Is the Sales Cycle Getting Longer? (And What Salespeople Can Do About It)
The sales cycle isn’t always a straightforward process. There are several factors to consider, depending on each unique buyer’s resources, personality and capacity. Buyers may even have biases about purchasing certain products or patronizing certain brands—stopping the sales cycle in its tracks. The sales process may even experience a delay due to external factors—like a country experiencing an economic downturn.
Regardless of why, salespeople are noticing that the sales cycle is now taking longer to unfold. This lost time translates to lost revenue. And while there is no one-size-fits-all solution to optimize sales cycles, recognizing key disruptors can be incredibly helpful when it’s time to troubleshoot. With that in mind, here are some reasons why consumers are hesitant to buy and what your salesforce can do to manage it.
Key Disruptors of the Sales Cycle
Experts have pinpointed buyers’ indecisiveness as the root cause of halted sales cycles. Here are the main reasons buyers are taking longer to purchase.
1. Buyers are afraid of making the wrong decision.
Being informed is crucial, especially when it comes to spending your hard-earned cash on products and services. Knowing more about your potential purchase helps you decide whether or not its benefits outweigh its cost. Understandably, buyers are hesitant to pull the trigger on a product that may prove to be a waste of money, so they’re taking longer to properly mull over their investments.
2. Budgets are tight.
Many people felt the effects of the pandemic financially as well. It’s no secret that households, industries and even entire economies suffered at the hands of sporadic, indefinite lockdowns. Many companies had to perform budget cuts as well as take stock of their resources. While recovery is well underway for many, funds are still being distributed with great caution.
3. Too many decision-makers are involved.
Business expenditures being more closely scrutinized means more people are now involved in the decision-making process. These pitstops are drawing out the decision-making process longer than usual. Buyers can no longer purchase on the spot because they need to get the go-ahead from their company leaders.
4. Salespeople are finding it hard to focus.
Salespeople are struggling to focus because they now have to balance several potential customers at once. Budget constraints often result in salespeople handling more clients than they can actually manage. This lengthens the sales process on the company’s end. Spreading your sales force too thin will result in them struggling to build meaningful relationships and close deals.
5. Buyers spend too much time talking to several sellers.
It’s good practice to consider all available options. And this is exactly what consumers have been doing. Many buyers often look around to find the best deals for what they need, which usually entails talking to different sellers. This is great for them, but not so great for you. That’s because buyers exploring their options halts the buying process, delaying dollars from reaching your pocket.
When it comes to getting customers to trust you, you need to get them on the same page as your sales representatives. The deeper the trust they have in your brand, the more likely they are to be driven to purchase. Using an engaging presentation tool like Ingage highlights the value you bring to the table by building credibility.
What Salespeople Can Do
Fortunately, a prepared salesforce can help clear the pipeline and move your sales cycles forward. When it comes to customers, it’s all about building relationships and providing value. Here are a few things your sales representatives can do to secure customers.
1. Know your prospective buyers in-depth.
It helps to know what makes your target customers tick. To do this, you need to conduct market research to understand how your strategies are resonating with prospective buyers. Get familiar with your prospect's pain points and show them how you can alleviate them.
2. Know your product by heart.
The best way to sell your product is by knowing it like the back of your hand. Prospective customers are bound to have questions before making a purchase. Being able to thoroughly answer their questions sparks confidence and builds trust. Trust propels the sales cycle forward.
3. Re-organize your strategy.
Sometimes, your internal strategy needs to be revamped to fit your business goals. You need to identify bottlenecks within your sales cycle and develop solutions to correct them. By reorganizing and restructuring your sales cycle, you can forge one to better serve your target audience. A more fine-tuned sales cycle means more money in your pocket.
4. Perfect your sales pitch.
Your sales pitch is everything. You need to persuade prospective customers to purchase your product. This can be done using research and a stellar sales presentation. You can shorten the sales cycle by creating an engaging sales presentation that provides your target audiences with everything they need to make an informed purchasing decision. Working with tools like Ingage can help you present data in an easy-to-digest format.
Reel Them In With a Powerful Presentation
You can shorten your sales cycle and capture your prospects’ interest through a compelling sales pitch that’s empowered by an engaging presentation. With Ingage, you can scan a wide variety of presentation templates to find one that’ll best resonate with your target audience.
With intuitive, user-friendly tools and interactive features, Ingage can help you build deeper connections with your customers. Get a demo today to see how you can leverage Ingage and elevate your business.