Whether you realize it or not, there’s probably a timing gap in your sales strategy. What does that mean?
For most industries, the Faster you close a sale, the better your close ratio will be, and the better it will be for your company. Here’s why:
- Faster closes mean less time to resist. Every day your customer spends thinking about their decision is another day they may choose to go with a competitor. The faster you close, the lower your chances of losing the deal.
- Faster closes mean fewer dropped opportunities. If a customer feels they aren’t being heard, or aren’t getting responses fast enough, they may abandon you. Closing deals faster prevents this from being a problem.
- Faster closes mean sooner incoming revenue. Closing a deal just a few days faster can open a stream of revenue to your business faster. If cash flow is an issue, or if you’re trying to reach a lofty goal, this is imperative.
- Faster closes mean freer salespeople. When salespeople close deals faster, it gets them back out to the lead pool faster, helping you close more deals overall.
You may think your sales strategy is optimized for speed, but there are probably small moments you don’t even notice that result in delays for your salespeople—and therefore cost your business money.
Main Pain Points
These are some of the Main Pain Points for your sales strategy timing:
- Communication delays. If there’s a break in the conversation, such as if a lead announces they’re going on vacation, it can put a kink in the system. It’s up to your sales team to recognize these potential breaks and proactively manage them.
- Confusion. Delays can also happen when there’s some degree of confusion about what’s going on; for example, if there’s a miscommunication, your sales team may not be able to follow up appropriately, or your lead may lose interest prematurely.
- Inactivity. Sometimes, an opportunity decays simply due to inactivity; a lead hasn’t heard from you in a reasonable timeframe, so they move on to a new opportunity.
- Distractions. If your sales team is bogged down with paperwork and other responsibilities, they won’t be able to follow up with your leads in a reasonable timeframe.
Fortunately, there are some easy fixes, thanks to modern technology:
- Notifications and reminders. Many problems are rooted in your sales team’s inability to follow up quickly and conscientiously. Setting up a system to automatically notify them of new opportunities may allow them to respond immediately to new leads, or prompt them to follow up after a certain amount of time has elapsed.
- Contract and eSigning software. Some delays are procedural ones; it takes time to create paperwork, deliver it, and get it signed. Automated software for generating quotes and contracts, as well as software made by document signing companies, can help you alleviate the burden here.
- General sales software. The backbone of your high-tech sales timing strategy should be your overall sales software, which will help your sales team enter data quickly, complete documentation faster, and keep them abreast of new developments. SAP offers some of the most advanced sales software on the market, so consider signing up for a free trial if your sales team is struggling to close sales fast.
Don’t hesitate to invest in the speed and timing of your salesforce. The faster you close deals, and the smoother those deals go, the more sales you’ll get—and the faster your revenue will grow.