In this article, Thiago Sá Freire, CRO, Chorus.ai, discusses the trend of C-suite executives participating in the sales process. Thiago further offers data-driven insights into how sales reps should prepare and engage the leadership team accordingly.
It should come as no surprise 2020 has changed how B2B buyers and sellers interact. From tighter budgets to higher scrutiny, sales reps are quickly adjusting to the new normal of C-suite decision-makers participating in the sales process.
Sales reps have likely seen the impact. According to Chorus data, buying-side C-suite participation is up 108%Opens a new window on sales calls compared to last year. With more C-level executives getting involved in calls, here is how reps can better prepare to engage with these new buyers.
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Understanding Your Audience
It cannot be overstated how much you need to prepare for a sales meeting to ensure you are ready to engage the C-suite. These executives have their own set of values. So, learning to speak to their unique needs and wants in the short time window you have is a skill you will continue to hone. CXOs, depending on their role, have different objectives when reviewing pitches and demos. If you can speak to how your solution solves a critical business problem and delivers bottom-line benefits, you will have a better chance of getting a C-level executive to greenlight the deal.
Sales reps should be prepared to speak with a C-level executive even if they are not expected to attend the meeting. CXOs will turn up to a meeting they have not been invited to approximately 10% of the time. So, it is best practice to anticipate their involvement even if they have not been confirmed. Setting a clear agenda allows you to establish expectations and enable C-level executives the opportunity to review and provide input on the agenda before you meet. These insights will lead to higher conversion rates across the sales funnel while giving reps more time to tailor the conversation to their audience.
When You Engage the C-Suite, You Close More Deals
It is your job as a sales rep or sales leader to listen and respond accordingly when the C-suite participates in your calls. When deals move to closed-won, we know CXOs talk 8.5% moreOpens a new window , and reps ask at least five engaging questions to initiate the conversation.
How? Do your homework and ask the right questions to understand what is important to the C-level executives. Asking questions just to ask them is not going to get your deal across the line. You need to actively listen to the buyer’s needs and engage with open-ended questions so you may have more impactful conversations. Try working in questions like, “What worked best with your previous solution?†or “If the problem was solved immediately, what would be the impact on your business?,†to help get the most engagement from CXOs.
Demonstrating Value Throughout the Buying Process
C-level executives are much more likely to discuss your product’s vision and value as it relates to theirs. On average, CEOs and CFOs — the economic decision-makers — spend 42% more time viewing demos than technical CXOs. And since Chorus’s analysis shows that economic executivesOpens a new window are more likely to attend sales calls, teams need to quickly communicate the real value of the product.
On average, reps are showing their products 2% sooner in the sales process when compared to Q1 2020. In fact, 78% of first callsOpens a new window will include some form of a demo. By demonstrating value earlier on, reps can increase their product’s visibility while engaging the prospect and other decision-makers to continuously learn what strikes them as the most essential benefit to their business.
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But regardless of who is on the call, sales teams should always come prepared to discuss the economic impact of the buying decision and the expected ROI. While this can come in different forms for every solution, reps should be talking about ROI at every touchpoint with their prospects. This means having succinct responses related to budget, immediate and extreme ROI, and the day-to-day product improvements, which will translate into long-term growth.
In the new normal of today’s sales environment, be assured you and your team will engage with CXOs more often than ever before. The pandemic has fundamentally disrupted the status quo and created new and shorter paths to connecting with C-level executives.
Sales reps are embracing opportunities to pitch directly to executives and sharpening their skills by learning to speak confidently to the value their product brings. They are developing a better understanding of the C-suite’s role in the buying process, how to make the most of their time, how to engage with them during sales meetings, and how to present information that matters most to them. And all the while, they are winning over CXOs in their sales meetings and closing more deals.