Of course, the name of the game in sales is to close more deals. It’s even better if you can close them quickly. This can sometimes be hard if you’re dealing with a longer decision-making process. The key is to evaluate your current sales cycle, see where along the process opportunities to streamline might be present, and implement some actionable tips and tools to close deals faster.
When looking at your current sales cycle, review key sales metrics like the average length of your sales cycle, the steps involved, friction and drop-off points, and who your ideal buyer is.
Reviewing this data, or even better, using a data visualization tool is crucial for understanding where the opportunities may be present to streamline your sales cycle and close deals faster.
Once you’ve pinpointed where you can shorten the cycle, you can implement some of these tips, tools, and resources for closing more sales and faster. Allowing you to grow your bottom line exponentially. No matter what industry you are in. Let’s take a look:
10 Actionable Tips To Close Deals Faster
1. Identify & smooth friction points in the sales cycle
From looking at your current sales cycle, you should be able to uncover points where leads might be going silent or dropping off. These are friction points. As mentioned above, sales data visualization tools can give you better transparency and understanding on where friction points and bottlenecks exist in your sales funnel. Once you identify these points, then they likely can be resolved through sales enablement tools.
Some of these tools include valuable sales content. In partnership with your marketing team, you can create things like blogs, ebooks, whitepapers, webinars, etc to help educate, nurture, overcome objections, and ultimately convert your leads.
2. Implement effective cadence management
Cadence management is another great tool to move a prospect along the buyer’s journey. Sometimes, when leads aren’t followed up with on a systematic schedule, our sales reps are the ones drawing out the sales cycle unnecessarily.
When your reps are following a set cadence of when leads are contacted, you won’t have to worry about valuable prospects falling through the cracks. More importantly, this will allow your reps to close deals faster.
Cadence management can (and should) be automated. Much of this is possible through the top CRMs. Performing tasks like automated activities reminders, prescheduled automatic email follow-ups and more. Then, your team can spend less time on the tedious task of manually following-up with opportunities, and more time selling.
3. Adopt the right sales methodology for your business
Sales reps should always be clear on what is expected of them and their quotas. Implementing a standardized methodology that fits your business model is the best way to ensure they understand the steps they should take to achieve sales goals.
Sales methodologies can vary from business to business. Implement a methodology that helps systemize your process and improves efficiency. The crux of the solution is to give your salespeople an actionable step to take at given stages. By doing this, you will also be enabling your reps to close deals faster.
Source: Accent Technologies
4. Focus only on your ideal prospects, weed out the rest
Not every customer is going to be a good fit. Pursuing truly “bad fit” prospects wastes time, energy, and money and slows down the rest of the deals.
Your sales reps should not be chasing after clients that either aren’t ready or just aren’t interested. The ideal prospect will know what they want or are trying to accomplish.
Another red flag is if the prospect is preoccupied with their budget. If they’re asking for reduced fees or seem unsure of their budget, it might be a sign to walk away so you don’t waste time on someone that isn’t ready.
By filtering these leads out early, your reps will only be spending their time on prospects who have a higher chance of closing. Then, they can learn to capture prospects’ attention faster and close the deal. With experience, you will learn how to recognize leads that should be weeded out and save a lot of wasted time and money.
5. Identify & only target the decision maker
Now you know that your reps are only focusing on the ideal prospects who have a higher chance of closing. The last thing you want is for your reps to now be spending too much time with someone who is not the actual decision maker.
Identifying and targeting the key decision maker is crucial to mastering how to close deals faster. Of course, the base-case scenario is to be sitting down with the decision maker first.
But, reps often find that the decision maker will use a “gatekeeper” to first gather all the information they can about your product and company. In that case, reps need to put themselves in the decision maker’s shoes and customize the pitch to their interests and pain points.
6. Know the customer and target their needs
If sales reps aren't customizing their product offering and pitch to each particular customer, they are only wasting time possibly presenting the wrong products first and also lessening their chance of closing the deal.
It’s critical to pinpoint the decision maker’s interests, needs, and pain points. The sales pitch should be crafted around that and then your products or services can be presented as solutions specifically for them.
Utilize tools like LinkedIn and Datanyze to gather information about the prospects. You can see what kind of industry-related things they are focused on and talking about. As well as what kind of tools or software they may currently be using or not using. Arm your sales reps with all the necessary information to fully customize their pitch, make the best product offerings, and turn prospects into customers much faster.
7. Close deals faster with account mapping
Territory management can give you a deeper understanding of both your prospects and your team. One way to do this is through a visual-based account and territory mapping tool.
By utilizing an account mapping tool, your reps will always have a clear picture of where they need to focus their attention and when. Mapping and route optimization tools can help make getting to prospects faster and more efficient — saving your team a lot of time (often 30% in windshield time on average) and resources. Allowing your reps to close deals much faster.
These territory management tools also help to increase accountability, transparency, and communication. They also give you and your team the visibility to understand where the greatest opportunities lie.
Source: Map My Customers
8. Utilize a CRM to boost automation
If you’re still trying to manually keep up with prospects in hard copy form, or even using a CRM but still using a lot of manual processes, you can significantly speed up processes and close deals much faster. This is done by utilizing the automation capabilities within a CRM.
Many of the leading sales CRMs, like Map My Customer, Hubspot, and Salesforce, all allow you and your team to automate the daily repetitive tasks that take up so much time. Thus, shortening the sales cycle and enabling your sales reps to do their job more efficiently.
You can automate follow-up communications, meeting check-ins, updates to sales data, and more. Freeing up more time and resulting in your reps closing deals faster.
9. Create a sense of urgency
The fear of missing out is a very powerful thing. An easy to implement tip to close deals faster is to create a sense of urgency.
Put a deadline on the deal and price to give the client an incentive to commit so they don’t miss out. You can do this by creating a temporary price discount or offering a free add-on. Give the prospect the feeling they have the upper hand in the deal.
But, be careful not to rush the customer and end up pushing the sale away. Just present an extra reason why right now your product or service is the best choice for them.
10. Respond quickly to quote requests
One of the things that can often take up too much time at a critical part of the buyer’s journey is when a lead requests a quote. A long wait at this point in the sales cycle can significantly impact the potential for close.
That is why automating your quote creation and responding quicker is a key tip in mastering how to close deals faster. Even the most complex quotes can be created in minutes by using a Configure, Price, Quote (CPQ) tool. Because the CPQ tools are often cloud-based, you can customize ready-made sales quote templates on any device to save substantial time.
CPQ tools are sometimes now included in sales CRMs or available as an easy-to-use add on.
Source: Salesforce CPQ
Start Closing More Deals
Take a look at your current sales cycle to get a clear understanding of what it looks like and where there are opportunities to shorten it. Then use some of these tips and tools above to close deals faster and improve your bottom line.
Using technology to understand and optimize your sales cycle is a great first step in decreasing the time your team spends from start to close. Different tools can also show you how current sales efforts are affecting your bottom line, let you understand where to make improvements, and automate many of you and your team’s processes. This will empower your reps to close deals lightning fast.
Don’t have the tools to help you optimize your sales cycle or better understand your data and customers? See how Map My Customers can help you start making data-driven decisions, shorten your sales cycle, and close deals faster.