In this engaging discussion, Michael Cremen, Chief Sales Officer at Elastic, emphasizes the pivotal role CFOs play in sales deals during uncertain times. He explores strategies for early CFO engagement, stressing the importance of asking tough questions and leveraging internal champions. Cremen also reveals how sales professionals can effectively compare their cost justifications against competing initiatives. The conversation highlights the need for strategic language that clearly articulates value, crucial for navigating financial discussions and securing deals.
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Competing Beyond Direct Competitors
Salespeople compete not just against direct competitors but against all investments a CFO might choose.
Understanding cost justification in relation to all CFO priorities is critical for success.
volunteer_activism ADVICE
Engage CFOs Early with Champions
Engage CFOs early to get advice rather than late for critique.
Bring your internal champion to CFO conversations to ensure alignment and shared understanding.
volunteer_activism ADVICE
Ask Hard Questions Early
Ask hard questions early to identify if a deal is viable to avoid wasted efforts.
Fail fast, recalibrate or pivot quickly to save company and customer resources.
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In this episode of The Revenue Builders Podcast, hosts John McMahon and John Kaplan dive deep into the critical role of the CFO in sales deals, especially in uncertain times. Joined by Elastic's Chief Sales Officer, Michael Cremen, the discussion revolves around the importance of understanding and addressing the CFO factor, failing fast, and asking the hard questions. The episode provides valuable insights for sales professionals on navigating financial implications, engaging champions effectively, and using strategic language to secure deals.
KEY TAKEAWAYS
[00:00:36] Competing Beyond Competitors: Salespeople must recognize they're not just competing against direct competitors but against all the other potential investments the CFO could make. [00:01:44] Stacking Up Against Priorities: The real competition lies in how your cost justification compares to all the other initiatives the CFO is juggling. [00:03:24] The Timing Dilemma: Discussion on whether to go early and seek advice or go late and face critique from CFOs. Emphasis on the importance of early engagement and seeking guidance before formal proposals. [00:05:08] Champion Dynamics: The significance of going with a champion and the potential pitfalls of leaving them out of crucial conversations with CFOs. [00:07:36] Strategic Language: The hosts and Michael Kremen discuss the importance of using precise language that conveys the value proposition and justifies the presence of the sales team at the CFO level. [00:09:28] Embracing Paranoia: Encouragement for sales teams to be paranoid and vigilant, especially when dealing with high-stakes deals and engaging CFOs.
HIGHLIGHT QUOTES
[00:08:18] "The best sales teams on the planet are paranoid, like viciously paranoid. If you think it's going to sail through and everything's fine, be careful, be paranoid." [00:10:09] "People rarely argue with their own conclusions. When you ask them to walk you through a scenario and they realize that they've just answered the question, it just makes it a lot easier." [00:11:38] "It needs to be in their language, in their parameters. If you're forcing your goals, the way you read things, the way you're measuring your customers, they don't understand it."
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