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Why Technology Sales Cycles Are Taking So Long and What You Can Do About It

3rd January 2019 - IT Systems
Why Technology Sales Cycles Are Taking So Long and What You Can Do About It

In a recent study conducted by Gartner, a majority of the respondents stated that it usually takes them over 16 months to complete a new IT purchase. This number is especially surprising, as no one ever expected the duration to be this long. In fact, a staggering 78% of respondents state that they never expect the sales process to go on for as long as it does. However, there are a few factors- both avoidable and unavoidable- which causes obstacles in the sales process. However, with quick thinking and an optimal use of technology, you will be able to advance your sales cycle to its maximum degree, and achieve maximum sales out of it. But with a defunct understanding of IT, you may be putting your company at further risk of tardiness. Listed below are the popular ways by which you may be experiencing hurdles in your sales cycle, and understanding how you can get over it.

Sales Cycle

A sales cycle is described as a “series of events” which occurs from the first glance of the product to the final payments. Unlike the sales process, the sales cycle is from the point of view of the customer. The sales cycle begins from the point the customer sees the product and develops a perception of it, all the way to their final purchase of the product. Primarily, the sales cycle consists of their perception of their product, evaluating the need of the product or service, research, evaluation, and then the final payoff. As a company, it is your job to ensure that the customer completes the sales cycle. You can do this in a number of different ways- you can provide them a general assistance at all stages, as well as specific discounts and offers at specific stages. Doing this with the help of IT will drastically help your customer reach the final stage. Customers nowadays love personalisation. With the help of IT, you can provide them with a tailor made service, which will not only help their purchase, but will also very likely make them a returning customer.

Sales Funnel

According to WhatIs.com, a sales funnel is termed as a “visual representation of the customer journey” from “awareness to action.” The sales funnel is essentially the idea that any sales process begins with a large number of people, eventually being whittled down to a few potential customers on the end. The funnel begins with a large number of customers being aware about the product. Some of them show interest, some more make the decision to buy the product, and eventually just a small number actually make the decision to buy your product or service. You can help a lot during the sales funnel, provided you have the optimum IT solutions. Software programs will help you to determine whether you can convincingly help your customer complete the sale or not. A sales funnel helps you save a lot of man-hours in the long run.

Sales CRM

A lot of the obstacles that you encounter also depend on your sales CRM software. Nowadays, a wide variety of companies have adopted CRM, as it is a wonderful way to keep track with the records of your customers in one place, without having to scour through endless logbooks and other registers. However, the kind of sales CRM that you choose for your company matter much more than you think. CRM works in a lot of different ways. Some are more analytical and sales oriented as compared to others, and will help you in determining which one of your sales will be completed in a fast and efficient manner. On the other hand, some operate as just a visual representation of the customers that you have and their purchase history. Thus, to boost your sales in the best manner, use a CRM software which will not only help you to understand the sales process, but will also boost up your sales cycle by a huge degree.

Sales Process

A sales process constitutes of a bunch of repeated steps that your sales team will take in order to ensure that their prospects turn to customers. A sales process is the most important facet of a company, and greatly impacts the ability of your sales people. Moreover, your sales process may vary greatly, depending on what you are selling. For example, if you are selling paper or printers, then merely three or four steps in your sales process may suffice. However, if you engage in the selling of large liabilities such as houses or cars, then your sales process may constitute of seven or eight steps. Furthermore, implementing the correct technology with your sales process will help you more than you realise. Remote CRM, automated voice detections, automated feedback forms and social media interactions are some of the things you can incorporate into your sales process, and ensure a healthier and a faster moving pathway for all your sales persons.

Conclusion

IT solutions can help much more than companies realise, when closing a sales cycle. Ensuring that you have the optimum technology required will help you advance your company a lot in the long run.

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