5 ways to lose deals quicker – and make more money
Today, six to 10 decision makers are typically involved in a single company’s purchase of a complex B2B solution, according to Gartner. That means sellers must take the time to target the needs and wants of each decision maker. Meanwhile, sellers are also trying to maximize their efficiency and productivity — they need to make sure they are not spending too much time on a prospect that won’t work out. Time and again, we see that successful sales leaders know what opportunities to pursue or not.
In fact, Bruce Tulgan, workforce management expert and adviser to business leaders worldwide, says that a thoughtful no, delivered at the right time, can be a huge boon, saving time and trouble for everybody down the road. According to Tim Ensmann of Collective[i], the top sales leaders say that the ability to be successful is knowing when to say no.
Yet saying no to deals is never easy. Saying no to an opportunity is never easy. Saying no to a deal that is a long way into the sales cycle is especially never easy.
Here are five key tips you can use right away to lose deals quicker and still make more money:
- Qualify leads better.
- Respond to the right deals faster.
- Learn from other sales reps’ mistakes.
- Eliminate laborious sales cycles.
- Disassociate with uncertain buyers.
1. Qualify leads better
What is “qualifying a lead,” and why do businesses do it? Qualifying a lead is the process of determining whether or not that lead or opportunity is suitable to purchase a company’s product or service. Sales teams qualify a lead to understand the demographics behind the person or company that might purchase their product or service.
When sales teams qualify a lead or not, they are choosing to let in or let out potential deals. The goal of qualifying a lead is to optimize an opportunity that has potential for growth. By the same token, qualifying a lead out reduces the chance that sales reps will waste time on a prospect or opportunity that is not likely to pan out. By removing these opportunities that are not as strong, a business can focus on opportunities that are more important to its pipeline.
2. Respond to the right deals faster
Nowadays, buyers like sellers who are more proactive and engaging in trying to sell them their product or service. If sellers make sure they respond faster to the right deals — opportunities that have a higher chance to close in the sales pipeline — they have a better chance of increasing their company’s revenue.
Not responding to deals that are just okay or less likely to close is smart because salespeople don’t squander their valuable time on opportunities that likely won’t make their business any money.
Selling is not about the amount of opportunities you have; it is about how quickly sellers take advantage of the opportunities that are more likely to close.
3. Learn from other sales representatives’ mistakes
No one likes to make mistakes. But sometimes salespeople can learn from a seller’s previous mistake to identify businesses in a particular industry that aren’t a good fit for the sales team’s efforts. Or it may be that a business is in an industry that is not as trusting as other, more adaptive ones. Sellers want to avoid approaching industries or spaces that are less trustworthy or open-minded.
Sellers should steer clear of spaces that are less welcoming and unwilling to change, and with which they may not have many connections. Instead they should focus on spaces that are susceptible to new ideas. It’s also smart for sellers to home in on a space about which previous sales representatives — within their own company — have expertise and knowledge. Take advantage of warm introductions from a friend or colleague to create connections. Collective[i]’s ConnectorsTM helps salespeople leverage their network to build meaningful relationships with prospects. Ultimately, sellers’ job is to exploit their advantages to make more money.
4. Eliminate laborious sales cycles
No sales representative likes long sales cycles. No buyer enjoys spending months waiting to close a deal with the seller. Sometimes, eliminating current opportunities that have a much longer sales cycle can be the best thing salespeople can do for their client. By removing some clients whose sales cycle is not improving and is way too long, sellers can focus on leads that are shorter and have a better opportunity to close, enabling them to make more money and ensure a higher success rate. Predictive PipelinesTM and Intelligent ForecastTM give sales teams pipeline transparency and health assessments, as well as odds optimizations, that enable them to clearly see which prospects should be put on the back burner.
5. Disassociate with uncertain buyers
Uncertain buyers may waste weeks or even months of a seller’s time. They make sellers spend unnecessary time with them when they do not always know the answers to sellers’ questions or truly care about a deal. Sellers need decisiveness, and if buyers are not willing to give sellers truthful and genuine answers, sellers need to remove themselves from the process.
Become a better seller with Collective[i]
With Collective[i], sales teams have access to data-driven insights leveraging artificial intelligence to help them know when to take action on a deal — and when to move on. The extensive product line Collective[i] offers enables businesses to have the most modern, advanced tools to help them generate the most revenue possible.
Click here to explore Collective[i] today and learn more about how our products and services can transform your sales strategy.Explore Collective[i]