When is the best time for your team to discuss budget and pricing? Is it during the demo call, or even earlier in the deal cycle? We found some major differences in win rates depending on when budget and pricing were discussed.
According to our research:
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Discuss budget in the first call for highest win rates.
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Discuss pricing in the first call for highest win rates. When pricing is discussed during the first call, win rates are 10% higher than when it’s bought up on the second call, and 20% higher than when it’s brought up on the third.
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Discuss pricing later in the call. Top performers discuss pricing after the first 40 minutes of a 1-hour call.
Use a combination of filters, trackers and team stats to see when budget and pricing come up in calls, and to search through deals to see how budget and pricing comes up in different deal stages.
Set up trackers to identify when specific terms or concepts come up in your calls, and analyze their frequency in your team conversations in the Insights > Team page.
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Create trackers to track how words and concepts come up in your conversations. Gong provides you with default trackers relating to budget and pricing. Add terms that relate to your business to make these trackers even more effective. For example, use terms from your BANT script, or pricing terms specific to your business, such as license types or enterprise subscriptions.
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Understand when pricing is comes up during sales conversations
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in your team:
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In the Conversations page, filter for calls in which the budget and pricing trackers come up.
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Add the Deal stage [during conversation] filter and filter by discovery or introduction calls to see calls in which budget and pricing are mentioned early. Add the Deal stage [now] and filter by deals that are Closed Won, so you see calls where budget and pricing are mentioned early and the deal was won.
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during individual calls:
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See Points of Interest, on the left pane of a call page to see when budget and pricing are mentioned during the call.
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Listen to key moments in the call to understand how your reps deliver their messages, and hear how customers respond.
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Comment on the call to coach your rep in real-time.
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Get alerts on calls when budget and pricing come up:
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Create a filter for calls when the relevant trackers come up.
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Save the filter and set whether you want to be notified daily, weekly or immediately about calls when tracker terms come up.
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Review the talk transcript or listen to the call on the Conversations page.
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Add calls or call snippets to a dedicated library folder so that you can use them to coach your team.
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See how your top performers talk about budget and pricing: Go to Insights > Team and click Trackers to see who in your team uses your tracker terms in their conversations.
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In the Timing tab, see at which point in the conversation budget and pricing topics come up.
Leverage Gong in your 1:1s and deal review meetings.
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Open the account page for a call and look to see when budget and pricing came up in a deal cycle.
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Look to see:
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how early in the deal the terms came up
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risks with how pricing was delivered. Search for "list price" and see if it comes up instead of words like "investment".
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You can export this information to your CRM and trigger alerts based on your company policies. For example, an alert if budget or pricing doesn't come up in your first conversation. You can also trigger alerts if pricing is brought up too late, not brought up at all, or if your reps are leading with “list price” or discounts when discussing pricing.
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