It’s never too late for sellers to improve the sales cycle. As buyers and other factors evolve, change is actually needed to keep up. Even the most seasoned sellers should take time to revisit their process.
To improve the sales cycle, understand it
One of the biggest roadblocks to a winning sales cycle is basic lack of understanding it. Sellers can’t optimize it if they aren’t clear on what it should involve.
At its most basic definition, a sales cycle is the process used to sell to buyers and close deals. Structure and specific details vary depending on companies and solutions. Often, sellers grasp the basic concept but are fuzzy on the details.
Each part can be refined for better outcomes. Analyzing your own sales cycle to find improvement opportunities will always be worth it.
As Jonathan Costet, writing for Gong, points out, “[A] well-defined sales cycle is your blueprint for success.”
Understanding each stage
RAIN Group’s Erica Schultz outlines six distinct stages of the sales cycle. She explains the basics of each stage. Then, she dives a bit deeper. Using RAIN Group’s research, Schultz identifies areas where top sellers excel.
To improve your sales cycle, look at these defined areas and compare your own performance. This will clue you in to your own specific weaknesses and opportunities to improve.
The first stage is prospecting. This is when sellers identify leads. Schultz points out that top sellers are more proactive than the rest during this stage. They spend time on supporting tasks, like keeping their ideal customer profile (ICP) up-to-date and researching.
Also, they don’t treat this stage as a one-and-done deal. She reports that top sellers “are 50% more likely to energetically prospect over the long term.”
By always working on prospecting, top sellers ensure their pipeline stays full. Compare your own efforts during this stage. Do you spend ample time researching a lead? Do you have an ICP? Are you always involved in some form of prospecting?
Discovering need
During the second stage, sellers identify how they can help a prospect. They uncover pain points, goals and motivations. They also uncover how their solution uniquely aligns with each.
This stage is more than just pointing out problems or listening to a buyer’s needs. It involves a deep dive into their business and a thoughtful analysis. Improve your outcomes at this stage by conducting a thorough discovery.
Schultz points out that at this stage, top sellers are:
- 60% more likely to change buyer thinking about needs
- 58% more likely to lead thorough needs discoveries
When analyzing your own discovery process, consider these pro tips.
Crafting a solution
Once you’ve identified and understood the prospect’s business, this stage requires aligning those to your solution.
Top sellers, according to Schultz, are 57% more likely to influence buyer thinking about what to buy. How? They go beyond just connecting the dots between their solution and the buyers’ needs. They do this through collaboration with the buyer, she explains.
“…you'll not only create something more tailored to their needs, but also help them feel more invested in the process.”
To improve the sales cycle, work closely with the prospect to craft a solution. This will set you apart from others who merely offer a one-size-fits-all solution. Take a look at these suggestions for effective collaboration.
Presenting
it’s time to show your solution. You must demonstrate the unique value you can deliver. Often, sellers think a simple pitch showing features will be enough. But today’s savvy buyers need more.
“Focusing on value rather than features drives the next steps more frequently than features alone,” Costet explains.
Top sellers, according to Schultz, are 57% more likely to influence buyer thinking about what to buy. Consider how you demonstrate value at this stage. To boost effectiveness, consider storytelling to show rather than tell why you’re the best choice.
Negotiating
This stage involves negotiating with the prospect. Top sellers realize this stage involves more than just overcoming objections. Schultz reports that they are:
- 105% more likely to know when to walk away
- 105% more likely to manage their own, as well as buyer, emotions
- 81% more likely to overcome price pressure and maintain margins
As you can see, the most successful reps understand the deeper nuances of this stage. Consider how you handle each of the above points. And check out SalesFuel’s linked tips for each in the bulleted list above.
Winning
This is the final stage in which sellers try to close the deal. The most successful sellers understand that this stage requires more than a final slide deck. RAIN Group found that top sellers are 50% more likely to build a sense of urgency for action.
Boost your closing rates by using urgency to seal the deal. Keep in mind that you can do this without resorting to aggressive tactics or being pushy. Consider SalesFuel’s suggestions for creating a sense of urgency without annoying the buyer.
Use these insights to improve the sales cycle and boost wins for you and your prospects.
Photo by Christina @ wocintechchat.com