Creating a best-in-class business case
Creating a best-in-class business case
How to arm an internal champion with the right information
DEAR STAGE 2: I’m in the midst of selling the largest deal we’ve ever worked on as a company. I’ve built a strong relationship with our champion, but he is not our economic buyer and needs to build a business case to secure budget. What does a best-in-class business case look like? ~Selling through a champion
DEAR SELLING THROUGH A CHAMPION: I tapped Stage 2 LP and AVP of Global Enterprise Sales at Tableau (a Salesforce company), Charlie Maier, for help with this question and boy did he come through. Read on for Charlie’s take and a final note outlining some of the key sections you might consider including in your proposal…
First of all congrats on asking for help during the sales process instead of after the deal closes (or doesn’t close)!
In my organization we like to celebrate the struggles & the process, not just the victory. Because the most personal growth happens during the struggle. So awesome work tackling the biggest potential deal in your company’s history!
Also - early in my career I had a mentor challenge a colleague of mine after he closed a large deal. He was so proud that he worked the deal primarily by myself and brought it to a close without much assistance. She responded to him with a simple question, “Did you make any extra commission on that deal by not asking for help?”. I’ll always remember that. Don’t be afraid to ask for help during a sales cycle! Leaders love to help and it alleviates risk in your deal.
Now to your question - Sounds like two hurdles stand in your way:
Access to the Decision Maker or the person with the final budget approval
Creating the business case that makes it a no-brainer for them to buy your product
Let’s tackle the first - your champion is awesome, but awesome doesn’t get you paid or close the deal.
In the early years of Tableau, we leveraged a “Land & Expand” sales model. We built up rapport and value with our champions so much so that they would buy single transactions of one seat of Tableau to help them do their jobs better. We would then collect more stories of value to build to a larger transaction.
But the issue was, many of these champions had never bought software in their careers! We had (have) a technology that was so transformational to the way people work with data that it unlocked a whole new market of buyers. So just like your scenario - we encountered many people that had to justify the budget - or were blocking us from access to the final decision maker. Not maliciously, but because they simply did not know how to procure software!
Some takeaways here to get access to the Decision Maker:
Ask your champion questions about the procurement or decision making process until they get to “I don’t know”. Then ask for the intro to the person that would know.
Give/Gets. You are giving a bunch of time & resources during a sales cycle, be sure that you are getting something in return throughout that process. Ex: Give a trial extension of your software in exchange for an intro to the person sponsoring the project. Every time a request comes over, be ready to give and send a request back.
If it is a large deal - get your executives involved! Customers love to hear from executives and connect them with their execs.
If you don’t have access to the sponsor - your deal is at risk.
Now onto the second hurdle, which can also help you get access to the decision maker. Creating the business case.
Your business case or point of view to your customer is iterative, not final! Think of it in 3 phases
Initial Business Case
You’ve done your homework and worked the cycle. This slide deck or presentation should be from the customer’s point of view and how your solution will help them. It should include an industry perspective and unique perspective to them and their company. You are doing the work - not the customer. Make it easy on them. [MORE ON THIS LATER 👇]
Joint Business Case
Your champion appreciated the level of effort you presented and now you ask them to collaborate with you to finesse and fine tune the business case.
Final Business Case
This is your third iteration. It is now completely dialed to their needs. Your assumptions have been confirmed as fact and you are ready to present to the executive.
Your business case should become a no-brainer proposal for them and defensible
I like to think in 3’s. 3 things are easy for people to remember and your competition will probably only focus on 1 or 2.
In your proposal you should have 3 value statements or pillars. Each of them should have enough ROI on their own to pay for your solution. This way it is defensible. If the executive rejects 2 out of 3 of the statements, you still have a final one to anchor on to justify the expense. (If you only have 1 - get back to work and find more)
“Kill the Maybe”
Throughout the business case process and sales cycle you need to kill the maybes. Ask the hard questions that get you clarity in your deal. What happens if your company doesn’t implement this solution? (Consequence). What would prevent this deal from closing by X date? (Risk)
It is better to have a YES or even a NO, than a maybe.
Based on this proposal do you agree to move forward with a purchase by X date? (THE hard question, THE close - it will provoke some sort of YES/NO response and kill the maybe). And believe it or not, most people are afraid to ask it. But if you’ve built a strong business case on 3 value pillars - you know your solution will help them and you have earned the right to ask the question.
So many people are ok with the maybes or they assume their champion retains everything we tell them and that they agree with our value assumptions. Get clarity - don’t assume.
[THIS IS LATER 👍] As you think about building out that first slide deck (or memo) that can truly take work off of your Champion’s plate we recommend having a template outline ready to go. This makes customizing it faster and more scalable over time. Sample sections include:
Defining the Problem - Their Specific Need: Begin by clearly articulating the specific challenge your software addresses. Identify pain points that resonate with your champion's organization. Whether it's streamlining processes, improving efficiency, enhancing customer experience, or any other critical issue, make sure your champion can clearly communicate the problem your solution solves.
Alternatives Considered: Acknowledge that decision-makers might be considering various options. Your champion should be prepared to discuss alternative solutions, highlighting why your software stands out. This might include software competitors, solution providers, outsourcing, and status quo. You can be objective in outlining the pros and cons while emphasizing your unique differentiation and how your solution overcomes shortcomings in the alternatives.
Your Proposal: Present a comprehensive overview of your solution including pricing/contract and a clear roadmap for implementation, training, integrations, and activation. Setting clear expectations on timeline here is critical to building trust.
ROI - Quantifying the Value: Following your proposal you want to clearly outline the potential ROI your software offers. Highlight the tangible benefits that come with solving the identified problem. This could include cost savings from replacing existing software, reduced labor hours, increased productivity, new revenue streams, or improved customer retention. Whenever possible, attach specific numbers to these benefits to demonstrate concrete value - these numbers can come in the form of case studies (see next section) or an ROI calculation for the specific company.
Customer Case Study/Proof Points: Share success stories from similar companies or industries that have benefited from your solution. Provide real-world examples of how your software has produced positive outcomes. Use metrics, such as percentage improvements or actual financial gains, to quantify the impact. Relatable success stories can lend credibility to your proposal and alleviate concerns - lean into examples from the same industry, similar business models, etc…
Measuring Success Over Time: Outline a plan for tracking and measuring the success of your solution over time. Discuss key performance indicators (KPIs) that will demonstrate the ongoing value your software provides. Highlight how your solution supports long-term goals and contributes to the organization's strategic objectives. Laying this out upfront allow you to control the narrative around value and set expectations for renewal in the future.
Selling a new software solution to a large company requires more than just a great product. It demands a compelling business case that highlights the unique value your solution brings to the table. While there’s no “one size fits all”, Charlie’s best practices will help to arm your internal champion with the right information.
Until next week!