What Is High-Velocity Sales?
High-velocity sales is a strategy that focuses on generating a high volume of sales, selling to as many customers as possible, in a short period of time. With roots in the SaaS industry, it combines the best of B2C and B2B sales techniques so sales teams can close more deals in less time.
High-velocity sales (HVS) seeks to accelerate the generation of leads and boost efficiency across the whole sales process by removing unnecessary tasks and doubling down on those that drive positive results.
This sales hacking strategy is typically used by organizations that sell products or services in high demand or have a limited time frame in which to sell them.
Why Is It So Crucial To Implement A High-Velocity Sales Strategy?
You may have the world’s best product for solving a common problem, but if you can’t get it in front of the right people, you’ll never make a sale.
That’s why the high-velocity sales strategy works so well. High-velocity selling is all about getting your product in front of as many potential customers as possible. It is about increasing your reach and making sure that your product is accessible to everyone who needs or wants it.
High-velocity selling allows you to reap the most benefit from your investment in the shortest period of time and before the competition wises up. You also recoup your investment before a better technology or product supplants yours.
5 Best Practices to Implement a High-Velocity Sales Model
High-velocity sales is about increasing your reach and making sure that your product is accessible to everyone who needs or wants it. It is a cost-effective method that produces fast results for businesses.
But how do you implement the strategy successfully?
Sales processes that use high velocity integrate aspects of B2C and B2B sales processes. It’s now becoming a feature of CRM software as it can help monitor and manage a sales team’s performance.
The sales process generally involves contacting potential customers, recording their details, selling them, and making follow-ups. A high-activity, high-velocity sales process gives SDRs a roadmap of what to do after every step.
This quote is attributed to W. Edwards Deming best encapsulates the High-Velocity Sales strategy:
“If you can’t describe what you’re doing as a process, you don’t know what you are doing.”- W. Edwards Deming
To get the most out of high-velocity selling, you need to understand how to do it fully and in the right way. Here are 5 best practices that will help you use a high-velocity sales process to your best advantage:
1 Use the Internet to generate leads
The lead generation process starts by finding where your target market ‘lives’ on the web. – Wayne Davis
Every sales professional uses the web to generate new contacts. This includes using website contact forms, creating targeted landing pages optimized for search engines, running paid ads on platforms like Google AdWords, and sending out email campaigns.
The main purpose of using internet lead generation methods is to push a prospect up your sales funnel so you can qualify them as a lead. You’re more likely to close the deal and get referrals by doing this.
High-velocity sales techniques help SDRs to quickly reach and convert the best leads with the help of your CRM. This method can be used to close deals faster and get referrals.
2 Nurture your leads
How you sell your products is important, but how you interact with customers is what matters more. That’s because today’s buyers do their research before making a purchase. They educate themselves and then engage with sales.
On the other hand, sales is a long process. You can’t expect your prospects to accept your offer in the first meeting. Just like plants, your prospects need nurturing. They need to be given the right information at the right time.
So you need to focus on catching the best lead soon. After you do that, give the leads constant attention. They expect a rigorous discussion before they finally seal the deal with your company and, because of that, they may not make the purchase unless you put in the work.
According to research, 15-20% of sales are made after a prospect has been nurtured. If you want to nurture your leads and convert them into customers, you need a high-velocity sales model.
With a high-velocity sales model, you can catch your prospects’ buying signals early and nurture them into happy customers before competitors catch on.
The HVS model in fact emphasizes the importance of taking a long-term view with your lead nurturing. While you do that, it encourages a multichannel approach to improve the odds of reaching your leads where they spend the most time so you can warm them faster.
3 Utilize an inside sales approach
The inside sales approach utilizes remote selling techniques over in-person, field selling to reach more prospects in a short space of time. Instead of meeting prospects out in the field, SDRs connect with them on the phone, via email, instant messaging apps, and other online channels to reach prospects.
Remember, the goal is to get as many prospects as possible to commit to you early in their buyer’s journey and eventually turn them into loyal customers.
So it’s important to reach them higher up the funnel before your competitors discover and start prospecting them. Doing so also equips your sales teams with more time and information about the leads they are prospecting.
That said, your sales strategy will differ for each potential client, so it’s important to know as much as possible about your clients to tailor your pitch accordingly.
Use storytelling to hook your customers quickly and help them understand how your product or service will benefit them. Or, try a negative sales approach by telling them how not buying from you is a bad idea.
High-velocity selling allows you to take advantage of your different tactics, closing deals faster.
4 Incorporate metrics into your process to manage your sales teams
A High-Velocity Sales strategy requires you to understand and be aware of products’ sales cycles and the numbers that define the efforts of your entire team.
By keeping track of your sales reps’ productivity, you can better plan your future sales and forecast your revenue. The most diligent sales leaders use a CRM to optimize HVS processes.
5 Make it easy for your prospects to access your product
Do you buy clothing without first checking it out? I wouldn’t do that either! So why would your customers buy your products without first testing them out?
If you want your customers to buy your product, you need to give them a taste of what they’re signing up for. Offer free trials or samples of your product so they can see the benefits for themselves. This way, they’ll know exactly what they’re getting when they purchase.
Use A High-Velocity Sales Strategy To Cream the Market Before Competitors Flood the Market
High-velocity selling is perfect for selling new products that utilize emerging technologies and for which there aren’t many competitors yet. It allows you to rack in as many sales before competitors mushroom up to claim a part of the pie, as they always do.
But like every other sales strategy, HVS requires you to implement it fully and follow best practices. This article has discussed the 5 High-Velocity Sales best strategies that have been used successfully at the biggest companies. Good luck doing the same at your company.
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