How to Shorten Your Sales Cycle
You’re in sales. Your job is to sell. This is what you’re good at. However, lately you’ve been having trouble closing. Why? This could be due to several reasons and it might be time to make some adjustments to your sales strategy and sales approach. In this blog we’re going to give you 13 tips on how to shorten the lead time and how to close deals faster.
1. Identify Your Client’s Needs – show your prospect the problems you can solve for them rather than what your product does.
2. Keep It Simple – Focus on only one or two real problems that you can solve for you client even though your product/service might be able to solve several of their problems. Make it easier for them to make a decision.
3. Be Prepared – Try to answer all the questions your prospect raises in the meeting. If you have to go back to the office and then get back to the client with the right answers – then you just made the decision making process longer.
4. Identify the Decision Maker – don’t spend time selling to people who have no purchasing power, try to go straight to the decision maker. A long sales cycle might be due to the fact that the person you’ve been selling to still needs to consult with someone else for approval. If that occurs you’re probably going to have to meet new people, have another meeting and face new obstacles.
5. Identify Your Client’s Buying Process – find out how your client normally makes purchases and establish a timeline accordingly.
6. Be Bold – ask your client directly, “How can we make the purchasing process faster and easier for you?”
7. Identify the Obstacles Ahead of Time – ask your prospect what are the obstacles that they have for purchasing your product/service in the meeting, that way you can address them right away.
8. Keep It Simple – make it easy for the client to make a decision, don’t offer too many options.
9. Set the Price Point from the Get Go – sometimes it’s better to let your prospect know how much your product/service costs before doing your presentation, rather than revealing the price at the end.
10. Create a Sense of Urgency – establish a deadline for your offer or turn it into a limited time offer. You want to try to make your prospect feel like they’re about to miss out on something big. Tell your prospect that you are okay with whatever decision they make, however, add some sort of incentive, e.g. if they purchase your product/service in the next 48 hours, you can save them X amount of money.
11. Create a Timeline – set a timeline with the client so that way you will both know what to do and when. After the meeting, set up the next call or meeting.
12. Don’t Waste Your Time – disqualify prospects that are not going anywhere early on. You want to hear the “No” now instead of later.
13. Always Ask For Business – Make sure that you ask your prospect if they are interested in buying your product/service in every meeting. If they say yes then you have just shortened your lead time by at least a few days and if they say no then this might be due to two reasons:
I) They are not interested – move on to the next prospect.
II) Obstacles on the horizon – they will tell you why they can’t make the purchase right away.
Now you can address whatever issues they have and come up with a solution to meet their needs.
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