I’ve heard this in the past and from time to time, wait that’s not correct I hear this now even today and in general, have heard constantly for the last decade.
“It takes so long to get an actual sale or contract with #CRE companies.”
And my general response is “yes, I know, they are not starving so what’s your issue other than you want to get some of their money to justify your existence.” that’s the clean version. My usual and most often used response it “quit fucking whining and do your job.”
Everyone wants validation for their ideas, products, and work. Most of that comes in the form of a sale to someone to do just that. #CRE is NO DIFFERENT.
At the very basic level, it’s sales 101 and everyone knows what that is. 1. Prospect for leads. 2. Contact customers. 3. Qualify customers. 4. Present product. 5. Overcome objections. 6. Close. 7. Generate Referrals.
Now as we have progressed with #CRE and #TECH over a period of time the SaaS model has been brought into play and let’s be honest it’s a pretty sophisticated model with many details and roadmaps available to all.
So what’s the problem? If you are the CEO of a #CRETECH company you just take those plans and roadmaps and all that SaaS (yes, I went there)and apply them to #CRE and BOOM. Big $$$.
But guess what? It’s hard. It’s MFing hard. (If you don’t spell it out…)
And why is that? Let’s go back to just general sales basics. By most generic metrics 48% of prospects lack a budget. A further 38% demonstrate no urgency to buy and 13% usually don’t have the buying authority. So let’s do the maths, 48%+ 38%+ 13%= 99%
Leaving 1% who actually buy. Wow, that’s a harsh reality. Just 1% of all #CRE companies will potentially buy what you are offering.
“But Duke, Duke #CRE is a multi-trillion dollar asset class so….”. you hard driving positive thinking peoples you. Yea, I know but that’s not where I am going with this.
So, let’s break this down and start with the 48% that say that there is a lack of or no budget.
Ok, well let’s just call this what this is. TOTAL BULLSHIT! As in TOTAL BULLSHIT! So you’re telling me there is NO budget for any technology beyond email and Microsoft Office that can in any way help any #CRE business. Oh, yeah right there is that accounting software they make you use, so there’s another big add on, give yourself credit for that. So that’s it. No budget for anything else. No R&D needed in any way. Fair enough? Or maybe not. So, 48 percent of the reason #CRE has no interest in any tech is that there is ZERO budget allocated for it.
I have an idea, why not eliminate___________ and put those dollars into “efficiencies?” Did you put the word people in the blank space? Not you of course but “people.” Hmm, interesting.
And then there is the 38% who demonstrate no urgency to buy.
How many times have I said it and how many times more? There is a generation that owns and manages #CRE that are fucking making bank and they are NOT going to FUCK IT UP…at least until they retire…which will be when? Not for at least a decade or more!
But let’s just assume you are not one of “those” people. Then your reason is what? I’m waiting. Um, still waiting. Making too much money to care? Making too much money to pay any attention? Not worrying about 2-3-5-years out? Ok again fair enough. Good for you. I hear that the thing this year is to do yoga, meditate and have some other type of ZEN life balance kind of experience …to get and keep you on your A game. Hey, I do that shit too. Is that more interesting to you? Are you offended that I even bring something like that up in this context? Do you understand why? No? Well, then I namaste to your ass!
How about this one, “there are legal, regulatory and corporate…….reasons.” Yea, again namaste!
Which brings us to the number I think is most important and that’s the 13% who usually don’t have the buying authority. This 13%, in my opinion, can be now part of and create what could be a truly seminal moment in the evolution of #CRE and #TECH.
Why is there no authority to make that decision? Who is the person that can? Why not just talk to them instead of wasting time? Sounds simple to me. Ok, yes the decision maker is sometimes vastly different depending on the company/portfolio/geographic location/entity involved. Did I just answer one of my previous questions?
Here is the bigger and much more important question that needs to be asked. What is the entire process that actual person must go through to make that buying decision? It could and is so very different in each and every instance.
Better put, what is “The Cycle?”
The sales cycle for #CRE and #TECH from initial customer contact to product implementation!
If you/we/us figure that out then you/we/us have done what…opened the doors to $$$$$$!
Some think they already have and most of those people come from outside #CRE, which I find extremely interesting.
They just want to “shorten the cycle.”
Do you think you have figured it out?
You and I both know that answer.
You do want me to just lay it all out there for you right?
Don’t worry I will.
Stay with me…..
I will show you how to “Shorten The Cycle.” And How To Win The #CRE #Sales #TECH Game.
Sooner rather than later…
The Duke Provides!
+1 Do You Know Where The Fuck You Are???
+1+1 Do I have that catchy title grabbing thing down or what?