In sales, to close deals faster means greater growth. In fact, speed alone can determine the viability of an organization.
The reason for this is that speed of particle flow determines power, both in the natural world and in any business. A company which closes 100 deals in one year is significantly more powerful than if it closed those same deals over 10 years. Every sales manager should therefore do everything possible so his or her team can close deals faster.
What would happen to your business if you closed deals just 10 percent faster? Here are some things which you could expect:
- More time for more deals: If your average sales cycle is 6 months (180 days), and you shaved ten percent from that time, you would gain more than two weeks to do more prospecting, networking, and otherwise build your pipeline. Multiply that saved time across all your deals and you can see how this saved time can really add up.
- Greater confidence: Salespeople who can close deals faster receive more recognition. They are featured on the sales leaderboards, are awarded swag and other extras, and earn more money per quarter than those who close deals slowly. Success breeds confidence, and it becomes a self-perpetuating cycle of greater confidence = faster closes = even greater confidence and so on. The elite persist and know it takes as long as it takes to close a deal, and they generally do it faster than most other salespeople.
- Less admin: When you move from demo to a closed sale quickly, there is less admin work involved. You don’t have to constantly update your CRM as there are less touches and therefore less to note. You avoid having to explain the deal and its progress (or lack of) to superiors. Performance reviews tend to move quicker when you close deals faster as well, rather than become bureaucratic exercises designed to get your performance to improve which can even involve HR.
- More money: The bottom line is that the faster your organization closes deals, the more money you will have in the bank. You will accumulate it faster than you can spend it, and will rely less on debt. Things get easier. Morale improves. Selling becomes less stressful and more rewarding, and you can serve many more clients than you could otherwise.
Everyone wants to close deals faster. So how do you speed up the process? I cover many tips in my book Close Deals Faster: The 15 Shortcuts of the Asher Sales Method, but in general you want to increase efficiency across the sales cycle.
- Focus only on top prospects (account-based marketing)
- Leverage technology to research and prospect
- Build rapport using NLP techniques
- Deliver key differentiators
- Handle objections effectively
- Learn and practice better closing techniques
Closing deals faster requires a combination of techniques. Each dovetails into the other to create a better buyer experience and speed up the decision-making process.