Do you often find yourself asking “how can I speed up my sales cycle”? Well, you’re not alone, and asking yourself that question is the first thing you can do to improve your company’s revenue. The less time a lead stays in your sales funnel, the higher the return on investment (ROI) for you!

A plethora of resources go into nurturing and earning leads. If you’re letting your prospective customers take a lot of time to make up their mind, you’re going to spend more time in lead acquisition than what the sale may be worth!

Here’s some advice by SalesGig on speeding up your sales cycle.

Identify Your Key Performance Indicators

As you analyze the sales process and go through all the bottlenecks you find, you’re going to find several key performance indicators (KPIs) that can be relevant to your ultimate goal and for your sales process. Quite simply, KPIs help you measure the progress you’ve made towards a goal that you have.

Think of your goals as milestones. The more number of milestones you hit, the higher the chances will be of you achieving your targets.

Handle All the Objections Early

What can be some of the common reasons people are not buying your products? Why do they choose to buy from a competitor instead?

Instead of running away from these discussions or hoping that they’ll go away on their own, you need to put your customer’s mental peace as the first priority. Address all of their uncertainties, their doubts, and their fears instantly.

Make It Easy For Your Customers To Sign Documents from Every Device

What is the one thing people have with them throughout the day? What is that one thing you probably have with you right now? Your phone. Your tablet. A portable device of any kind. A high-performing sales team always understands the buyer’s behavior and adjusts their sales processes to accommodate them.

Think of your customer at every step along the way.

Create A Benchmark for The Cycle Time

Once you have a solid sales process that you can rely on, start measuring the time it takes for you to close a lead from the start to finish. Keep track of this metric and you’re going to draw a baseline for the performance you can expect from your sales team.

From this point on, you can improve on the baseline and you won’t have to ask repeatedly ask yourself “how can I speed up my sales cycle?”

Motivate your team to achieve new benchmarks that they can hit. When you measure things, be it in a corporate environment or the kitchen, things tend to improve. You can always remind yourself of the targets that you have to achieve and the processes you need to build to facilitate change.

Wrapping Up

Speeding up your sales cycle can take days, and sometimes even weeks, depending on the type of company you have and the type of product or service you’re selling. Change takes time, but once everything’s in place, it’s going to be worth it!

For more information on how you can improve your sales strategies check out our blog section or get connected with SalesGig to find out how we can better serve you.