How to Shorten Your Sales Cycle

Several years ago, while scouring the business section of my local newspaper, I came to a screeching halt when I noticed a small headline. It read, "Local Firm Acquires eBusiness."

"Very interesting," I thought. The company, an international manufacturer, was not in my targeted market segment -- but this high tech acquisition certainly was.

Because my prospecting antennas were twitching, I committed to staying abreast on what was happening at this firm. I sent for their annual report, periodically checked their website and kept up on any press releases.

After 18 months, the manufacturer announced it was spinning off several divisions -- and the eBusiness I'd been following was one of them.

Bingo! That was the day I knew I had a new client.

As a consultant specializing in the hand-off of new products (or services) from Marketing to Sales, it was clear to me that my services were desperately needed.

Please realize though, that at this point my targeted account didn't know they needed me. No one in their business had ever heard of me. And, not one penny in their already tight budget had been allocated for the type of work I do.

But I knew that the lackluster financial performance of this eBusiness could no longer be hidden in the profits of the manufacturing giant. Wall Street would demand results soon. Short-term results. Immediate results. And I knew I could make a difference.

After a plethora of unsuccessful attempts, I finally reached the president. This is basically what I said:

    "I've been following your business. I know it's imperative for
     your company to have strong financial results immediately.
     You're counting on your new products to achieve your objectives
     ... and I can help shorten time-to-profitability."

Following a brief 5-minute conversation, the president told me to call a key marketer on Monday, giving him a chance to talk to her first. Essentially, it was a done deal. The outcome - a highly profitable engagement with the firm.

Why am I telling you this? Because business opportunities for your firm are everywhere. In fact, they're staring you right in the face every time you pick up a newspaper or turn on the radio or television.

The Ripple Effect of "Triggering Events"
But most sellers don't use the news because they've never connected these "triggering events" with the potential for business.

For example, any time two organizations collide due to a merger or acquisition, this triggers a whole slew of problems of can lead to great sales opportunities. Long-term suppliers no longer "own" the account and the door is open for the astute seller.

Here are just a few of the areas where your opportunities might abound when firms merge:

•  Sales & Marketing: Rebranding, new collateral, revision of go-to-market strategies, product launch, PR support, advertising campaign, sales training, channel conflict, compensation discrepancies, SFA/CRM systems integration, new technology.

• Information Technology: Planning, prioritization of projects, massive system integration issues in just about every conceivable area, new technology acquisition.

•  Human Resources: Teambuilding, compensation issues, legal problems, downsizing/outplacement assistance, evaluating personnel, employee benefits coordination.

Once you know what to look for, opportunities for your products or services become readily apparent. They just need to be acted on.

Capitalize on "Triggering Events"
Follow the news about companies in your targeted market segment closely. Keep your eye out for any changes because they could create business for you. Once a change hits your radar screen, extend your research immediately, collecting as much information as you can before you contact someone in the company.

The key to your sales success lies in your ability to align your product or service offering with their key business needs related to the "triggering event."

When you connect with corporate decision makers, remember that they could give a rip about the process you use, your leading-edge product line or one-stop shopping. But they care desperately about business results, eliminating problems and achieving their desired outcomes.

So pay attention to the news. Right now some companies desperately need your products, knowledge or expertise because of what's happening in their business. Use the news as a trigger to identify who they might be, research them and then make that phone call.

That's the quickest way I know to create new opportunities, shorten your sales cycle and grow your business.

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This is just a sample of what we covered in last week's "Getting Into Big Companies" teleseminar series. For more info on my upcoming session on strong value propositions, check out:
http://www.sellingtobigcompanies.com/teleseminars/series1.php

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Feel free to use the above article on your website or in your print publication or ezine. Make sure the following credit is attached: "Jill Konrath helps salespeople get their foot in the door and win big contracts in the corporate market. Sign up for her free e-newsletter on her website at http://www.sellingtobigcompanies.com . You get a free "Sales Call Planning Guide" ($19.95 value) when you subscribe. Please tell me where the material will appear.   

Comments

[Paul Dank]

Absolutely true. When you call on a prospect who is dealing with a "triggering event" that you can positively impact, their responsiveness increases 1,000%.

[Jeff Paul Big League Players Club]

Hi, Great post! I felt great reading your blog post. I’m working with my friend in a small internet marketing business as a web developer. When I’m free I go around for some IT info

[Carolyn]

This is a great approach to pursuing a new account. Knowing that a company has a business problem that you can solve is a step that, sadly, a large number of sales reps still tend to forgo when calling into a new prospect; they just go straight for the pitch. Sales intelligence tools coupled with keeping an eye on the most current company news can give you a great "in" with the exec you're on a call with. We added this post as an additional resource on our post about sales cycles and account planning here: http://blog.salesquest.com/2010/02/10/how-to-shorten-your-sales-cycle-using-sales-intelligence-and-account-planning-strategies/