Writing Checks for CRM, or Writing Invisible Checks
Destination CRM, Thursday, August 10,2023
As we enter the home stretch for sales in 2023, for many companies the planning is now under way for 2024, as they put together the strategies and tactics for achieving new (and likely higher) revenue targets. When beginning the budgeting process for sales enablement technology for next year, let me suggest a reality check approach for helping to determine the right level of investment to consider.
To start with, before you give any thought to 2024, take an honest look at what you did to enhance your tech stack in 2023. Based on the economic uncertainty we have been living with the past couple years, many sales organizations either under-budgeted what they really should have spent on CRM this year, or they underspent the budgets they did approve. I get that in the face of doubt about customer spending levels in 2023, many CFOs decided that they would ramp up checks going out only after they saw checks coming in. But before you apply that logic to your 2024 budgets, you need to go through a financial exercise.