The longer a sale drags on, the more the momentum starts to fade. Not only do prospects begin to lose interest, but opportunities can slip through the cracks. This is why shortening the sales cycle is so important. It’s not about moving faster but following a process that helps you focus on the right leads.
Joseph Clancey, a product marketing specialist, crafted a blog post that explains the many benefits of shortening the sales cycle. For starters, he says a shortened sales cycle encourages reps to fully qualify leads earlier. This way, they don’t waste time on prospects who won’t ever buy. Clancey says shorter sales cycles also naturally optimize how time, money and effort are spent. By reducing the time needed for each sale, reps can close more deals within the same timeframe.
How do you go about building a better process? We share Clancey’s tips in this issue of PromoPro Daily.
Show your value early on. It’s never wise to sell on price. If the prospect doesn’t like the price, the discussion is over. Clancey advises selling value, which you establish by speaking to the prospect’s needs, differentiating how you’ll meet those needs and showing your track record of success.
Make sure you’re speaking with the right person. You don’t want to get deep into the sales process and have to start over with someone with the authority or budget to buy. Clancey recommends engaging all decision-makers simultaneously whenever you can. This is known as multithreading.
Plan sales conversations before you have them. Sales conversations are only successful if at least some objectives have been met, he says, and objectives can only be met if they are clearly defined. Begin every conversation with a clear idea of what’s needed to keep the buying process moving forward.
Address any potential requirements ASAP. Clancey says it’s best to let the prospect know from the get-go if they have any deal-breaking requirements. When you know your promo solution can’t meet those requirements, you can respectfully bow out, saving you both time and strengthening your credibility.
Uncover and address objections often. Don’t fear objections. They can help the sales process, Clancey says. They prove that the prospect is engaged. Aim to pursue and address objections early in the process.
Be authentic to build rapport. You don’t want to come across like a pushy sales rep. Prospects don’t want to be sold to — they want to connect with someone who can truly help them. Sales bravado might land a meeting, Clancey says, but that meeting will be just the start of a long, uphill battle to earn real trust.
Try putting some of these ideas into practice to shorten your sales cycle. A faster process doesn’t just close deals sooner but makes your whole business run better. With smarter resource use and stronger pipelines, your whole team will feel the benefits.
Compiled by Audrey Sellers
Source: Joseph Clancey is a product marketing specialist for the Oracle NetSuite Business Unit.
