RAINMAKERS
How To Accelerate Your Sales Cycle
By Dr . Clifford Ferguson
How long is your sales cycle ? How many months does it take to go from first meeting to a paid engagement ? Your answer probably will be , “ It depends !” But whatever your answer , you no doubt wish that your sales process would move more quickly .
Right now , as many companies are rocked by a simultaneous health crisis and an economic contraction , sales cycles are getting especially lengthened , disrupted , and even completely shut down .
Don ’ t be fooled by the rapid speed of what I call reactive sales . A reactive sale , where you are reacting to a client request ( perhaps from procurement ) and are being pulled in at the very END of the client planning process , can sometimes happen very quickly . If it ’ s a relationship client who trusts you and just calls you up and says , “ Let ’ s get going ,” that ’ s very positive . But if you ’ re constantly reacting to small , lastminute requests where you have no ability to shape the scope of the solution , that ’ s not good . That kind of “ short ” sales cycle can actually sabotage your business .
Here ’ s why : A lion , for example , can easily catch mice and eat them . But it risks dying of starvation if it relies on them for sustenance because it can never get enough of them to thrive . A better strategy is catching big game , but that takes lots of patience and planning - perhaps days of stalking .
You can accelerate the sales process . But it ’ s easier to do that if you start with the right kinds of sales opportunities to begin with . If you ’ ve already submitted a proposal and are waiting to hear from the client , there ’ s not a lot I can do to help you except sympathize and light a candle .
The nine strategies that will help shorten your sales cycle
Find the Red Issue
There ’ s nothing like a “ burning platform ” to hasten a sale . What ’ s a Red Issue ? It ’ s an issue that meets most of the following criteria : There ’ s a high cost to not acting ; There is a high ROI for acting ; It ’ s getting in the way of achieving key strategic goals ; It ’ s a priority for the CEO and top leadership of the organization ; It ’ s the top priority for the buyer you are dealing with , and he / she is the decision maker and has
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How do you build a trusted relationship before the sale even begins ? By developing rapport , understanding the client ’ s agenda , and then adding value to that agenda by sharing ideas , points of view , best practices , and potential solutions on a regular basis . adequate budget ; It ’ s a tough challenge that has resisted previous improvement efforts .
You should intentionally seek out missioncritical client problems and opportunities . This means ignoring lesser challenges .
Sometimes I will ask a client , “ Is this issue we are discussing one of your absolute top two or three priorities ? If it isn ’ t , I then ask : “ What are your top two or three ?”. Your business won ’ t grow if you don ’ t say “ No .”
Build a Relationship First
If you don ’ t have a trusted relationship with the decision maker , of course the sales cycle is going to get stretched out . Conversely , the sales cycle can last only 20 minutes if the person across the table knows you , trusts you , and isn ’ t putting the work out to bid through procurement .
The best business developers are proactively building a broad network within existing clients , and meeting regularly with high potential prospects .
How do you build a trusted relationship before the sale even begins ? By developing rapport , understanding the client ’ s agenda , and then adding value to that agenda by sharing ideas , points of view , best practices , and potential solutions on a regular basis .
Work with Real Buyers
How many times have you heard this : “ Thank you very much . Now I need to discuss this with my boss . It ’ s her decision .” Many people who call you are “ feasibility
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