One of the crucial issues for the B2B marketplace is getting the customers to sign on the dotted line fast.
Hence it becomes very crucial for enterprises to focus on making their sales cycle short and impactful while making it profitable.
Lead nurturing is an essential factor for scoring leads in B2B businesses. Initially, most of the leads are not aligned with learning about the product or making the final purchase.
According to a prediction by Gleanster Research, 73% of the leads are not sales-ready when they are generated. Hence, nurturing plays a vital role here in speeding up the sales cycle. Another study by Forrester shows that the companies that excel at lead nurturing can generate about 50% more leads for a 33% lower cost. Shortening the sales cycles is neither really a tough thing to accomplish nor involves complex infrastructure changes. It helps win high-value sales opportunities faster.
In this digital era, although automation and the use of ChatBots is a must for business for streamline operations. However, live chat is still active and driving satisfactory results! ChatBots are limited to answer relevant and basic customer questions. For massive business deals, even today, it is reliable to let a sales rep talk and handle things that robots are still incapable of doing. This can support in making sales cycle visibly shorter.
Today, B2B buyers are majorly millennials – about 73%, according to a study by Millennial B2B Report Merit. It is no secret that they have a short attention span, and hiding the price of the product online might not be the best idea. For obvious reasons, B2B companies protect their prices to pull the audience toward them to show them a demo, followed by a conversation or query. It could be one of the many reasons for long cycles because buyers have their budget already decided.
Similarly, genuine social proof is an easy and effective way to bring in more sales and quickly. A testimonial from a C-level executive means much more, as compared to any others’. In 2020, B2B buyers also research thoroughly for services or products before opting for any. All thanks to 5G and the accelerating speed of mobile communication – nearly every purchase decision takes place after a digital channel search.
The early initiations for making the sales cycle shorter may seem complicated and lengthy as it involves different functionalities revolving around the sales department. However, it is all about the minor changes a B2B enterprise can implement to see a significant impact – how fast a probable prospect could turn into a closed deal!