Shortening your sales cycle will have a direct impact on the bottom line of your organization by reducing the time it takes to close a deal, and with the extra time, allowing you to reach more prospects.
In order to reduce the sales cycle and gain growth within your organization, you must actually have an idea of how long your sales cycle is and the components of a potential sale that affect the length of that cycle. By considering these factors, you can then assess your prospect’s mindset, the price of your service and any additional tools needed that can ultimately lead to a sale.
1. Your Prospect: Depending on your prospect’s role in their organization, they may identify a need for your service that differs from another prospect. Understanding the core needs of this individual and the direct benefit of your product/service is essential. No two prospects should be expected to have the same needs, so pinpointing direct selling points can help you get right down to business.
2. Your Pricing: Reduced rates may encourage a signed contract. If your price is too low, however, it can raise questions about the quality of your products. You should always be performing cost analyses and weigh them against benefits to find a viable solution for your prospects, as well as profits for your organization. Many businesses are skilled at creating long-term profit by increasing prices periodically (renewal charges, for example), but monitoring the reactions of your customers and analyzing data is the only way to know for sure if you’re experiencing real profitable growth.
3. Your Persistence: You want prospects to feel secure in their interactions with your brand. Ask follow up questions about where they stand in the decision-making process. Explain your service and its benefits again. Compare what you offer versus that of a competitor and show the prospect directly why you are the better choice. Be factual, professional, and clear. Minimize objections by giving your prospect all the information they’ll need to make an informed decision, all while boosting their confidence about your company.
With these three simple steps, you’ll be able to provide a fantastic product to your customers and shorten the sales cycle for your organization – leading to healthy, consistent growth!
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