Customer acquisition is expensive, and it can have a negative impact on company revenue and customer lifetime value. It takes a lot of time, resources, and hardworking people to get new clients.
If you can find ways to shorten your sales cycle, it naturally follows that you will reduce costs associated with acquiring a new customer and as a result, could increase your company’s customer lifetime value.
Here are a few tricks to optimize your sales operations process and shorten the time it takes to acquire new customers.
Be vigilant with discovery
Discovery is an extremely important part of ensuring a more efficient sales cycle. Your SDRs should focus on the needs of your prospects. They need to dig into the reasons why your prospect is searching for a new software and figure out the pain points that your solution can solve.
Map out the prospect’s buying process and get familiar with the steps the prospect will need to take in order to become a customer. If there are other stakeholders involved, they should include them in the sales process.
Schedule the next sales call before the end of each call
Before the end of every sales call, you should schedule your next call with that prospect. If you don’t schedule the next call while you have the prospect on the phone, you will waste time sending emails back and forth with the prospect to schedule the next touch point.
Not doing so will increase the risk that you will lose contact with the prospect. Your emails may not get answered and your solution will not be top of mind. It’s much easier to just get the prospect to commit to meeting with you again over the phone.
Plan out the sales cycle
Now it is time to plan out the rest of the sales process. Your SDRs should think about each touch point they will need to have with the prospect and how they will involve other stakeholders if they are required to move along the sales process.
A less detailed version of this plan can be shared with the prospect to get aligned on when they can start benefiting from the solution. However, don’t be too pushy when trying to get the prospect to agree. The goal is to continue moving along the sales cycle, not stall it.
Address potential doubts with your prospect early on
If you think your solution may not be able to solve the prospect’s use case, or budget may be an issue, you should address these concerns early on and overcome any objections you think they may have based on your conversations.
If you can successfully work through the issues, and keep the process moving, then great. However, if you ignore their objections, your team may waste a significant amount of time on a deal that’s destined to fail.
Your team should be an invaluable resource for prospects throughout their buying process. While you have sold software numerous times, this may be the first time that your prospect is purchasing enterprise software, so keep in mind that such purchases can be overwhelming.
Give your prospects suggestions for how to proceed after each touch point. Tell them how each step of the process will work, and be as transparent as possible.
Get information on competitors
Ask your prospects about other software that they are evaluating. If they tell you the names, try to determine where they are in the sales cycle. This information will help you plan out your next touch points.
Be upfront with how your solution compares to those competitors. This will help you overcome potential objections that prospects may have when comparing both solutions, and it will also help develop trust. Your prospect may ask you more questions on other tools available in the market and you’ll be further along the sales cycle.
New customers don’t come cheap, but you can mitigate customer acquisition cost by having an optimized sales operations process. Our software helps sales, customer success, and marketing teams helps reduce customer acquisition costs and identify new opportunities by alerting teams when key contacts move jobs. Learn more on www.sifdata.com or download our software from Salesforce AppExchange today.
- Date- Jan. 7, 2019, 9:59 p.m.