What is sales cycle ?
The course of time between the initial contact being made with a customer, the identification of services or goods to be procured, the acceptance of the intended purchase, and the transaction that completes the sale. It is a measure of the efficiency of a sales department within an organisation when compared with industry standards.
Why do we never think of shortening the sales process? A typical sales cycle in software technology domain last for minimum of months to maximum of years. Due to economic conditions, more decision makers are getting involved in sales process. The larger the sales cycles, the higher the risk and lesser the profit. So it is important for business to pay more attention to shorten their sales cycle.Fortunately CRM can help you to cut time off the cycle and let your customer arrive at a quicker decision.
Five steps to shorten your sales cycle using CRM
1. Start proper campaign
Proper data is key to success. Try to collect proper and validated data from market and feed into the CRM system. Now apply filtration based on your market & product segments and then send related information to your prospects. Its always seen that proper campaigns have double success ration then un-planned bulk emailing or cold calling.
2. Identify the perfect customer
Why do so many of us end up wasting our time (and stretching out the sales cycle) by talking to prospects who have neither the financial ability nor the authority to buy our services? Is it lack of confidence in our abilities to deliver, to sell, or both?
Whatever the reason, the shortest distance to a faster sale is the one to the decision maker. Go into a prospective company at the highest level possible. If you can’t start high, find out as quickly as possible who controls the purse strings and who makes the decisions.
3. Provide right information
Lack or absence of information should never be the reason for causing delays. It is important to make sure that all your executives have all the related information with them. Quick response to client queries and questions helps in offering faster service and also raises the sales conversion speed, lower the sales cycle.
4. Web-enabled analytics tools
By equipping yourself with web-enabled analytics tools, businesses add intelligence within their CRM software solutions for their sales increment, further enhancing their ability to forecast, assess sales performance and avoid business bottlenecks. CRM analytics compare sales cycle performance by sales team, sales person, product, region and other factors in order to provide visual reinforcement of which sales cycles are taking longer than others
5.Finally, never push
It has been found that impatience can be one of the reasons for disasters while managing the sales cycle. A lot of factors have been found to impact how CRM help lower the sales cycle. If you rush through the process, you may portray yourself as a pushy sales person, which could be a big turn off. It is essential to stick to the method of offering identify customer, provide right information and things will gain speed on its own.
These steps could prove helpful in assisting you in the usage of CRM sales management to its complete potential. All you need to do is just follow these simple step and witness jump in sales target within no time.