An experienced B2B salesperson will tell you that the sales cycle is a critical factor to success.
So, how do you shorten the B2B sales cycle?
There are many factors to consider, but here are four tips that are sure to make an impact in shortening the sales cycle. So read on only if you want to close deals faster!
1. Self-assess your prospect or deal on a scale of 1 to 10.
If you assess as a four or less, you may be wasting your time. A six or above indicates you have a better-than-average chance of shaping a value proposition and competing for a deal.
If you assess as a four or less, you may be wasting your time. A six or above indicates you have a better-than-average chance of shaping a value proposition and competing for a deal.
Pro Tip: Conduct the self-assessment before investing time and resources and as you advance through the sale process. If you’re thinking, “What have I got to lose?” – you’ll lose valuable time!
2. Engage More Than One Buyer
There are plenty of situations where one person decides without anyone else’s involvement. However, if your solution affects or impacts multiple people or departments to deploy or implement, the sooner you talk to the other individuals, the better.
There are plenty of situations where one person decides without anyone else’s involvement. However, if your solution affects or impacts multiple people or departments to deploy or implement, the sooner you talk to the other individuals, the better.
Relying on one person may seem more comfortable, but it increases the risk of encountering unmet needs or objections later in the sales cycle. The longer you wait to involve others, the more work is involved in getting others on board with your value proposition.
Pro Tip: Remember, EVERY organization has a process to build an internal business case, formal or informal. Rely on one individual at your peril.
3. Talk About The Risk of Change Early As Possible There’s always a risk of change if an organization switches providers or implements a new solution. Many organizations don’t contemplate the risk of change until they evaluate proposals – that’s not good for sellers.
Will the customer need to change processes, conduct training, potentially impact suppliers, require different customer service terms, or build IT systems? For some organizations, the risk of change can be so expensive that they might not make a change even if you gave your product away for free!
Pro Tip: To help a customer or prospect build the internal business case for change, salespeople must ask, “How are you evaluating the risk of change with our solution?”
4. Use Calendaring Tools to book meetings faster and reduce email back-and-forth
There are many tools to assist prospects and customers to schedule time with you or you with them. You’ll never again draft an email with “Let me know what day and time work for you.”
There are many tools to assist prospects and customers to schedule time with you or you with them. You’ll never again draft an email with “Let me know what day and time work for you.”
If you aren’t using Calendly, ScheduleOnce, Chili Piper, or Microsoft’s Booking tools, you aren’t only wasting your and the prospect’s time; you’re demonstrating that you’re “old school.”
Pro Tip: Don’t be cheap. Get the paid versions, which have more functionality and support.
Shortening the sales cycle delivers significant business impact, including improvements in revenue growth, win rates and sales effectiveness. Adopt one or more of these tips. Good selling!