It seems like every day, we hear about a new company that has been successful in shortening their B2B sales cycle. Why is it that some companies can shorten their sales cycle while others struggle? In this blog post, we will explore the different stages of the B2B sales cycle and offer tips on how to shorten the process. We will also look at why B2B sales are more complex than ever before, and give you advice on how to give a fantastic software demo that will help shorten your sales cycle.
Every B2B sales cycle has three stages: prospecting, selling and closing. In the “prospecting” stage, you are trying to identify the right person or group of people who will be interested in your product. The goal is to find a lead that can tell you with certainty whether they have a need for your product, and whether they have the budget to pay for it. This is your first chance to collect key information about the buyers needs you can include in your pitch and sales demo.
In B2B sales, you are usually selling to a group of people who collectively make up the decision making unit (DMU). It is important to identify all members of this DMU before closing any deals so that there are no surprises down the road. Make sure you take the needs of the decision makers, and incorporate it directly into your sales process, including your demo, that takes place in the next stage.
The “selling” stage is where you will be making your pitch and trying to close the deal. This is often the most difficult stage, as it can be challenging to get a decision maker to commit to buying your product. You need to understand the buyer’s needs and what pain points you can address. This is where your personalized sales demo can come in handy, by modeling back to the decision maker exactly how you can solve their problem you can greatly shorten the sales cycle by increasing confidence that your platform can truly solve their issues.
The “closing” stage is where you finalize the deal and get the purchase order from the buyer. This stage can be tricky, as buyers often have a lot of questions about your product and want to make sure they are getting the best value for their money. By pre-empting these questions with a personalized demo tied to their goals and issues in the previous step, you save precious time getting your deal done.
Why is the B2B sales cycle getting longer?
B2B sales are more complex than ever before. B2B buyers face a lot of competition and want to make sure they get the best deal possible for their money. Here are just a few reasons B2B sales are getting more complex:
- The internet has made it easier for buyers to research products and compare prices.
- There is more competition than ever before, and buyers are no longer willing to buy products from the first company that comes along.
- Buyers want to see a proof of concept or a live demonstration of your product before they commit to buying it.
- The decision making process is often slow, as buyers want to make sure they are making the right decision.
- Bids are often won or lost based on small details, so it’s important to pay close attention to the buyer’s needs.
How can you shorten your B2B sales cycle? Here are a few tips:
- Make sure you have a good understanding of the buyer’s needs and what pain points you can address.
- Offer a proof of concept or a live demonstration of your product personalized to show your software solving the exact challenges of the decision maker.
- Stay in close contact with the buyer and answer their questions quickly and efficiently.
- Be patient and don’t give up. B2B sales can be a long process, but if you stay focused on meeting the buyer’s needs, you will be successful.
Shrinking the B2B Sales Cycle With a Killer Product Demo:
Ready to take the best step in shortening your B2B sales cycle? The first step is to understand what pain points you can address for the buyer. Next, you need to create a sales pitch that is tailored to the buyer’s needs. Finally, you need to be prepared to answer all of the buyer’s questions with a killer sales demo. Here are 8 sure-fire ways to give a fantastic SaaS sales demo:
- Make sure the demo is customized to their needs.
- Tell stories about how your product helped other customers solve similar problems.
- Focus on the benefits of using your product rather than features.
- Show them how your product can save them time and money.
- Demonstrate the ease of use and how it can be integrated into their workflow. -Make sure you have a good understanding of their business before the demo begins.
- Be prepared to answer any questions they may have about your product.
- Know your audience and target them accordingly. -Prepare a script, but be prepared to go off-script if necessary.
- Be prepared to answer any questions about your company or products.
Now that you’ve enjoyed this blog, it’s time to put a personalized sales strategy in action! If you are looking for more B2B sales demo tips, tricks and tactics that will shorten your sales cycle immediately, sign up for a demo today!