It’s no secret sales don’t happen overnight, but now the sales cycle is getting even longer. 87% of B2B buyers need six months to complete a purchase. And the average buyer’s journey, from initial research to deal closure, has risen to 379 days, a 16% increase from 2021. Two key factors are driving this trend: buyers now do more research and involve more people in the decision. To stay ahead and speed up sales cycles, reps need to embrace technology. Self-service tools are one useful solution, which let buyers independently access product information; and automation tools also streamline internal processes and follow-ups, so you can better focus on closing deals faster.
Streamline your workflow
Sales automation tools handle repetitive tasks that eat into your selling time; they can do everything from scheduling outreach and sending follow-up emails, to updating records. But, to pick the right tool, you need to consider your pain points. Do leads often take too long to qualify? Look for a tool that provides lead scoring and engagement insights. Or are deals stalling as buyers consult multiple stakeholders? You’ll need a tool that lets you create a shared digital space where information can be accessed by all relevant parties.
It’s also important to stay on top of the administrative tasks that keep your relationship with your partner company running smoothly. One area often overlooked is having efficient processes for returning corporate equipment once a partnership ends. A simple reminder app can help you keep track of equipment return deadlines. Many reminder apps have free versions that send timely alerts to prevent unnecessary losses. To put this into perspective, a single lost laptop can cost a business $49,246. Organizing fast laptop retrievals keeps company gear accounted for, which is important to keep things amicable with old partners.
Provide self-service tools
Self-service tools give prospects more control over their purchases. This is key since 75% of them now prefer to buy without even interacting with a sales rep. Product demos are a great example of a tool that helps buyers grasp your product on their own terms. This means they no longer have to contact you for basic information, which slows down the sales process. To create a demo, record a short video that shows how the product works, its key features, and answers common questions. After the sale, also ask for a review. Customer testimonials are another self-service tool that teaches other buyers about your product.
Make it easy to sign contracts
Almost 85% of B2B buyers now prefer to handle their orders and payments independently online. Offering online contracts plays into this preference and moves prospects toward a sale faster than traditional methods. In fact, companies that switch to online contracts close deals 35% faster. Online contracts save time and hassle as they reduce the amount of back-and-forth with customers. There’s no more waiting around for paperwork to be signed as it can all be done instantly on the go, whether your prospect’s on their phone, tablet, or laptop.
Longer sales cycles mean reps need to embrace technology to stay ahead. With the right tools, you can improve efficiency and ultimately shorten your sales cycle.
Catarina Seigel
• former journalist specializing in research and analysis