How to Define the Ongoing Costs of Your Sales Tech Stack Solutions
5 Key Factors That Affect Your Bottom Line
When it comes to defining the ongoing costs related to your sales tech stack, it’s important to think through the lens of two questions:
- What is the cost of doing nothing?
- What does “good” look like for your company?
With the answers to these two questions, you’ll have a much better conception not just of dollars and cents but of the actual real-world cost of the sales tech stack in your company.
Why “Wait and See” Doesn’t Work Anymore
In a midmarket or enterprise organization, they’re often ostensibly seeing success with their sales technology stack simply because they’ve lumped so many resources and capabilities together. They opt for the highest SaaS tier, the most options, and the most expensive version of any solution. That stack is bringing value to the company but only because they can afford the initial expense.
Due to more limited resources, smaller companies have to be more careful with their sales technology investments to ensure they’re seeing value.
That doesn’t mean, however, that enterprise companies aren’t still wasting a tremendous amount of money on unused or underused solutions or tools with overlapping capabilities. Their financial resources simply mask the waste better.
Whether you’re a company of one or one thousand, make sure you’re asking yourself the right questions before investing in any sales tech solution.
5 Factors That Affect the Ongoing Cost of Sales Technology
1. Willingness of Your Team to Adopt the Solutions
Without buy-in, any investment you make is moot. If your stakeholders aren’t willing to adopt the solution, there’s no point in spending a single cent on it. Adoption is essential but often elusive. That’s why we put together these 10 tips for driving sales tech adoption.
2. Cost of Onboarding and Everboarding
There’s a lot more to cost than just an initial licensing fee. Make sure you’re also considering the heavy lift associated with initial onboarding and utilization, as well as any necessary everboarding to continually hone best practices and use.
If you see a lot of turnover in your organization, take the expense of training all those new hires into account—because it could be significant.
3. Prioritization of Specific Capabilities
Picking a sales tech solution that does everything might seem smart because you’re covering all your bases, but it often leads to a lot of underused functionality; options that aren’t relevant to your needs, capabilities, or goals; and a whole lot of wasted money.
Picking a solution that does one particular thing or helps you deliver on one specific goal can often be a much more cost-effective approach.
4. Flexibility and Change
The best way to see an ongoing positive return on your sales tech investment is to never think of your stack as a static, finished product. It should always be evolving and changings as your needs, goals, and capabilities shift.
Establishing a comprehensive tech stack when you’re a start-up with three employees doesn’t provide value. What does? Starting small. Gaining quick wins. Establishing a foundational system onto which you can evolve and build with more advanced tech as you grow and scale.
The key here is balance. Going in with strategy, processes, and systems in place that realistically take into account your current situation is the biggest piece of this puzzle.
5. Reallocation of Funds
The sales environment has changed. Even post-pandemic, not everything is going to go back to the way it was. Money that was budgeted for things like in-person sales rep meetings—which required funds for travel, per diems, hotels, or airfare—can now be earmarked for other things, including sales technology solutions. The best part? Done correctly, that investment in sales tech should result in an improved bottom line and a revenue stream that can then be invested elsewhere.
When to Partner with a Sales Technology Consultancy
If you default to bringing in the most advanced technology across the board, you’re never going to see ROI. Real value comes by following a strategic road map that takes into account your stakeholders, goals, capabilities, existing technology, and more.
If that sounds overwhelming or problematic with your in-house staff, it’s time to consider finding a trusted partner. Having a consultant who can help you identify those key aspects and walk you through successful sales tech selection and implementation can be a highly effective way to see positive financial gains.
The solutions that are right for your company might not even be on your radar. Working with an experienced, knowledgeable consultant gives you awareness and visibility into the full gamut of sales tech solutions, ensuring you think through all the options that could best impact your organization.
Here at Vendor Neutral, for example, we have our list of certified vendors, but we understand they’re not the right fit for every company. In our consultancy, we don’t only focus on certified solutions; we think through hundreds of potential tools to help our clients meet their goals in the most cost-effective way possible.
If you’re ready to start your sales technology selection with strategy, care, and a revenue-forward mind-set, reach out today.