A sales cycle is a process that begins as soon as you contact an individual having an interest in buying your product or service and does not close unless the sale is made. Conversion a prospect into a sale is no picnic, especially when the user has numerous alternatives providing the same product or service.
First, you need to listen to a prospect to know what they want. Then, you connect with the possibility with follow-up calls to determine if the lead has a genuine interest in your product, and at last, you offer your product or service as a solution to sell it. It may seem easy, but it is an arduous task.
Even though you have genuine prospects, you need to make sure that you are convincingly persuading them that you have the best offerings. Faster sales cycle means more revenues, and higher revenues mean better performance, and better performance means speedier growth. Here is how you can speed up the sales cycle.
Put your energy into high scoring leads
You will have a mix of genuine and casual leads. It will help if you determine which leads are highly likely to be turned to sales. Try to make a separate list of high scoring leads. Consider the following factors to segregate genuine leads.
- A serious interest in your offerings
- Immediate need for your product or service
- The authority to make a decision
Try to focus on such leads. However, it does not mean that you will ignore casual points outright. Try to nurture them for some time. As you find they are not severe at all, get them off your list without further ado.
Understand the role of pricing
Pricing can play a paramount role to make a sales cycle sluggish. If your product is not monopolistic, you need to be careful with pricing. You will lose a prospect if they find the same product at a lower price. You are likely to do it to meet business expenses, but this strategy does not work in the long run.
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Disclose all features when you present to your product
When you present your product or service to a prospect, you cannot afford to skimp on information. You are supposed to disclose all features. Tell them in detail how a particular product can help them. Let them know:
- What does your product do?
- What features does it have?
- How does it help to achieve their goals?
Be in touch with prospects unless the lead is closed
Follow-ups are crucial to analyse the mood of an opportunity. Set time when you will call them to know what they think about your product or to answer their queries. Make sure that it is not constant and at an unspecified time. The best way is to ask them when you should call. If you keep calling them unnecessarily, they will go ballistic and stop picking up your calls. You may lose even high scoring leads with such as unprofessional behaviour.
If you are not able to make follow-ups, send in emails. Sometimes prospects do not take your message because they change their minds. Try to know why they did it. This will help you improve your service.
Give priority to automation
Email campaigns and follow-ups like tasks can be automated, providing you with more time to focus on highly qualified leads. It also reduces the chances of leads to have slipped through the cracks. Timing is vital when you send in emails, and you cannot do it without automation. Use chatbots to answer to queries of prospects at once. You do not need to build another team because some chatbots are expert at solving queries.
Tips mentioned above can quickly help you speed up a sales cycle. However, it does not imply that leads will be closed within a couple of days or weeks, even if they are high scoring. Sometimes they may take a few months, so try to have patience.