5 Revolving Lifehacks to Reduce Sales Cycle

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5 Revolving Lifehacks to Reduce Sales Cycle

Businesses run their marketing and sales performance in different ways and use diverse tactics. However, the common desire to reduce sales cycle and, therefore, increase the customer turnover and overall closed deal numbers includes a peculiar philosophy and strategy. The practice shows that almost every employee of the sales department has a specific understanding of such a notion as sales cycle.

Actionable Insight into Sales Cycle Notion

Generally, the sales cycle is a time period that shows the average number of days for making a customer from a lead and route it through the opportunities pipeline to the closed deal. It is also a measure of sales department efficiency. Moreover, this process can be viewed from various angles.

For instance, each sales reps has a specific tactics and communication manners with strong and weak sides. This aspect influences on the length of the transaction accomplishment. On the other side, your customers may share some aspects, but they behave differently in each of the stages. One more point to consider is the characteristics of the opportunities. Seasoned sales reps can evaluate whether it is won or lost at a glance.

In the developing strategy to reduce sales cycle duration, you should pay attention to these aspects.

Impact on the Length of Sales Cycle

The selling process is quite complicated, and its length depends on the following

  • Type of business strategy. B2B and B2C sales tactics are performed in diverse modes. The process of deal closing in business to business sales is initially longer than in the business to customer.
  • The industry you work in. For instance, financial companies require a high level of trust in the organizations they cooperate with.
  • Customers’ mindset. As the proverb says: many men, many minds. The scope of clients’ interest in your product or service vary, as well as they, wait for different types of service.
  • The cost of your product or service. The more expensive product or service you offer, the longer duration of the sales cycle you will have.

5 Approaches to Reduce Sales Cycle

Taking into account the peculiar characteristics of the sales processes and various factors that have direct or relative influence, we can distinguish 5 useful and effective hints for sales cycle shortening.

1. Measure and Analyze Current Sales Cycle

To ensure the real improvement of your sales processes, you need to collect reports and define the weak and strong sides of each stage in your opportunity pipeline. This information will help you to plan further steps to improvement and highlights the activities and employees that need to train.

2. Scoring and Grading Modes of Lead Qualification

In order to save time spent on the lost opportunities, you should use two aspects a) scoring leads according to the amount of their interest in your product and b) grade their readiness for the product or service buying.

3. Evaluate the Duration of Each Opportunity Stage

When you measure the effectiveness of each pipeline stage, you need to define trigger events that speed up or slow down the process of successful transaction accomplishment. With this data, you may draw a set of tactics to reduce sales cycle length.

4. Coach Your Sales Reps

Each of your sales managers has some drawbacks that may be improved with consulting or some training. Take care of your employees, besides the advancement their skills will bring higher income to the company.

5. Distinguish Decision-Maker Contact

Make sure that your sales reps communicate with the decision-making person. In the B2B strategy, there may be even more than 2-3 contacts that deal with the final decision. Defining the right contact will reduce the time wasted on the minority clients.

It all boils down to the fact that the length of the sales cycle can be controlled and reduced by you. So, pay attention to the mentioned above tips and boost your incomes with ease.

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