For many organizations, Q4 can be taxing as departments concentrate on meeting year-end goals while simultaneously planning and budgeting for the year ahead. And every salesperson is wondering one thing: can I make this sale by the end of the year?
RainKing Solutions, the world’s leading sales intelligence platform, wanted to know more about budgeting across multiple industries, particularly whether companies have any left in Q4 and if the remaining budget has been allocated. We collected responses from over 200 budget holders to better understand the Q4 landscape, which resulted in an infographic that solution providers can use to identify areas of opportunity in the last quarter of 2016 and the coming year.
According to our research, 37% of organizations across various industries still have IT budget left to spend. Of the remaining unallocated annual budgets, companies are most interested in investing within the following areas for Q4:
There are plenty of opportunities for IT service and solution providers to address the pain points of these organizations before the end of the year. Security and applications are large areas of focus for organizations in 2017, and many may be open to investing their remaining 2016 budget in these areas as evidenced by the numbers above. While there is still time left to capitalize on unallocated dollars, it would be smart to open the lines of communication with decision makers as soon as possible. Moreover, it is important for sales and marketing teams to change their tactics and techniques for securing business, especially in this final quarter of 2016 when 2017 is top-of-mind for most companies.
Here are a few tips to help sales and marketing professionals close the deal and help organizations tackle specific pain points with their remaining 2016 budget:
- Drive urgency. Messaging will be extremely important in Q4, namely when it comes to closing deals and bringing in business. With this in mind, it is important to change your tactics and drive urgency by encouraging prospects to invest now and get a jumpstart on achieving next year’s goals. If the initial investment is made in Q4 instead of in 2017, those once dedicated dollars can be re-allocated towards other projects. In addition, it gives internal resources the time to implement and adopt your solution, resulting in more productivity and efficiency at the beginning of the year.
- Recycle your prospect list. Think back on the prospects you spoke with in Q1 and Q2—the ones who weren’t quite ready to commit. Now is the perfect time to reconnect and discuss how you may be able to help them. Chances are their situation and needs have changed over the last several months, which means they may have remaining budget they are willing to spend or they are making their wish lists and crafting their 2017 budget. Regardless of their situation, this is the perfect opportunity for you to re-engage and secure those unallocated dollars or talk about next year’s budget, giving you a headstart on your 2017 pipeline. Again, the infographic we put together is a great resource to help you gain a better understanding of IT budget trends and where organizations may be willing to spend their remaining 2016 budget.
- Establish a timeline. Due to the nature of the sales cycle and its many moving parts, deals can be in limbo for weeks awaiting approval and necessary documentation. By establishing deadlines and clear points of follow-up with your prospects, you will have a better chance of receiving a signed contract on time. To mitigate the end of the month stress and avoid typical holiday season delays:
- Include a check-list of the prospect’s responsibilities in the body of the email with the document(s) that need signing
- Send a calendar invite indicating the due date
- Send a friendly reminder a few days prior to the agreed-upon deadline
- Follow up in a timely fashion if they miss the due date
Remember, it’s your job to ensure that your solution stays top-of-mind and all agreements are signed and delivered before December 31st.
- Use sales intelligence to your advantage. Know your prospect’s business and their pain points. By using a tool like DiscoverOrg and leveraging our daily investment signals called Inside Scoops, you will know exactly when your prospect is looking to purchase a product or solution, effectively getting you to the negotiating table before your competition even knows there is a need. Inside Scoops will provide you the necessary information you need to make the right first impression, speak directly to their pain points, and quickly gain their confidence.
[cta id=”12313″ color=”green” size=”full” align=”center”]