Scottsdale, Arizona, September 6, 2022 – i3strategies®️, a boutique consultancy with unique expertise in the Financial Crime Risk and Compliance space, is pleased to present our latest blog post.
Financial Crime Risk and Compliance software sellers love to hear a prospect wants to see a product demo. Showing all the cool features and functions will impress the buyer, and a sale will follow shortly, or so the seller hopes.
As exciting as it is that a prospect wants to see a demo, be aware:
Demo success results from work put in before the demo. Sellers should not show demos until they've had meaningful conversations with the buyers. And, when it is time for a demo, sellers must remember that buyers rarely make big purchase decisions without hearing their staff's opinion. The decision-maker needs users to affirm the buying decision. Make sure your demo speaks to the users.
To prepare properly for a product demo, keep these questions in mind:
What issues does the buyer currently have with their existing system and processes - If you as the seller don't know this, what are you going to show them? Instead of a clear and focused demo, you fly around the screen showing every feature of your product, hoping something grabs their attention—a bad move. Once you know the problems prospects care about, practice your demo, focusing foremost on those issues that matter to the buyer. In fact, sellers should consider showing nothing other than how your product solves a buyer's specific problems. Stay away from a "features" show. After showing how your product solves their problems, avoid launching a "let me show you every feature" demo.
What are the impacts of their problems? Is it slowing down work, costing time and money? Is it jeopardizing compliance, frustrating workers, or just some minor inconvenience? If prospects do not share specific concerns with you, dig more to see if they are just reluctant to share or if they are only window shopping and not serious buyers. Then decide if showing a demo is worth your time.
Who will be attending the demo, and what are their roles? Know who is attending, know their names, ask what they do, look them up on Linkedin and learn about them. Know ahead of time their purpose for attending. Are they decision-makers or future users? Be aware that users of your product may be the hardest to sell. Users may view your product as a threat to their job. Some users may like the existing system and not want a change. Users can be great allies if they like your product. However, a negative review can kill your deal because decision-makers often rely on users' assessments when making buying decisions.
More to Consider: After showing precisely how your application solves their problems, ask them if they, too, see how your product solves their problems. If they do, acknowledge that many buyers are skeptical of new products at first, but now that they've seen your product solve their problems, are they open to considering purchasing? You can caveat this by saying you aren't asking them for a guarantee, but you want to gauge if they are genuinely open to purchasing. If they are reluctant to share an answer, consider politely ending the demo and thanking them for their time. If they won't commit to considering your product once they see you solve their problems, why are you there?
If the prospect is open to considering a purchase, ask how their organization makes buying decisions. Who is part of the decision team? Are decisions made throughout the year or only during annual budgeting periods? If they need to secure a new budget, ask how that process works in their organization. These questions help you understand who else needs to be sold. It also helps you know how long a decision will take. These questions also get the buyer thinking about what they need to do to start the buying process. It's a nudge in the direction you want.
As every good FinCrime Compliance software seller knows, nearly every sale requires a lot of time and commitment on your part. Demos done correctly are a great way to identify serious buyers worthy of your time. Thoroughly prepare, keep the demo focused on the buyer, and remember the influence users have in the buying process.