You may have noticed this interesting trend…
Lost deals tend to be the same ones that stagnate during the proposal phase.
That is, after completing a needs analysis, the deals that are ultimately missed are often the same ones that sit, and sit, and sit in the proposal phase. Interestingly enough, in our research, we’ve also found that completed deals don’t tend to stagnate in the proposal phase but they do spend more time in the needs analysis phase. In fact, completed sales on average spend two to three times longer in the needs analysis phase than sales that are lost.
Let’s go even deeper with this.
If you want to not only increase the chances of your sales team completing their deals but also having sales close faster, consider a more thorough needs analysis phase. That’s right, if you want to speed up the sale, you may have to slow down the process, specifically during the needs analysis phase!
While at first “slowing things down” may seem counterintuitive to “ultimately speeding things up,” doesn’t this make perfect sense upon further review?
The more time your sales team spends asking questions, verifying the answers to those questions, gathering information, and challenging their customers’ beliefs about the products and features that are truly right for them, the better prepared they will be to offer a solution that is truly of value to the buyer. And, the more valuable your service is to the prospect, the more likely it is that they’ll buy. Not to mention, as your sales team becomes increasingly engaged and invested in their prospects’ needs, the more trust and rapport they’ll build during the sales process.
Take some time and analyze your sales pipeline. Are your team members zooming through the needs analysis stage in an attempt to jump right into submitting proposals in hopes to make a quick sale? Not so fast – speeding up your deals is not about compromising the quality of your sales process. Rather, it’s about providing more quality, time and care getting to know your customers so you can create a truly mutually beneficial relationship.
[bctt tweet=”When it comes to speeding up your sales, slowing down might be the answer you’re seeking. ” username=”EngageColleen”]
How do you ensure your team is doing their due diligence during the needs analysis stage?
4 responses to “How to Speed Up Your Deals”
Completly agree with you Colleen! This is phase you have the spend extra time to speed up later in the process
Absolutely spot on Colleen! I think that as well as it moving the pipeline on better and increasing success rate, it works because you are directly appealing to exactly what the client wants. And too many times do businesses guess at this stage and not ask the right kind of in-depth questions and often the proposal gets sent and the client gets taken aback because it’s not quite what they were expecting. By asking the right questions, everyone is on point and hopefully the client will respect you for going to the trouble to create a bespoke proposal instead of just literally filling in the blanks!
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