Tips, Tricks & Best Practices

dtyre
Academy Team
Academy Team

#ohbaby - we need your wisdom for the HubSpot Sales blog :-)

The HubSpot Sales Blog has a topic we'd love to hear your thoughts about. Here's the premise:"When COVID-19 began and throughout the pandemic, brands and prospects tightened budgets. Now as vaccines get distributed and the economy reopens, do you think sales reps could see more budget/pricing flexibility from prospects?"                                                                                                                                                                                                If you have any insight you'd like to share on the subject we'd love to hear it. If your contribution grabs our attention, we'll include it in the piece we're writing on the topic. If you want to offer your thoughts, please submit them via a comment below by 12 PM EST on Wednesday June 30th. Thank you in advance for your perspective 

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2 Replies 2
aschwanke
Participant | Platinum Partner
Participant | Platinum Partner

#ohbaby - we need your wisdom for the HubSpot Sales blog :-)

Adam is spot on. I've talked with a number of prospective clients who have spent significant time revisiting their tool sets, their strategy, and their overall resources to determine if they're setup for success. While COVID caused some business to scramble, we've seen more of the strategic approach of companies recognizing that business can be done digitally and they need to be taking more advantage of the tools that are at their disposal. Because of this, they have their budgets ready and they know what they are looking for -- but they're looking for people they can trust vs. just a product. Everyone knows an expensive product that's poorly onboarded or implemented is no better than a cheap product that doesn't have nearly as many bells and whistles. In my humble opinion, budgets ARE more flexible, but they're also more specific as to what they expect from those dollars. 

AdamLPW
Key Advisor

#ohbaby - we need your wisdom for the HubSpot Sales blog :-)

Short answer:

 

no.

 

Long answer:

 

Within my industry (financial services, SAAS) the short-term impact of COVID was that prospects tightened their belts.  Once they'd culled unnecessary services, the next step was to re-evaluate and streamline tech stacks.  If they absolutely couldn't do without X, did it talk to Y and Z?  If not, could they find an alternative to X that DID talk to Y and Z, hence reducing friction and saving more money? 

 

The longer-term implication of this is that prospects now expect more.  With their newly-efficient tech stacks and lower costs, not only have they reviewed efficiencies, but they've also probably done due diligence on the majority of their providers within the last 12 months or so.   Pre COVID, more prospects were working inefficiently and/or hadn't reviewed their provision for some time.  

 

Within my industry, at least, there's certainly no loosening of the fiscal belts.  Prospects are wiser, more frugal, and more demanding than ever.  That said; if your offering is best-of-breed and can further optimise workflows, there's a clear opportunity here.  Armed with a better understanding of the cost of inefficiency, prospects are willing to pay a premium for the right solution.


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