Has your sales cycle lengthened? You’re not alone. Rocky economies, hybrid work arrangements, and complex internal issues means more buyers find it harder than ever to reach a decision. More decision-makers, more options, and more risk-aversion. Add seasonal peaks and troughs. It’s no wonder opportunities stall, and buyers refuse to budge.
So, how can you increase the speed of money into your business bank account?
Here are five simple ways to help speed up your slow sales cycle.
One – Qualify Hard
This starts with your discovery questions, from the very first phone call or meeting.
Check urgency to know how soon they’re ready to buy
- Do they really need what you’re selling?
- How soon do they need it?
- What will happen if they don’t purchase your type of solution?
Find out if they’re got budget
Remember – it’s not a sale until cash moves into your business bank account. Find out if they’ve got the budget to even consider purchasing your solution.
- When is their financial year-end?
- When do they start planning for the next year’s budgets?
- How much do they normally allocate for your category of spending?
Find out how close they are to a decision
Sometimes prospective clients ask for a proposal because it’s the only ‘next step’ they can think of. If that’s the case, then they’re not ready to make a decision or to look at your proposal.
- Do they really need a proposal, or do they just need more information?
- What content do you have that will provide any missing information?
- What factors do you need to identify, to know they’re ready for a proposal?
Two – Connect with all the decision makers
Nothing slows your sales as quickly as failing to include all the decision makers in your buying conversations.
Make sure you flush out additional decision makers
It’s great that you’re in good conversation with someone at your target client company. Make sure you’re talking to all the right people. Remember your contact may be enjoying the conversation, and might not want to admit that they lack decision making powers. So be gentle with them.
Say something like this to your contact –
‘In these conversations, we usually have Job Title One, Job Title Two. E.g. Head of Finance, Head of Marketing. So, besides yourself, who else should we be talking with about this?’
And then pause – so they can tell you who else to include.
This allows your contact to reveal the true decision makers, without losing face by admitting that they don’t have any real say in the decision.
Use LinkedIn to uncover more decision makers and stakeholders
What if your contact isn’t forthcoming about other decision-makers or stakeholders in the company?
No problem. You can research them for yourself using LinkedIn and the internet.
Three – Develop a better proposal process
It’s highly like your buyers team have the primal urge to gather as much information as possible, turn together into a huddle, and then burrow down into a cave while they make their decision.
Hold a pre-proposal meeting via Zoom
While you have the proposal (and your buyers don’t), you still have something they want. So, use your proposal as leverage.
Hold a pre-proposal meeting via Zoom, or MS Teams. This is a meeting with you and all the decision-makers at the company. More importantly, this meeting is held before emailing the proposal.
Check for updated buyer requirements
The purpose of your pre-proposal meeting is to check you’ve covered off all their buyer requirements.
Buyer requirements fall into two categories:
- Requirements they have already told you about
- Requirements that have changed since you last spoke
While you’re presenting, check you’re covering their current buying requirements. Ask them what’s changed since you last spoke – even if it’s only been a few days. It’s also a good opportunity to gather feedback about other options they may be exploring.
As a helpful salesperson you want to keep the buyer happy, especially when you know how much they want to see the proposal. But emailing the proposal ahead of the meeting can backfire. The buyer may decide to not to show up.Or they may
show up but be distracted by what they’re reading ahead of you, on their own screen.
Whatever you do – keep the proposal for the meeting, unless there really is an exceptionally good reason to email it ahead of the meeting.
Four – Commit to disciplined follow up
Follow up happens across all channels where you encounter your buyer.
- Send them an email
- Give them a phone call
- Send them a text message
- Connect on social media and send them a direct message
Stay committed to disciplined follow up, especially with information that helps the buyer understand the nuances between available options.
Always end every interaction by agreeing on next steps. This will keep the sales conversation progressing, and prevent unnecessary delays in your sales process.
Five – Boldly ask for the sale
Sales is about confirming opportunities and turning them into money in your business bank account. Like it or not, you’ll have to ask for the sale.
With the consistent follow up, supported by a professional sales process, you’ve built a good relationship with the buyer.
Respect your relationship, but ask for the sale.
- Casually ask about projected start dates – ‘When do you want to get started?’
- Offer them two options to choose from – ‘Do you want the full service or the project-based solution?’
- Tell them your availability to do their job – ‘We’ve got a gap in a couple of weeks. Would you like me to pencil you in?’
Buyers with a genuine need will appreciate your insights, as they navigate complex options to reach the best decision for their business.
Implement these five tips to help speed up your sales cycle, and grow a healthy sales pipeline for your business.
Mary Crampton is the owner and principal consultant at Magnify Consulting
