5 Prescriptions for Accelerating Deal Velocity

By Jared Fuller

One of the more frequently asked questions I receive from sales professionals is if I have tips for accelerating deal velocity. We want to grow faster! Often getting into an account isn’t the problem; it is the lag that happens after submitting a proposal.

All sales reps have been there. Whether you are using inbound or outbound techniques, or a combination of both, it doesn’t matter. The situation is that you’ve made a connection with a prospect, they’ve maybe done a demo, and you’ve sent the proposal. Then, a black hole of unresponsiveness…

The initial gut reaction for most sales people in this situation is “I have to get better at closing.” Everyone can always get better, but that’s not the real problem — it’s just an effect.

Often, later-stage sales cycles are where good deals go to die if deal velocity is not maintained or accelerated. In other words, sometimes the faster you win, the higher your win-rate.

So how do you accelerate the time-to-close? Here are five prescriptions that, if employed effectively, will help you close more deals — because you’re closing them faster.

TIP 1: Perform effective discovery.

Even if the meeting you’ve set is an outbound meeting, keep in mind the buyer’s journey started before you got on the call. Correspondingly, so should your seller’s journey. With an abundance of details, data, and social channels that can be leveraged to learn about companies and employees, don’t show up ignorant of your prospects’ businesses. Start building your buyer profile in Salesforce and filling in key data that you don’t need to ask on the call.

I often hear people diving directly from firmographic profiling into pain points for their initial part of discovery. While discovering pain is essential, don’t jump the gun. The best discovery starts with understanding the inputs for ROI. In other words, what are your prospects’ goals for this month, quarter, etc.? What are the KPIs they measure that impact those goals?

You don’t need to have an ROI calculator for this exercise to be valuable. For instance, if you sell a tool to sales leaders that impacts bottom-of-the-funnel productivity, you can imagine that close rates are essential KPIs for understanding your solution’s impact. Talking candidly about the performance of your prospects’ funnel metrics, KPIs and goals give you insight into what areas of the business can or should be optimized. That’s where the gold is buried — not in the details of their operation, but in the outcomes.

TIP 2: Pain mapping

User Experience experts use a technique called journey mapping when looking to solve issues with end-user experience with a product or service. In sales, we should utilize a similar methodology to discover your prospect’s pain points called pain mapping.

Pain mapping is more nuanced though than it sounds. Great sales reps know how to move from what we refer to as “surface pains” to “core pains.” Surface pains are simple. For example, in PandaDoc’s typically sales discovery process, we’ll often uncover that sales reps are spending too much time creating and delivering Go to the full article.

Source:: Business 2 Community

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