Businesses face a daunting and uncertain new reality with a potential recession looming on the horizon. As buyers tighten their purse strings, they will demand evidence about the impact a solution will make on their company. Sales cycles will become longer, and sales teams are going to need new and innovative assets as well as more focused and involved support to win customers in this new environment.
Translation: Buyers need strong evidence about the financial value a technology will deliver.
This is what a Forrester Total Economic Impact™ Study aims to do. Forrester has recently updated the benefits, costs, flexibility, and risk analysis — using our rigorous TEI methodology — to reflect 2022 realities in our TEI study: “The Value Of Building An Economic Business Case With Forrester.”
In other words, we’ve applied our own methodology to ourselves to reflect the value of creating a TEI study for your organization’s solution. This new output shows that a TEI study helps businesses continue their growth and delivers a 134% ROI within 18 months. Along with that, a TEI study:
- Delivers a 60% increase in leads in the first six months.
- Saves 33% of your sales team’s time to reflect accurate value per investment to prospects and customers.
- Saves your marketing team 95% of their time and allows them to focus on creating other important assets and campaigns.
As a recent customer, a VP of marketing at a cybersecurity SaaS company, said:
Because we have the TEI study, we can tell our salespeople, ‘Here is what you do when pricing comes up. Here is where you justify value.’ The TEI 100% made our [salespeople’s] lives easier.
Moreover, a TEI study provides these qualitative benefits to companies:
- Engages decision-makers who are otherwise uncertain or reluctant to make a purchase. According to Forrester research, 65% of global decision-makers don’t trust the content they receive from vendors. A TEI study’s objective, third-party results sway buyers by helping them see the impact for their teams.
- Elevates brand awareness across the customer lifecycle. With the broadening of B2B buying groups, running up the chain often means running it past different stakeholders with disparate needs. Interviewees shared how a TEI study spoke to different stages of the buyer’s journey and allowed marketers to use the study in creative ways to speak to different buying groups.
- Creates consistency and alignment around companies’ value propositions. Companies were able to create a consensus around how to tell a more robust and compelling story to the marketplace.
- Supplies primary research and actual voice-of-the-customer data and feedback. Knowing what drives customers allowed organizations to deliver more customer-obsessed experiences.
Connect with our experts to read the full TEI analysis to measure your own potential ROI through a TEI study.