Closing deals, particularly in B2B sales is always challenging.
I have yet to see a product that is a slam dunk every time, one that has no competition and one that isn’t somehow fighting to get a share of budget dollars. If you know of one, call me, I want VA Partners to start selling it.
If you live in the reality that most of us do, closing a sale is always a challenge. It is an absolute necessity, but a continuous, ongoing challenge. We have pulled together a few tips that we believe, whether you are a startup or an established company, will help you to close a sale faster.
1. Ensure You Give Yourself Enough Runway to Sell
This is particularly important for startups. Don’t run out of cash before you can close a sale. We have seen many startups wait too long to start selling, thinking 6 months is more than enough to generate a sustainable funnel. Wrong! You need to give yourself at least a year to see it through and even then, 18 months is more reasonable to close deals and get a sustainable funnel going.
2. Activities Are Key
Sales are won and deals are closed by knocking on a lot of doors or by having a lot of people knock on your door (content marketing blog). Numbers are key. For every “no”, you are one step closer to a “yes”.
3. Include Quantified Results and True Stories in Your Messaging
I have always been a believer that stories sell. Why? Because people take comfort in knowing that others have made a similar decision to the one they are making and that their decision was the right one.
4. Be Persistent
Statistics suggest it will take you 8 to 13 touches to close that deal. Stay on it.
5. Use a CRM to Keep You and Your Team on Track
Staying up to speed on the activities you or your team has completed and those upcoming ensures you can stay on track. As we have said before, sales is a numbers game and you have to have activities to close any business. A CRM system also allows for timely reporting and funnel analysis; both are required to ensure you are staying on track with your sales numbers.
6. Understand the Customers Buying Decision
This means understanding their time frame, funding sources, and more. Depending on the type of business and type of purchase, buying decisions may relate to budget cycles and funding sources for the project can all vary. Be aware of these and set your closing expectations accordingly.
7. Get Wider Within an Account
It is always risky to have only one contact at an account. But now, more than ever, people are highly mobile and companies are quick to make employee changes due to economic circumstance. To assist in securing your business, both now and in the long-term, having interaction with, and understanding who, the various purchasing stakeholders are makes sense. You ideally want to know who signs the cheques, who influences and who will be the main user.
If you’re looking for more assistance with closing sales and signing deals, please don’t hesitate to contact us at [email protected].