Marketing
Sales Cyclesby Tim Connor
Many products and services have different sales cycles – from the first prospect meeting to the close of the sale. Some cycles can be several months to a few years. Some can be just a few days.
Many salespeople believe that they are not in control of the sales cycle. They put the buying control into the hands of the prospect. Of course, you cannot sell something to someone before they are ready, but you can discover the sense of urgency or attempt to create it.
Keep in mind that people buy when they are ready to buy, not when you need to sell.
This week, let's focus on these arbitrary sales cycles. First of all, remember that you do not change the prospect's buying needs, timetable, readiness or urgency – you discover it or them. If your prospect has just signed a three year contract with a competitor, guess what? This is not a prospect for you until the time when he begins to consider renewing or changing suppliers.
Most sales cycles are not etched in stone. They are a function of your ability to get to the real issues, needs, pain, problems, etc. If you fail to identify these accurately, you will most likely never develop the interest or desire necessary to cause a buying decision. However, if your questioning skills can quickly cut to the chase of the prospect's primary emotional buying motive, and you have a viable solution for them, you can most likely move the sales process along quicker rather than slower.
Don't get yourself into the paradigm that your sales cycle always has to be 8 weeks, or 6 months, or 7 days, or whatever. Those of you who believe that your normal buying cycle is, let's say, 6 months – I'll bet that you have closed sales in less time than that and more. The point is that the cycle is not a pre-determined period of time. It is a function of your ability to identify critical prospect issues and then show the prospect how you can satisfy in a way that can be accepted.
This is also true of budgets. Budgets are generally not developed without flexibility. If the prospect has a pressing need or challenge that your product or service solves, trust me, they will find the money. A game I love to play when I hear budget as an issue is: 'Let's find the money. It has to be somewhere!'
Resist the tendency to fall into the budget trap – when the prospect says there is a need but doesn't have the money. DA… If the money can't be found, the need is probably not very serious. So find another prospect. NEXT.
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Tim Connor, CSP, is a professional speaker and expert in the fields of management, sales, team building, and customer service. He's the author of 19 books and can be reached at 704-895-1230, speaker@bellsouth.net or www.timconnor.com.
Marketing