlight reel: #
Timeline Risks and Postponed Deals Aren’t Universal #
We are seeing that timeline risks are being mentioned more frequently. Up 37% since early March.
The assumption is that the world has paused. But the data is showing that the world is continuing to run, if differently.
While some meetings are actually being postponed or have increased their payment terms, some are also being accelerated.
This difference may be due to the underlying cause of the pause or speed up.
To this, Kevin Cohn says, “The deals where we are seeing slowdowns are not necessarily cuts or budget, it’s in deals where prospects are figuring out how to work remotely before getting back to investing in their future solutions.”
Earlier this week we discovered that the downshift in activity is largely separated by market segment.
Segments - and individual companies - that were more equipped to work remotely before the shift are holding more steady than those that weren’t. These can be anything from in-person services and travel to enterprise companies that are still on V1 for remote tech.
This shift to remote work may be a temporary solution to a crisis, but it will likely have lasting impacts on the way companies conduct business.
As Jim Benton, CEO of Chorus, says, “The focus here must be how we help companies do this better in the long run.”
Longer payment terms are starting to be discussed
Deliver Value, Now. #
We are seeing a 31% of deals lengthening their payment terms since March. While this can stress your forecasts, it’s important to note that this shift will take time, and we are all in this together.
The business case here is to shift your revenue teams from “asks” to “support”. If you have a product that you believe in and can drive value now, offer what you can.
Remove barriers of entry to driving value with your product, now. Kevin Cohn says, “It’s about empowering prospects to move quickly once they can.”
Loosen up on details like payment terms and finesse your onboarding process. This is about the long game.
Jim Benton adds, “Create a friction-free way to give value with your product immediately.”
Over the past three weeks, timeline risk mentions are growing