One of the factors that leads to less sales in businesses is the long sales cycles. In this article, we will focus on 14 cases that can shorten the sales cycle and lead to more sales.
The sales cycle is a set of specific actions that sellers take to sell their products or services. Long sales cycles are one of the most well-known problems of small and large sales teams. Longer sales cycles mean fewer transactions per unit time. As a result, you will have less time to attract more important customers. The result of long sales cycles is a slow and painful progression and a drop in customers. But all of these problems can be solved by shortening sales cycles. Shorter sales cycles help you trade faster and more.
So if you have this problem, you probably do not know how to optimize your sales cycles. Of course, there is no need to worry, because you have come to the right place. We have prepared the best methods for you to help you maximize the various stages of your sales cycle. By using these methods, your transactions will be done faster and as a result, your sales cycle will be accelerated.
The following is a list of 14 effective changes and optimizations that you can use to speed up your sales cycle by using them in your current sales process.
- Use the best performing resources to increase your trades
Your trades come from a variety of sources you create. These resources can be your product landing pages, call-to-action buttons on your blog, your social networks, your business emails, and the like. Find the source that generates the fastest sales and expand it. For example, list all of your trades with the source from which they originated, and then sort them by the length of time it took each transaction to take place.
When you find the best performing source and increase your sales, prioritize it over your other trades. Because these resources generate the most sales for you, prioritizing them will lead to more sales in less time, which ultimately effectively shortens your sales cycle.
Of course, it is important to know that using similar sources may not result in an initial source increase in your sales. Over time, product sales may flow from other sources. Therefore, tracking resources and having sales statistics for each is essential. That way, you do not have to spend all your money on one resource, and you will not rely on it alone.
- Have a specific sales trend
Sales operations are often not achieved by using several powerful methods. They give way to obstacles in the face of unexpected situations that occur at different stages of the sales cycle. A specific sales process takes these barriers into account. This way, you can save time and avoid worry by reacting in a timely manner.
Let’s say your team is faced with a decision maker (meaning the person in an organization who makes the final decision to buy or not buy something)
- who does not respond to you? What is your reaction in this regard? Who are you following up with?
- How many days do you spend making such a decision?
It is essential that your team knows who to follow up with, how long to wait, and how to deal with it. This saves time and speeds up your sales cycle. Once the entire sales process is predetermined, it will help you to scale your sales operations as well as predict the results.
- Get high Quality Website Traffic That Converts
There are a few ways traffic and conversions, and best traffic sources increase your sales can play out:
- You start out with 300 visitors/month + a 1% conversion rate = 3 leads/month
- You raise traffic to 1,000 visitors/month + keep a 1% conversion rate = 10 leads/month
- You keep traffic at 300/month + raise conversion rate to 3% = 10 leads/month
- You raise traffic to 1,000 visitors/month + raise conversion rate to 3% = 30 leads/month
We’ve talked about raising traffic quantity before – check out this article on ways to increase traffic. Now, let’s talk about raising traffic quality to increase conversion rates.
· Why Quality Is More Important Than Quantity For Website Traffic
Some good indications include:
- More conversions
- More engagement across channels
- More sales stemming from online sources
- More Real, Targeted Traffic That Converts at 2-5%
- Eliminate inefficient sales from your agenda
One of the smallest direct consequences of inefficient transactions is that you find out later that they are inefficient. Only then will you realize how much time, resources and opportunities you have lost. While not a bad idea at all, it certainly slows down your sales cycle by reducing sales in the future. In order to prevent this from happening, consider more efficient criteria in your sales process and have stricter rules for yourself.
- Prioritize sales that happen more easily
If you have a lot of deals to complete at the same time, prioritize the ones that will be completed sooner. You can ask the customer when he intends to sign the contract. Asking similar questions about the schedule is a common practice that naturally leads to other questions about the terms of the sale. When you prioritize such deals, you are likely to have more sales per unit time. This, in turn, will help you speed up your sales cycle.
- Reduce response time
Sometimes you come across customers who respond later than you expected, or vice versa; You will answer them later. Of course, this is not necessarily a disaster. One thing that can help you is to determine how long it will take for your customers to respond. Determining the duration means trying to respond to your customers in less than the allotted time to speed up your sales cycle.
Setting a response time improves your customer experience, builds trust, and speeds up the sales process for both parties. Accelerating the sales process also means speeding up the sales cycle.
- Automatically access services and track answers
If you have a large business with hundreds of sales, handling each of them manually can be very challenging. You will probably miss responses and follow-ups that will definitely have a negative impact on your sales. By automating access to services through email tools (which allow the user to personalize emails sent), you can ensure that customers who have not yet responded are tracked. This automation helps you continue to talk to customers and prevent them from responding. In this way, your efforts to bring the customer into the sales cycle will be fruitful.
By tracking your emails, you can be notified when customers open your email. Doing so will help you be more prepared for future events, plan your next steps, and complete your sales cycle faster.
- Collect and display social documents
You may encounter customers who are stuck at a certain stage of the sales cycle, or you may have customers on your website who are hesitant to sign up. This happens when your customers are unsure about the effectiveness of your product. In these cases, social documents can help you verify the credibility and eligibility of your product so that such doubts do not remain for your customers.
Social documents are provided in the form of case studies and endorsements from well-known brands that have used your product. The fact that a well-known brand has used your product is a good sign that your product is reputable. In this way, your product builds trust among your customers and enables them to get through your sales cycle faster.
- Organic Traffic Methods
Want the skinny on how you can drive traffic to your website? The following traffic-driving strategies are organic in nature. You won’t have to pay a single dollar for traffic that falls under this bucket. But you will have to trade your time. And since time is more valuable than money, in that it can only be used once then it’s gone forever, there’s still a significant cost involved depending on your skill level.
- Fix the usual problems from the beginning
If you encounter a problem in the middle, your trades may be out of the sales cycle. These problems often become very problematic in the later stages. So the best thing to do is to fix the problems from the beginning. You can do this by asking questions about common flaws you have already encountered in the sales cycle.
In some areas, the questions could be:
- Are you looking for a solution to buy with certainty?
- Installation and commissioning are costly components. Do you have a problem with this?
- Do you have a problem with signing an exclusive contract?
- Do you have a problem with prepayment terms?
- Is it okay for your contract to be made public?
- How many hours of help do you need from your engineering team?
The key here is to find situations that are likely to disrupt your deal and resolve them as soon as possible through negotiation. As a result, customers who disagree with the terms of the transaction leave the cycle sooner. Others will make the deal sooner without having to spend more time. Either way, you save time and speed up your sales cycle.
- Leave the sales expansion to the marketing team
Like automating access to services and follow-ups, having a marketing team to help you with sales will ensure your sales grow and expand. Marketing teams are often involved in generating sales revenue streams. Your marketing team can help you gain visibility through content marketing and online advertising on platforms other than email. In the digital world, visibility plays a vital role in increasing sales.
Marketing teams can also be effective in finding suppliers and creating social credentials for your product in a variety of ways. As mentioned, these social documents can generate sales in the middle of the cycle. This way, you can focus on planning your point of view, understanding your business, and eliminating uncertainties, and get results sooner.
- Get to know the decision maker sooner
One of the reasons it takes so long to make a deal can be that you were not already familiar with the decision maker. Sometimes, you may confuse your buyer with the decision maker. The decision maker is the person who has the purchase budget in your target organization.
Decision makers may often not be in direct contact with you due to lack of time. But it is in your best interest to get to know them in advance. This will help you to be aware of the status of the transaction in your target organization. It assures you that you are not prolonging your sales cycle longer than necessary. Getting to know the decision maker sooner will ultimately help you to move the transaction faster in your sales cycle and finish it sooner.
- Multiply your sales process
Once you are sure of the customer’s intent to buy, convince him that he has obligations to your company other than just buying until the sale is completed. When your customers feel committed to you, they spend other time and energy on you.
Doing so can be a guarantee that your customers will continue to push their purchase process and eventually complete it. For example, having a commitment from the customer allows him to introduce you to his decision makers and organizational leaders.
This way, your sales process is not reduced to one step (ie just buying). Having a multi-step sales process has a huge impact on your sales, which helps you drive more sales and shorten your sales cycle.
- Get rid of cold relationships
When you have a strong sales trend, make sure you have a plan for your chilled trades (trades that are hectic and trivial). As you can see, it can be difficult to get trades, but most cold trades will eventually go out of business. Expanding these deals will not do you much good. Apart from wasting your team time, such deals will also put a long sales cycle on your hands. A great way to prevent this from happening is to get rid of cold deals.
Not prioritizing cold trades and continuing with other high priority trades will help you focus more on your trades. For example, identify cold trades that go unanswered at a certain point in the sale for 12 days by doing multiple follow-ups. Doing so will speed up your sales cycle.
- Make a comparative assessment of the length of your sales cycle
Once you have a reliable sales process in place, set an average time from finding a new customer to signing a contract with them. Having this metric will help you to have a baseline and outline for your performance. From this point on, you can improve your performance around this baseline and try to get the best performance from your baseline. In other words, try to make your team perform even better than your estimated time.
When you measure variables, you have the potential to improve and improve on them. This will help you to set goals for yourself and focus on your sales trends. You can even go one step further and calculate the average time you need for each step of your sales cycle. This way, you can identify the steps that take you the most time, optimize the longer steps, and thus reduce the average time. Step optimization will affect the total length of time your sales cycle takes.
- Paid Traffic Strategy
Surly, paying for ads and buy website traffic and other initiatives is always one method to drive traffic to your site or blog. If you have a small budget, and you track things properly, you can come up with a cost-per acquisition (CPA). If your CPA is high enough, you can comfortably scale your advertising revenues. Be sure to implement things like Facebook to drive traffic to your website and Google tracking pixels to determine the effectiveness of your ads.
The last word
The sales cycle consists of steps, each of which involves repetitive steps, and by performing it, salespeople turn potential customers into actual customers. Clearly, planning an efficient sales cycle lets your sales team know what to do at each stage. That way, your sales team will have a huge advantage over other sales teams that are left alone. Long sales cycles that last for months or even years require a lot of time and resources. The more you work on a deal, the more time and money you will have to spend. But these are not all disadvantages of long sales cycles. There are times when even if you have all the time and money in the world, you still can’t become a full-fledged salesperson. Disadvantages of long sales cycles, in addition to being time-consuming and costly, include uncertainty, increased likelihood of a tough competitor, and low profitability. Shortening the sales cycle can have a significant impact on the efficiency of sales operations, sales profits, team morale and your business revenue. Shortening the sales cycle is so important that it should be one of the top priorities of sales teams.
What is the first of the 14 methods you will use to speed up your sales cycle?
Do you have any other ways to speed up sales cycles?