Speed up your sales cycle to increase revenue.

  • 4th Oct'20
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In today’s highly competitive business environment, a slow sales cycle is just like a brings downs team morale, reduces cash flow and diverts accurate forecasting.It’s only the companies implementing the fastest-growing technology by implementing the right CRM tool end up dominating the market.

So, to be the best and reach at the top, you need to speed up your sales cycle.

Businesses will always try and find a way to optimize their sales cycle, but there are many hurdles that hinders your growth!

So, let us understand first what a Sales cycle is.

A sales cycle is a process that maintains interactions between your company and current and potential customers and this must be systematically recorded in the system for instance say communication history to track the communication with the client and can find out at what stage it is. By evaluating its individual stages, you’ll be in a better position to analyze the length of your sales cycle and which stages need to be improved to shorten it.

Using the right CRM helps us to coordinate with the better leads and prospects and quickly engage with them for quick closure of the deal.Tracking communication stage will save time by focusing on the highest potential customer rather than chasing low quality deals.So focus on sales cycle dreamwork with teamwork to achieve success.

 

Points to be noted to speed up your sales cycle

 

1. Focus only to Sell Qualified Leads

At this stage, search for the right prospect to look for such leads which customers are ready.You need to have power to evaluate customers so that you can decide and learn how to approach.

You should qualify and convert leads into customers. You should have a defined process in place so that your sales representative can focus their time on the most sales-ready prospects. You need to keep track of your leads that have been qualified by marketing. Once you convert more leads then it will be helpful to grow revenue and eventually expansion of your company. If you follow such a strategy and implement the right CRM tool you can increase your lead conversion rate and grow your business more in terms of revenue as you maintain records systematically with high security.

 

2. Make the offer smartly instead of surprising by price

If your lead is more interested in your pricing list or using a free version of your product then it’s a perfect time to make an offer. As a sales representative you should focus on your customer’s requirements and provide them with the expected solution. Keep transparency in pricing

Keep transparency in pricing, there shouldn’t be any surprises along the way for keeping your sales cycle in a fast process like difference in store price and price quoted by you.If your product is expensive then at that time you must have a valid explanation that why the price of product is high and how it is worth.

 

3. Develop customer retention by cross sell and upsell

Once you follow all the stages provided then your lead is ready to make the leap. You need to study about future needs of the customer and close the sale accordingly to continue to nurture your customer. Once you speed up the process then eventually your sales cycle will speed up smoothly.As the you build good relationships with the customer they will believe you leading to customer loyalty.

 

4. Learn objection handling

If you learn to object on any point, then it will boost your forthcoming process in the sales cycle. As a sales representative you will learn to handle instant reactions like: “I am busy right now” or “We are still working on our budget”.

Sales reps need to realize that they have to face several negative responses, and listen to “NO” butconvert this opportunity to win them over. Clear their misconceptions that are handle the objections and show the value of the product.

 

5. Automate Your business Process

If your company is still using traditional methods of sales try using CRM software to automate all your business tasks and streamline the business.

 

6. Provide discount and promotional offers

You should be aware about timing as it is everything while doing sales. You need to learn about managing time to design special offers that can help customers decide faster and you will also be able to decide what is the right time to sell.

Sale promotion types keeps on changing according to the types of industry and the product.

 

7. Have Live Chat with customers

Live chat enables us to evaluate the customers readiness and build long term relationships. Also, this gives the opportunity to value customer feedback and work towards improvement of the same.

 

8. Gain complete product knowledge

Always keep thorough product knowledge by attending regular trainings so that you can handle objection easily.

 

9. Target on team-based selling

As a newcomer, suppose if you are working on a complex deal focus on it and remember that your seniors have immense knowledge just waiting to be unlocked from your end to convert the deal into a happy customer.

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. 

If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.

 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

SalesFundaa crm, OpenGrowth Content Team

SalesFundaa is leading Best CRM Software Company in Mumbai, India. We initiative, provides ERP software, CRM Software, Project Management Software, Manufacturing Software, AMC Software, Data Management Software, Real Estate CRM, Logistics Software and Human Resource Management Software.


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