One of the most efficient methods to boost income is to reduce the time it takes to complete a transaction. Account executives can meet with more prospects, generate more leads for account managers, and eventually close more sales when deal cycles are reduced. It is not simple to shorten your sales cycle without sacrificing customer service or ignoring your prospects’ demands. However, we have broken down give different ways to do it.
5 methods to shorten your sales cycle
1. Be transparent about pricing
The quickest way to close a sale is to spend less time selling and more time providing value. There are a couple of ways to do this. The first option is pre-sell which involves giving out information before their has been any proper request from the customer. The key here is not just to give out information but also sell them on how useful and transformative it will be for their business. Another way to shorten the sales cycle is through transparent pricing, if you have a clear and simple structure in place it will take away all doubt from your customer and make them see everything on offer and also allow you to provide value easily as there won’t be anything standing in between you both.
2. Use demos early in the sales cycle
One way of shortening the sales cycle is by using demos early in the sales cycle. People want to know what exactly this product is doing for them before deciding whether it fits their needs. Demos can easily help focus the conversation on what features will be most beneficial for your prospect. You can then directly address concerns and help your prospect realise how this tool fits their processes.
3. Have simple, tailored contracts
Time is money, and the shorter the time you take to get new business through the door, the quicker you can start working on repeat business. Find out what people want and then make it easy for them to pay for it without delay. If you’ve ever written up a contract for a customer that involved several pages of small print, this will give room for potential delay. Make your contracts short, simple and have tailored contract lengths. This will reduce the barriers to uptake.
4. Always have a next step
Reduce friction in your selling process by always having a next step. If you’re going to have a shorter sales cycle, you need to know where you’re going after each meeting or each event or each deal done. You should plan out next steps for every single person that comes into contact with your business. This is part of creating a tracking system so you can see what stages people are in and how soon they progress to the next stage of the funnel; either they become a customer or they decided not to at this time in their buying process and go on to more information gathering before making their decision.
5. Do not shy away from issues
Finally, disqualify prospects quickly by uncovering issues as soon as possible. This will save you time from focusing efforts in unnecessary places.
How do I start to shorten my sales cycle?
Ultimately, approaching sales conversations from a perspective of developing genuine, meaningful connections is better for salespeople and their prospects. Thus, review your existing sales cycles and look to make meaningful changes without compromising on that – sales intelligence tools like Triggr are a good place to start.