In the fast-paced world of technology sales, time is of the essence. The longer a sales cycle drags on, the higher the risk of losing to the ultimate competitor: the status quo. Long sales cycles can lead companies to stick with their current solutions, even when innovative technologies can offer substantial benefits. To avoid this pitfall and successfully close sales, it’s important to identify and fix the mistakes that can unnecessarily prolong the sales cycle and cost you millions.
1. Incomplete Knowledge of Budget Control:
One major frustration for salespeople is reaching the end of a sales cycle only to discover they never engaged with the key decision-makers who control the budget. To prevent this, make time to do a thorough budget check. Understanding the budgeting process, identifying the individuals with authority, and knowing how funds are released are crucial steps toward avoiding mistakes and ensuring you have all the information.
2. Overlooking Buyer Decision Criteria:
Many salespeople rush into the sales process, presenting proposals without fully understanding the decision-making criteria of the buyer. When they find out they lose the sale, it almost always is a surprise to them. It is critical to delve deep into the buyer's decision-making criteria. By uncovering the specific requirements and expectations of all parties involved, sales professionals can position themselves for success.
3. Starting at the Wrong Level:
Many salespeople will start too low. Rather than calling on senior decision-makers, such as the CIO or supply chain VP, oftentimes salespeople will try to build a champion only to be hit with a dealbreaker resulting in the proposal being shot down later on by a decision-maker. Instead, start high up to make sure you will talk to a decision-maker.
4. Lack of Clearly Defined Next Steps:
Leaving a sales call without clearly defined next steps can result in lost opportunities. Using an Up-Front Contract ensures alignment and commitment by establishing a specific date, time, agenda, participants, and a shared understanding of success for the next meeting.
5. Insufficient Qualification of Buyer's Investment Willingness:
To maximize the chances of a successful sales outcome, you must thoroughly qualify potential opportunities. This involves evaluating the buyer's willingness to invest, not only financially but also in terms of time, relationship capital, and whether they align with the philosophies to ensure success. By thoroughly understanding the buyer's investment commitment, sales professionals can focus their efforts on the most promising opportunities.
The technology sales cycle can be a lengthy and intricate process, but by avoiding these common mistakes, sales professionals can significantly reduce the time taken in this process and increase the likelihood of successful deal closures. Embracing a proven and measurable approach to selling ensures sustainable success and positions sales professionals as trusted advisors in the ever-evolving technology landscape.
Jeff Borovitz
Jeff Borovitz is known for triple-digit revenue and profit increases, with 28 years of experience as an award-winning quota busting salesperson, sales manager, general manager and business owner. Connect with Jeff:
