Shortening the sales cycle for faster business growth is always the highest priority in any sales manager’s wish list. While there will be slow moving purchase committees and waffling customers, a combination of proper sales processes and the right technology can help sales teams to implement best practices that can abbreviate the sales cycle and thereby escalate your sales rep’s win rate and improve your organization’s cash flow and business growth.
However, to implement this process, organizations must primarily determine why their sales cycle is taking too long.
Often prospective customers just do not see enough value to act. In other instances, the reason prospects take too long to place their order has nothing to do with your consumer but everything to do with your organization’s internal processes.
In a report published by Aberdeen Group (international market intelligence company that collects and analyzes data on purchaser’s behavior across B2B sectors) while illustrating on the reasons behind as to why sales cycles are too long in some organizations and the means by which best-of-the-breed organizations have successfully fought against this costly problem and have found business growth states:
“We do not convert enough leads to sales,” said 59% of the answerers in the Aberdeen report, while 32% reported that the cost of their sales was too high.
Likewise, 27% of the respondent said that their average contract or deal size was too small and the same number of answerers claimed they had inadequate knowledge of the prospects those that are already in their sales funnel, and more than 26% of respondents in the survey said their efficiency got lost when they recreated contracts or proposals once again.
Hence, taking into account the above stated telling report about the reasons organization’s sales cycles gets too long, here are “Sales Cycle Best Practices” in six steps for speeding up your business growth strategies and enable companies to achieve more with the resources they already have.
An all-in-one centralized easy to use CRM (Customer Relationship Management) software platform, which is a repository of truthful and up-to-date prospect and customer data, is needed for resolving some of the issues that thwart companies from achieving faster sales cycles. In fact easy to use CRM software is a must for effective and efficient selling, since it provides the sales teams easily accessibility to complete customer information that in turn increases the opportunity to prepare their sales pitches, schedule activities in advance, eliminate redundant works, find up-selling opportunities and keep the sales professionals on top of all prospects in their sales funnel.
Although it has been more than a decade since Electronic Signature in the Global and National Commerce Act became a law and June 30 has been recognized as the “National ESIGN Day”, many organizations are yet to take the advantage of electronic signatures, which is a path-breaking technology that reduces expense and time surrounding manual hand-written signatures, time-consuming faxes or overnight shipping fees and physical presence associated with manual signature creation processes.
According to the Aberdeen group:
“26% of best-in-class organizations have empowered their sales teams with electronic signature capture software solutions, compared with 19% of conventional and 17% of laggard businesses.”
Like best-of-the-breed companies, it is important to stay focused on the most appropriate prospects (both individuals and companies), rather than adopting a scattershot approach while qualifying your leads.
By leveraging on the lead scoring feature and salesforce automation solutions, found in most easy to use CRM software platforms, sales reps can easily identify the ideal prospects for your offerings and winnow away less suitable leads and prospects, hereby shorten the sales cycle and increase productivity, to help escalate your business growth.
Using automated sales proposal software like a QuickBooks CRM platform that provides QuickBooks CRM integration free, can shave hours, and even days from your sales team’s schedules.
Moreover, in addition to saving time, generating an automated proposal for your prospective customers may also reduce omissions and errors as well as aid your organization send proposals created from your organization’s expertise and knowledge-base that has been created from prior interactions with your customers.
In the present times, businesses both big and small are grappling with social media. There are several instances where organizations have parlayed Twitter and Facebook campaigns into hard dollars by generating positive consumer responses, while there are also many that have found less outstanding results or have got lost in the online chatter.
Nevertheless, one thing does seem certain, all businesses large or small must remain wise in building their social networking based on their presence in the social media platforms, which provides a seamless way to interact with general public and prospective buyers on a day-to-day basis.
Since sales is all about creating and nurturing relationships, therefore, if having a Facebook presence is important to your end-customers, then it also must be an important step to incorporate in your business strategies for reducing sales cycles and witnessing a rapid business growth.
Finally to avoid bottlenecks in the sales pipeline, equip your sales managers with web-enabled analytical tools and easy to use CRM software that further enhances the sales team’s ability to assess and forecast sales, compare performance by salesperson, region, products and several other factors and also provide visual illustrations of which sales cycles are taking longer than others.
Using all-in-one CRM software can also simplify a business’s operations by aligning sales with other departments like product management, finance, and marketing, and help your time-starved sales reps to shorten their sales cycles, pursue new businesses, execute better customer care and increase the potential for incremental business growth.
Therefore, in a gist, to shorten your businesses’ sales cycle it is most necessary that you must follow savvy sales leaders and incorporate technological solutions such as proposal generation software, electronic signature software solutions, and most essentially an easy to use CRM software platform to remove laborious and mundane tasks often associated with sales that include duplicate entries, repetitive typing, and resolve scheduling conflicts to accomplish the overarched goal of freeing up your sales rep’s time and thereby find ways for rapid business growth in the shortest possible time .