What is that sales vacancy costing you?

Often, when a Financial Technology firm has a vacancy in its sales team, the first question they ask us is “how much will it cost us to hire?”.

We find that few ask the question, “what will it cost us NOT to hire?”.

One of the ways to answer that question is to calculate how much revenue the business will lose for every day the sales position is vacant.

These costs are significant: anywhere from £2,500 to £7,500 per day for a Financial Technology sales position.

These costs are direct to revenue and do not even include intangible costs associated with that vacancy (e.g. the effects of lower team morale, customer dissatisfaction, perceived loss of competitive edge, and so on).

These costs are averages, based on data Finiti has collected over six years of specialising in Financial Technology sales positions.

We’d like to come and talk to you about how we calculated these costs and help you to understand the more specific costs to your organisation.

How Can Finiti Reduce Your Costs?

Finiti has more than five years of experience in Sales recruitment in Financial Technology. In that time, we have built up a large network of high performing sales people, in your market, in every major financial city from London to New York.

It’s simple. Partnering with Finiti to fill your sales vacancies will reduce your costs by reducing the time it takes you to fill them.

How much Finiti can save you depends on the recruitment approach you currently take.

We understand that firms may want to try to fill positions themselves – saving them the cost of an agency fee.

In that case, we still recommend engaging with Finiti from the start, even though you may want to advertise the role yourself.

The very worst thing an organisation can do, in terms of cost to the business, is to attempt to fill a highly specialist role themselves before engaging an agency later.

Talk to us about how much we can save you. These savings are averages, based on data Finiti has collected over six years of specialising in Sales positions in Financial Technology.

We’d like to come and talk to you about how we calculated these savings and help you to understand the more specific costs to your organisation.

Headhunted for Pre-Sales? Here’s What the Role Entails..

Pre-Sales Consultants are an integral part of the sales team. They act as a Subject Matter Expert (SME) in a particular field – e.g. business area, market or technology. They add value to an organisation by providing their expertise throughout the sales process and ultimately influencing sales.

They can report to a Head of Pre-Sales but usually report to a Sales Director.

They are also known by other names, including:

  • Consultant (e.g. Risk Consultant)
  • Sales Engineer
  • Sales Support Consultant

What Does a Pre-Sales Consultant Do?

  • Accompany salespeople on visits to prospects and clients.
  • Deliver presentations and product demonstrations that require more in-depth or credible knowledge than the      salesperson is able to provide.
  • Liaise with Product Managers to provide feedback from clients about product requirements; or ideas to help them innovate or stay ahead of where the market is going.
  • Carry out research to stay ahead of their particular area of expertise – including understanding the current & future market, product and competitor landscape.
  • Manage the sales bid process, responding to RFI’s & RFP’s when a client or prospect puts an opportunity ‘out to tender’.
  • Respond to technical questions about the product or related infrastructure.

How Are Pre-Sales Consultants Paid?

Pre-sales Consultants are usually paid a base salary and a bonus or commission. Bonuses are more common that commission and, on average, tend to vary between 15-30%.

Pre-sales Consultants tend not to carry sales targets. Instead, they are usually responsible for influencing sales and supporting the sales targets of dedicated sales executives. Their bonuses are dependent on the company – or specific solution revenue streams – meeting set targets.

Who Can Do Pre-Sales?

Pre-Sales Consultants will often have a background within the market they are now ‘selling’ to. This is so that they are able to present themselves to clients as a credible subject matter expert in that market or product. For example, a Pre-Sales Consultant ‘selling’ Risk Management solutions to Investment Banks may have previously worked as a Risk Manager within a similar Bank.

Business Analysts sometimes enter into pre-sales due to the expertise they have developed implementing specific products into specific customer environments.

People who works in advisory divisions of consulting firms usually make ideal Pre-Sales Consultants.
What Makes A Good Pre-Sales Consultant?

Typically, a Pre-Sales Consultant should have the following skills & experience:

  • Subject matter expertise in a required field (ideally gained working within the market they are now ‘selling’ to).
  • Strong client-facing skills, e.g. meeting & presenting to clients (ideally with experience dealing with similar types/levels of contact).
  • Strong commercial skills including an understanding of the sales process (ideally gained within a similar,      commercial environment).
  • Strong communication skills, written & verbal.
  • Strong problem solving skills including an ability to think ‘on their feet’ when faced with challenging questions in the sales environment.
  • Experience managing the bid or proposal process including responding to RFI’s/RFP’s.
  • (Technical Pre-Sales Roles Only) Technical skills.