When you think about the number of sales that a person can make in one day, they seem to be more finite than when we just use numbers. In this article, we will present ways on how to shorten sales cycle.

  • Just 1,440 minutes in the day
  • If only we had more time in the work day.

Even with a 12-hour work schedule, the question is how many minutes are spent on closing.


Need Help Automating Your Sales Prospecting Process?

LeadFuze gives you all the data you need to find ideal leads, including full contact information.

Go through a variety of filters to zero in on the leads you want to reach. This is crazy specific, but you could find all the people that match the following:Ā 

  • A company in the Financial Services or Banking industry
  • Who have more than 10 employees
  • That spend money on Adwords
  • Who use Hubspot
  • Who currently have job openings for marketing help
  • With the role of HR Manager
  • That has only been in this role for less than 1 year
Just to give you an idea. šŸ˜€

Is It Possible to Shorten the Enterprise Sales Cycle?

How to shorten sales cycle? What sales reps spend their day doing may surprise you. According to an InsideSales.com report, the average workday is 64% non-revenue generating with only 36% of a day spent directly on selling.

That’s a shame, because when we don’t proactively manage the close of an important sale, mistakes and setbacks abound.

Diversity is especially important when it comes to large deals.

Keep reading to learn 8 ways that will help you on how to shorten sales cycle and close deals more efficiently.

8 Ways on How to Shorten Sales Cycle

  • You need to know how to work with account mapping, and it’s important for you as a salesperson.
  • Know everyone on the account.
  • You need to know when it’s worth your time to spend on a sale.
  • Know when to walk away.
  • Be aware of what you need to do so that your project is successful.
  • Know when to follow up.
  • It’s important to know how to maintain the momentum.

1. Understand How to Approach Account Mapping Proactively

The reps would only focus on account administrators, and when they got a “no,” they moved onto the next person.

When I first started hiring salespeople, it seemed like this would be the most logical way to go about things.

But the conversations with just one or two people for each account was not enough. Making it worse, leadership had higher growth goals.

We had one of our enterprise reps, Carter, take a different approach to work his accounts.

He started to focus on the relationships between different people in each company instead of just focusing his sales efforts on one person.

Enterprise-level sales are complex, which is why a great account map can be so important. It offers reps more information than just what’s in their CRM.

When it comes to ways on how to shorten sales cycle, it’s important to know who can make an introduction or has existing relationships with a company. An account map shows this.

2. At Any Point in Time, You Can Determine Who Is Using Your Account.

The account map provides a visual of the sales cycle and what has been done. It also helps show relationships that may have not be seen before.

Every company has a different rate of turnover. Sometimes reps quit, sometimes companies buy other companies and the territory changes hands.

When you use a CRM, it’s easy to forget the inside information as well.

When we first started selling to the enterprise, I thought it would be a quick process. But in reality, you have to build relationships with them and earn their trust before they’ll do business with you.

With account maps, reps are able to review a map of the deal’s history instead of blindly jumping in. The documents are constantly updated so they stay fresh for reference.

They can be used to show progress with key deals, and how you are doing with the executives in your company.

3. Determine How to Spend Your Time During the Sale

It’s crucial to know who the stakeholders are on any given project and have an idea of what their role is for closing a sale.

Although it may seem complicated, involving many decision makers is actually a good thing. It prevents any one person from having too much power and keeps the company more balanced.

Companies are focused on diversity, especially when it comes to hiring for sales development positions.

If there are more than one decision-maker involved in a sale, it’s called multi-threaded sales. They work like this.

The buyer’s organization will need more oversight and input to approve the deal, so it is important that you have a dialogue with them as well.

One person can’t do it all. You need at least two people actively involved in each deal.

4. Recognize When to Commit Additional Resources to the Sale

When there is employee turnover, it’s important to dedicate more resources to closing the deal and making sure you don’t lose money.

It’s not uncommon for people to switch jobs before they find the right one.

A Bridge Group survey of 342 B2B SaaS companies found that the average sales rep turnover rate is 34%, and 66% of those turnovers were involuntary.

Working with a team of decision makers can help you avoid losing sales or starting over when someone leaves the company because it keeps momentum going to close deals quickly.

As sales leaders, we need to build partnerships with our customers and work together on solutions.

It’s important to understand your prospects, what they care about and how you can best serve them. Once an understanding is reached on these points, it’s time to come up with a plan of action.

The whole team has to work together for a big deal and it takes teamwork.

I wrote a guide called “The Ultimate Guide to Mutual Action Plans” that can help you transform your sales process.

5. Recognize When to Exit for a Better Sales Outcome

Listening is one of the most important skills in sales.

Sometimes, customers need time to think about their purchase. If you’ve demonstrated the value of your product and negotiated around budgetary constraints with them, but they come back and say it’s too expensive – let them go.

In the end, shortening a sales cycle can result in forgoing the deal. For example, when I first started hiring salespeople and trying to shorten their time on each sale, it resulted in missing out on deals that could have been mutually beneficial.

It’s best to remove prospects from your pipeline that are unlikely to close, so you can focus on those who will.

6. When Is It Appropriate to Think Like a Project Manager?

Setting expectations, maintaining productivity, and inspiring action are all things that sales reps can learn from project managers. Sales people need to apply the mindset of a project manager when it comes time for them to close an enterprise level sale.

Project managers are responsible for deadlines, so they know how to plan out all the intermediary steps needed in order to meet those deadlines. For them, there’s no such thing as an arbitrary deadline.

When you’re selling to a customer, use the same approach.

We work with you to decide on when the product will go live, and then plan backwards from there. Once we’ve agreed on what needs to be in place before the customer can start using our product or service, they feel a greater sense of urgency around completing their purchase.

7. Recognize When to Follow Up to Avoid Wasting Time

The project management aspect of sales also involves checking in regularly with others involved. As a result, reps should schedule their next call at the end of each conversation.

I found that by following up with leads, I was able to close more deals and be less annoying.

Remember, anyone at any stage in the process or anywhere on the org chart may have an impact. Hold yourself accountable to your expectations and make sure you are living up to them.

8. Understand How to Maintain Momentum Without Hurrying Them

You can try to use a buyer’s go-live date as leverage, but don’t push too hard.

Once you’re close to getting a signature, I recommend following up at least once per day.

When you are dealing with prospects who need more time to evaluate your proposal, don’t rush them. View the sales process through the eyes of a project manager and tailor it accordingly.

Conclusion

If you’re looking to shorten your sales cycle and grow your business, here are a few things that will help: -Know what makes successful salespeople tick. -Make sure they have the tools needed for success. -Keep tabs on their progress with regular checkups.

Dos on How to Shorten Sales Cycle

  • Sales reps are most effective when they’re not bogged down with administrative tasks.
  • If salespeople have any tech or other issues related to the sale, provide support for them.
  • Sometimes, one of the best ways to close a deal is by allocating more resources and people in order to do so.
  • It’s important to follow the account map throughout your sales process. This way, you’ll know what stage of the sales cycle each customer is in.
  • When you are hiring new employees, consider the big picture. Think about what they’ll be doing and how it will effect other parts of your team.
  • When you’re speaking to prospects, make sure they understand what’s in it for them. But also try and set up a go-live date.

Don’ts on How to Shorten Sales Cycle

  • The way you sell must change to meet the needs of your ever-changing customer base.
  • When you’re solving a problem, don’t forget to consider the big picture. Think about how your solution will solve this issue and identify inefficiencies that are causing it.
  • Don’t let the past dictate your future. You need to figure out what is working and not, then take action.
  • When you make a decision, don’t limit it to the sales team. Involve other departments as needed.
  • If the close is no longer imminent, you can walk away from a sale.
  • When you finish a call, try to schedule the next one before hanging up.

Once you understand the enterprise sales cycle, it will be easier to identify how and when your customers want to buy.

Once you’ve reached that point, it will be easier for your company to dictate the length of the sales cycle.

What are you doing to make your sales process smoother? What has been the biggest challenge for you during this time of transition?


Need Help Automating Your Sales Prospecting Process?

LeadFuze gives you all the data you need to find ideal leads, including full contact information.

Go through a variety of filters to zero in on the leads you want to reach. This is crazy specific, but you could find all the people that match the following:Ā 

  • A company in the Financial Services or Banking industry
  • Who have more than 10 employees
  • That spend money on Adwords
  • Who use Hubspot
  • Who currently have job openings for marketing help
  • With the role of HR Manager
  • That has only been in this role for less than 1 year
Just to give you an idea. šŸ˜€
Editors Note:

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Justin McGill
About Author: Justin McGill
Justin McGill is the Founder of LeadFuze - a lead generation platform that discovers new leads for you automatically. Get 25 leads free.