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How to Shorten the Sales Cycle
A Sales Process is defined as a series of stages (or steps) that take a buyer from the early stages of awareness to a signed deal.
Learning How to Shorten The Sales Cycle is the amount of time it takes to get to a closed sale or a “No” decision.
Shortening the sales cycle helps grow revenue because salespeople can reach more prospects, and reduce the chances of things going wrong during the process.
Four Actions That Teach How to Shorten The Sales Cycle
Salespeople must cultivate confidence and courage to apply actions that many of their most successful peers learned a long time ago. These actions can be applied individually or as part of the overall opportunity strategy.
There are four actions that teach How to Shorten the Sales Cycle:
1. Understand and follow the Sales Process.
Salespeople often lose their way during the sales process, or they skip the early stages of the sales process where the hard work needs to be done, in favor of getting the proposal out quickly. We subscribe to The Law Of The Harvest – popularized by Stephen Covey in the 1990s – that illustrates you can’t take short cuts if you want to increase your chance of succeeding.
2. Slow down
It might appear counter-intuitive but, slowing down allows you to ask more and better questions, uncover compelling events or reasons for change, and to listen – which can create the urgency required to speed up the sales process.
3. Test understanding for the price.
Salespeople are tempted to avoid discussing price, especially for large ticket solutions, until they’ve had the opportunity to show the value of the solution first. Avoiding these discussions often backfires, especially when a customer is contemplating a material change in how they run the business if your solution is selected.
Say something like, “Solutions that address the type of challenges you are experiencing run between 1-2 thousand dollars a month. Is this range close to what you have budgeted or expected?” The answer will allow a salesperson to gauge how educated the buyer may be, and if they understand what it will cost to make a change.
4. Handle objections early
What frequent reasons do companies not buy your products? What factors do they consider when comparing your solution to a competitor’s? Instead of avoiding these potential objections until you’ve delivered a proposal, or hoping they resolve themselves, engage early on the areas that are likely to seed fear, uncertainty, and doubt.
Learning How to shortening the sales cycle reduces the time to revenue and can increase the win rate, but it also consumes fewer sales, sales support resources, and management time.
The best part is that there are almost daily opportunities to shorten the sales cycle. Let’s get started?