Several companies have different approaches, but it’s clear the sales cycle determines how quickly you can close a deal. However only 40% of businesses meet the maximum sales cycle, which lasts under three months. This signifies that the remaining 60% have a sales cycle longer than three months.
A short sales cycle is better as it aids to close deals more quickly, thus saving on sales activities and receive better sales ROI. To shorten the sales cycle, you require:
a) Intelligence and data about the leads
b) The way to convert the intelligence into sales tactics, which can help shorten the sales cycle
A cloud-based CRM system shines a light on client data with intelligence that guides your sales representatives and marketers to minimize the sales cycle.
1. Streamline Sales Cycle with On-demand Reports
Look at how the salesperson performs at each stage in the purchasers’ journey to know what works and what does not. With the help of a robust customer relationship management solution, you can receive insights into calls, emails, campaign performance, and deals like:
a) Know more about open and rotten deals
b) Assess sales metrics like deals won and lost and forecast sales team performance
c) Recognize growth opportunities and take better decisions with marketing analytics
d) Sales call metrics like recording calls, call duration, check interaction history, and view notes
A CRM solution handles and monitors your marketing and sales performances within a single interface. You receive a reporting dashboard to track marketing and sales analytics, a visual pipeline to forecast deal performance, and call metrics.
2. Shorten Sales Cycle with 360° Purchaser Details
Lack of transparency in tasks between marketing and sales departments has been difficult. It exists due to fragmented data across various applications like marketing automation software and CRM.
A good CRM solution syncs marketing and sales data in a centralized location. if you are a sales representative, it enables you to easily access the marketing departments campaign details, know the past behavioral and transactional information about the leads, and receive insights like activities before signing up.
On the other side, CRM software enables you to access insights collected by the salesperson, generate promotions and discounts, trigger discount notifications, alerts users about the features that matter, and qualify them. Insights into every other funnel aid both the team members have meaningful engagements with leads, thus making sure that you can influence them to make the right decision and it helps you close deals quickly, and shorten the sales cycle.
CRM solutions come with built-in marketing automation, offering you visibility into the data from marketing engagements, nurture email performance, and monitor events- all from a single dashboard.
3. Set Objectives and Motivate Your Sales Representative to Close More Deals
There is nothing more motivating for a sales representative than working towards the objective you set for them. Objectives aids quantify sales performance to keep the salespeople stay motivated. You can mention a time range, set objectives based on the number of current deals in the pipeline, customize them on a particular territory/product, and monitor their progress with a CRM system.
Make objectives based on the past performance of your sales representatives or set individual goals per salesperson and set the duration to be monthly, weekly, and yearly. It helps to motivate your salespeople to work quickly towards acquiring such objectives and helps to accelerate the sales cycle.
4. No More Manual Dependency with Automation
The salespeople often get held back from acquiring their targets. Such include upgrading and logging client data, calls, and sending mails. A CRM software solution provides workflow automation across a wide variety of operations like updating fields, attracting new prospects, and lead follow-ups.
Hence, as a result, the sales representatives focus on the open deals in the funnel and move them to the closure, thereby shortening the cycle. CRM provides intelligent workflow automation that aids the salespeople automates mundane activities, optimize methods and overall be more productive. It indicates that the salespeople can trigger emails automatically based on date/time, raise invoices, and set triggers to automate lead qualification.
5. Supercharge Sending Emails with Automated Sequences
The leads have more chances to convert if you engage with them when they enter your system. The CRM solution helps you to automate such procedures by setting up a series of personalized mails to be sent at specific intervals. With it, cover each client touchpoint to make sure that you do not lose your lead’s interests and have meaningful conversations with them. More meaningful interactions result in higher conversion rates and shorter deal cycles.
Automated CRM solutions come with sales sequences and enable you to handle the outreach procedure better. Also, you can automatically run sequences of actions over emails on specific days, and even run them based on the lead’s behavior. With it, you can handle follow-ups with ease, send welcome emails to new prospects, and re-engage with cold prospects, focusing on selling.