Last week in a webinar with a group of high-performing salespeople and technical specialists, a salesperson asked:
Salesperson: “My company’s number one goal is to shorten the sales cycle. How can I do that?”
His question was timely and challenging. It seems as if your customers’ number one goal is to lengthen it! The economy and an environment of heightened skepticism have doubled or even tripled the length of the sales cycle in many industries.
So what can you do that is in your control to accelerate the close?
Salesperson: “My company’s number one goal is to shorten the sales cycle. How can I do that?”
His question was timely and challenging. It seems as if your customers’ number one goal is to lengthen it! The economy and an environment of heightened skepticism have doubled or even tripled the length of the sales cycle in many industries.
So what can you do that is in your control to accelerate the close?
- Early on, qualify more diligently. Position every qualifying question from the perspective of meeting the customer’s need. Find out:
- Budget — Has it been allocated? How much? Who controls it?
- Time Frame — What are the timelines to develop and implement? (In today’s world, the two schedules can be very different.)
- Compelling Event — “Must do” dates are a blessing and the absence of one can signal a long decision cycle.
- Decision-making Process — Who will be involved in the decision — economic, technical, users, and other influencers? Clarify the buying process and steps. - Understand the BUSINESS need that your solution will address. How will your solution help your customer achieve his/her business objectives.
- Develop a compelling Value Proposition to show ROI (ideally year one or soon).
- Identify milestones of the sales process so you can measure progress against them.
- Set a call objective that is measurable for every meeting — face-to-face or virtual. And debrief each meeting against the objective.
- Continue to check for change.
- If things slow down, ask the hard qualifying questions again, but start with the driving need — is it still a priority? Tactfully ask questions to multiple customers.
- Develop a coach! Almost nothing will help you win the deal and know where things really stand than a well-placed coach.
- Position your benefits and ask for the business.
- Know when to put a deal on the back burner or no burner and when to try to resuscitate it.
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4 comments:
As always, great advice from one of the masters of the art and science.
My clients are telling me that not only are sales cycels lengthening, but loyalty is fading faster. The incumbant position has gone away and you almost need to requalify (your value add)for each sale.
Item 12 on Linda's list is knowing when to put an opportunity on the back burner is critical, but also is continuing to nurish the relationship almost simultaneously...
What was the line from the movie Major League ??? Nobody said this was easy....if it was, we wouldn't need you !!!
Keep selling !!
That "must do" date is critical. A project can cost a lot more when you have to manage a relationship for months before getting started - or before signing a contract that might never get signed.
Good dispatch and this enter helped me alot in my college assignement. Thank you as your information.
Great advice. You nailed it!
Steve Waterhouse
Waterhouse Group sales training
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