Shortening a sales cycle is every salesperson’s “Heart’s Desire” and just like other matters of the heart, this too isn’t a cakewalk. But hey! I didn’t say it’s impossible either. There is some work involved to speed it up, but is it worth the hustle? Yes!

Before we hop on ways to shorten a Sales Cycle, it is crucial to understand what a sales cycle is and why a shorter sales cycle is desirable.

What is a Sales Cycle?

These are steps throughout the Sales process, from a prospect entering the system to becoming a customer, where each stage is connected and is a prerequisite for the succeeding one. It makes the process quantifiable, and easy to understand, as well as pinpoints areas of improvement.

Why a shorter Sales Cycle?

Higher revenue is the answer, but there’s more to it. With a Shorter Sales cycle, there are fewer chances of losing the deal to competitors, it keeps the sales reps motivated, efforts are used judiciously, and yes, timelines are being met.

How to shorten the Sales Cycle?

There are tips, tricks, and tools to facilitate this, but to change the output we need to first sort the input so yes, you guessed it right, the answer to a shorter Sales cycle lies in the cycle itself. Each step when planned and strategized right, can ultimately speed up the process. Let’s see how:

1. Prospecting:

This first step is about finding prospects whom you see as customers down the line as they move forward in the Sales Cycle. Your offerings have answers to their questions and they qualify for your ICP criteria. Research well to create a targeted list of potential customers and equally important is discarding the ones who don’t fit the bill will surely do the deed.

Identifying decision-makers based on your ICP, using SMARTe Discover.

• Connecting:

The list is ready; decide what way of communication will work best for your prospect. Choosing the appropriate channel, be it through dial, email, or LinkedIn, can significantly reduce the waiting time and get you a response sooner. Also, keeping it simple with a touch of personalization will act like Midas’ touch.

• Qualifying:

Though qualifying is initiated in the first step itself, here we weigh up the prospect in terms of buying authority, capacity, and timing. Is the one you connected with the decision maker? If not, can there be a referral for the right point of contact? Or maybe they have the authority, but budget is an issue, or this might not be the time they are open to evaluating your solutions. In any of the cases, finding it out early on can be of great help.

• Presenting:

Product demonstration, presentation, or sales pitch, it should be designed around customers’ motivation to buy, so align your solutions with their pain points. Prospect is the center of your presentation and if you keep it that way, you know you are making the most of this stage.

• Overcoming Objections:

Listening with the intent to understand is the thumb rule here, once you’ve understood, de-code the underlying reason behind the hesitation and work out a satisfactory solution. We’ve put our best foot forward and offering a worthy proposition still genuine objections are possible, such as pricing, compliance, or a past experience that still leaves room for skepticism. You need not see it as a roadblock, but rather as an opportunity to build trust and re-assure the value of your offerings.

• Closing:

You’ve been waiting for it all this while, here is the deal. By now you can pretty much read the prospect’s mind, and if you’ve made a connection over time, you can simply put it like “Good to have you on onboard”. If there is still room for persuasion it has to be quite subtle and you need to highlight the value, benefits, and USPs that you know are his checkboxes.

• Nurture:

The last step surely isn’t the least, as we can have a customer for once, but to have him for long makes all the difference. Post-sales service, understanding, and resolving challenges, if any will let the person be at ease with you. Customer loyalty in itself is precious and will result in repeat purchases, positive word of mouth, and referrals. Also, when you start the sales cycle for your prospect who is a referral, things will speed up organically. So, a little work at this stage can add a lot of value in the long run.

And as John W. Gardner said, “Excellence is doing ordinary things extraordinarily well.”