How to avoid “no decision”
Why do so many B2B projects end with no decision?
Maybe because so few salespeople develop a credible business case with their customer.
Financial directors and decision-makers rarely approve spend without a solid business case that both buyer and seller understand and agree upon.
Cyber security investment can be difficult to close out; it is an insurance policy, albeit with clear and present threats. It often makes sense to outsource the service to expert companies who have the breadth and depth of knowledge to deliver a robust service.
The return on investment (ROI) can vary depending on specific business dynamics. Sometimes, a straightforward calculation comparing the costs of doing something in-house versus outsourcing, can demonstrate significant savings for the customer.
However, ROI isn't always just about hard numbers. For example, when considering investing in a new cyber security service, numerous potential benefits are less tangible but equally important:
The direct cost of resolving a cyber security incident.
Productivity loss due to downtime caused by such an event.
Immediate revenue loss from online systems being offline.
Long-term damage to reputation and loss of customer trust following a data breach.
Fees demanded by hackers in ransomware attacks.
Regulatory fines for data breaches, especially for larger organisations.
These factors, along with the original insource vs outsource calculation, contribute to the overall ROI picture and a compelling reason to act.
However, bombarding customers with too much information can overwhelm them and hinder decision-making.
It's essential to focus on the most compelling aspects that resonate with each customer.
Consider two scenarios:
For a large publicly traded company, the potential damage to reputation (dimension 5) might be the most critical factor, as it could lead to significant stock price declines.
For a public institution like the British Library, the immediate cost of incident remediation (dimension 1) might be the top priority, as seen in the aftermath of a recent cyberattack.
To build the most compelling ROI case, it's crucial to work closely with the customer team to understand which dimensions matter most to them.
If both the sales team and the customer agree on a robust ROI, then there is a higher possibility that the project will gain sign off. Everyone involved has a clearer understanding what evidence needs to be presented to convince the executive team to give the go ahead.