NEAT Methodology (N.E.A.T.)

The N.E.A.T. Sales qualification method primarily focuses on listening and acquiring a deeper understanding of prospects' challenges over speaking and guides you on winning the prospects' trust in the sales process.

It consists of four elements: Need, Economic impact, Access to authority, and Timeline.

Need
The "need" in this selling methodology is understanding why the pain is important for the prospect and what deeper issues it is causing. You must actively listen to what the prospect has to say and eventually earn the right to ask more in-depth (surface) questions to get access to important information.

 

We have to have an in-depth understanding of the customer’s main requirements and core pains. Dig deeper while gathering information about prospects’ needs and find out what is majorly impacting their business.
 

Need - Examples

Surface	Below the Surface
The number of invoices is growing fast.	- Trying to avoid additional headcounts? - M&A/ expansion to new geographic areas? - DSO/ Late invoices?
Want to minimize the check portion of the business.	- Trying to improve time-to-cash? - Looking for cost savings? - Looking for automation?/ digital transformation?
We are looking for better rates.	- Is there a budget objective/ constraint? - Why are you using credit cards? - Is there a specific CC that you focus on?
We are switching to a new ERP and want to fix payments at the same time.	- Are you switching to support growth? - Why are you switching your ERP? - What is your current DSO?

 

Need - Potential Questions

• Why the need to use credit cards given that it was established primarily for consumer use?
• What is your current DSO? 
• How do you deal with checks? What is the time to cash? 
• Have you built an analysis to see how we can reduce your time to cash?
• When did you switch to your ERP?
• How are you invoicing today?
• Are other departments working on SaaS products?
• What are your growth expectations for the year?
   

Economic Impact
Having an economic impact is to help the prospect understand the economic impact of their current situation combined with the economic opportunity based on implementing Paystand. Showcase the economic impact of your prospects’ pain points by exhibiting real value to the opportunity cost as prospects/buyers don't mind spending if they get value for their money.

 

Economic Impact - Examples

1. Need: We are looking for better rates on our credit cards. 
   Economic Impact: Our customers save about 25% - 50% on processing costs.
2. Need: Want to minimize the check portion of the business. 
   Economic Impact: 30% of checks portion transfers to digital payments on YoY.
3. Need: The number of invoices is growing fast.
   Economic Impact: Paystand automates 70% of manual A/R tasks.

 

Economic Impact - Potential Questions

• How would you use the additional 70% of the time spent on manual work?
• How is the current manual process impacting your business?
• Achieving the vision you are looking to accomplish, what value would that bring to the team and the company?
• What are the department headcount objectives? Why (in which roles)?
• How do you envision the new process you have in mind is going to impact your business? Your role? Your team?
   

Access to Authority
Understanding the approval process — Who can give you access to authority?

 

The purchasing decision involves people who may be decision influencers and decision-makers. In many cases, not one person can singularly say “yes,” but anyone person can say “no.” Hence, finding the ‘Champion’ in an organization becomes important.

A champion is a person who can influence decision-makers. With the help of such a person, you can get access to authority. This will increase the possibility of closing the deal quickly.

 

Champion is a word we often use, but overestimating the decision-making power of the user (A/R manager, credits collection, Senior accountant). 
 

You may not be able to directly approach the director in charge of approving a deal (especially not at first), but you should be able to make a plan of action for getting from a more accessible member of the organization to one with greater authority.

 

How?

• Understand the approval process in the organization (steps, final signer)
• Understand the finance team structure and team size (mini org chart)
• Understand the politics of the organization (priorities, other projects at work)

 

That knowledge helps you better position for Access to Authority. So the goal is to determine if your contact can get you access to authority, when, how.

 

Access to Authority - Potential Questions

• Is there a project for automation A/R?
• Are you the owner of this project? Who is?
• Who would be the final signer of this project?
• Can you describe the decision process of this project?
• Every company is different. How do things get done in your company?
• Who decided to switch to NS? Who led the project?
• Who is your NS rep?

 

Timeline
There are many factors involved in closing sales. It is essential that you consider them before establishing a practical timeline.

No deal ever closes without understanding the value of the service as it relates to a compelling event the prospect is managing towards. If there is no compelling event, it will be very hard to qualify the timeline, or the timeline will be vague.

 

Look at basing your timeline on the implications of either meeting or not meeting the perceived deadline.

 

Timeline - Potential Questions

• What is the timeframe for completing this project?
• When do you want to go live?
• Why specifically that date? What happens then?
• What happens if the timeline is not reached? 
• Is this part of the team or your OKRs?
• What would be the consequences if you don’t find a solution by this date?
• Are there any planned activities associated with that date? (new business model, new hires, ERP related, etc.)

Process
Exit criteria for N.E.A.T at each stage of the sales funnel.