As the economy continues to take a turn for the worse, it’s no surprise that sales leaders are seeking ways to boost revenue and recession-proof their sales functions. One of the quickest ways to accomplish this is by shortening your sales cycle. As the sales cycle shortens, reps convert more prospects into buyers over a shorter period of time, instantly boosting your revenue. With 40% of B2B deals closing in a 3 month time period, getting your sales cycle length under that 3-month mark places you ahead of the competition. But how can you accomplish this? And what mistakes might you be unknowingly making that are slowing down your sales process? Below, we’re sharing four tips to shorten your sales cycle. Let’s dive in!
1. Automate repetitive tasks so reps can focus on their jobs
When aiming to shorten the sales cycle, any task or process that eats up time is the enemy. Over 30% of sales-related activities can be automated, so not automating various parts of your sales process only slows you down. There’s a variety of repetitive tasks that reps complete on a daily basis, such as emailing clients, managing pipelines, and scheduling meetings. Just think of how many hours your reps spend per week entering simple, repetitive data into your company’s CRM. While this CRM data is fully necessary, it’s an enormous time commitment. By automating your CRM data entry, you save your reps hours of time they could spend selling.
Consider this: instead of getting off a sales meeting and immediately inputting data into the CRM, the rep can begin sending any follow-up materials to the buyer or start preparing for their next call. With sales automation, any data the rep would typically input to the CRM, such as a buyer’s contact information, is instantly available in the CRM. Automation allows reps to spend more time focusing on closing deals and generating leads, and less time manually entering information into the CRM.
2. Focus on high-value leads to make sales cycles shorter
When reps communicate with higher-value, best-fit leads, they have a better chance of closing deals. Only 5-10% of leads make a purchase, so it’s key for reps to devote their resources and time to those who are most interested in your product and how it solves their pain points. A high-value, best-fit lead includes those who are most likely to convert to buyers — or those whose pain points align with your solution. By utilizing a lead-scoring model, you can ensure that your team finds those crucial, best-fit leads who are most likely to exist within that 5-10% who do make a purchase.
So, how do you ensure you have a high-quality lead scoring model in place to identify best-fit leads? The answer lies in sales and marketing alignment. Marketing creates the lead-scoring model, so it’s imperative that they understand what type of consumer the sales team wants to target. If marketing creates a lead-scoring model based on the assumption that sales want to target IT engineers aged 30-40, when in reality sales want CFOs aged 40-55, the lead-scoring model won’t accurately reflect the desired market. In this instance, sales will struggle to find their best-fit leads. Fostering sales and marketing alignment allows you to avoid this type of miscommunication and ensures that your team is attracting high-value leads.
3. Use the right sales enablement technology to give reps the best tools
To shorten sales cycles, it’s important for reps to have the resources they need to close deals. This means harnessing the power of the right sales enablement tech to empower reps with the best tools and content available. The right sales enablement platform offers buyer behavior data, enhanced content management, interactive presentations, and more — all tools that allow reps stronger, more comprehensive insight into the buyer’s current stage. Reps can then utilize these assets to close deals more efficiently by giving buyers the most relevant content throughout their journey. When reps present buyers with the most impactful, relevant content, the buyer can reach an informed purchase decision sooner — shortening your sales cycle.
For instance, say your rep meets with a buyer to provide a product demo through an interactive presentation. Throughout the meeting, each time the buyer interacts with content, those interactions produce buyer behavior data, revealing what the buyer viewed and how long they viewed it. After the meeting, your rep can then view all the buyer behavioral data collected throughout the call. This allows them to gain valuable insights into what information the buyer finds most compelling, which they can then use to inform the content they share next.
4. Engage buyers at every point in the sales cycle
Engaged buyers have more interest in your product, more interest in its value, and more interest in purchasing, which enables them to move through the sales pipeline much more quickly. Not only this, but companies with high B2B buyer engagement experience 63% lower attrition rates. When you engage buyers, you can create long-lasting relationships, shorten your sales cycle, and increase revenue. So how can you accomplish strong buyer engagement?
We’ve mentioned that interactive sales presentations make it easier to collect buyer behavioral data, but did you know that they also help to create and maintain buyer engagement? In fact, buyer engagement increases by up to 80% when you implement interactive sales presentations. Throughout the interactive presentation, buyers can interact with the content you share, such as an ROI calculator, allowing them to remain engaged and find the most value from all content. When the buyer interacts with content during the presentation, they’re more likely to pay attention — the presentation involves them, rather than simply throwing information at them. As your reps continue sharing interactive, valuable content with the buyer, they capture the buyer’s attention and boost engagement.
When you don’t invest in the right sales enablement tech, your sales cycle could be taking longer than necessary. Shortening the sales cycle helps you close more deals in less time, instantly boosting revenue. Sales automation, lead-scoring, and buyer engagement all serve to help you shorten your sales cycle — enabling your team to win more deals in less time.
Start shortening your sales cycle through valuable enablement technology today and book a demo with Prezentor.