Keep Win Rates Above 35% With This Seldom-used Sales Strategy
With multi-channel sales strategies becoming more and more popular, one could easily believe that using the traditional telephone to close deals won’t be effective in 2023.
But this couldn’t be further from the truth.
Sales calls, when done right, are still one of the most fruitful channels for winning new deals and keeping customer satisfaction high.
Each year, we reach out to countless people over the phone and see consistently high results. But the truth is we don’t just call people.
We have our own secret weapon – a method that many B2B companies still underutilize – that keeps our win rates consistently above 35%.
Keep reading to find out how we’re using a multi-threading sales strategy and how you can adapt it to your operations.
Closing Deals with 20 Decision-Makers? The Number Keeps Growing
According to Gartner, the average number of stakeholders needed for closing B2B deals in 2015 was 6. By 2023, this number spiked up to eleven. And it’s not rare to see B2B purchases with over 20 decision-makers involved.
If not done correctly, having to go through so many people can be a real logistical nightmare – and a huge waste of time. You are risking miscommunication, misalignment, and inefficiency.
Instead of playing the Telephone game (pun intended) and single-threading your way through your prospect company, why not try multi-threading? This rarely adapted concept involves engaging with multiple decision-makers within a prospective organization.
Here is how we apply this method to keep our win rates high and our sales cycles short.
Increase Win Rate by 42% and Stay Focused with Multi-threading
According to Aviso, this approach increases the odds of winning a deal by 42%, compared to single-threading (engaging with only one contact).
Why Multi-threading Trumps Traditional 1:1 Selling
1. Multiple decision-makers: Engaging multiple stakeholders lets you effectively handle their individual personalities and prepare for unforeseen challenges.
2. Risk mitigation: Relying on one point of contact is risky. If they are out of office or go silent, your deal stalls. Multi-threading keeps the process moving.
3. Faster sales process: Aviso also observed that deals above $50K USD take 78 days fewer to close with multi-threading compared to single-threading. Even smaller deals can reduce your sales cycle time by 53 days. Time is money.
Getting Started with Multi-threading
So, how do you transition from a single-threaded approach to multi-threading?
Begin by mapping out your prospect’s organization. Identify the departments or roles that might be affected by your solution.
During conversations with your current contact, pose the question, “Who else is impacted by this challenge you’re facing?”
Depending on their response, suggest a joint conversation, saying, “Based on what you shared with me, is it fair that we involve this person or these people in the next step?” It’s hard to say no to this — involving others is seen as a natural next-step in many negotiations.
It’s essential to approach this with genuine curiosity. You’re not just looking to increase your contact points for the sake of having a large number in your CRM. You are doing it to truly understand your prospects’ broader organizational needs.
Tackling Common Multi-threading Challenges: 77% of Decision Makers Prefer Video Calls Over Audio
Every effective strategy has its challenges, but with some expert advice, you can navigate common hurdles.
Technology Issues: The More, The Trickier
Problem: With more participants, you might experience lagging or voices overlapping.
Solution: Invest in reliable conferencing tools and test them before the call. E mail all participants about the meeting details and technological requirements in advance, and record the meeting so you can share with participants in case they drop out.
Nobody’s Paying Attention: Maintaining Engagement
Problem: With multiple participants, some might drift into passive listening or multitasking, becoming completely disengaged and failing to pay attention.
Solution: Encourage turning cameras on. McKinsey’s study shows that 77% of B2B decision-makers favour video over audio.
First Impressions Matter: Setting the Right Tone from the Start
Problem: Beginning a group call can be awkward or feel forced, leading to a disengaged audience.
- Prepare for each call thoroughly, anticipating questions and objections.
- Start with a proper introduction. It not only humanizes you but sets the tone for the entire conversation.
- Do your research about the culture your stakeholders are from. While some countries find small talk a waste of time (Germany, we’re looking at you), other nations can’t imagine doing business without a few minutes of ice-breaking chat first. Guidelines can save you from awkward situations, but your best bet is to read the room at every moment.
- Don’t disguise the intent of the call in front of any of the participants. Be upfront about it being a sales call. Be sure to clarify the purpose of the meeting as quickly and clearly as possible.
The Qualification: Striking the Right Balance
Problem: Struggling to get valuable information from the prospect or overwhelming them with salesy talk.
Solution: Be genuinely curious. Approach the conversation as a chance to learn about them, not just to push your product. At all times, you should make sure that what you’re sharing with your meeting participants still offers real value to them.
Deciding the Next Steps: Clear Action Items Post-Call
Problem: After a successful group call, there’s confusion or ambiguity about the next steps.
Solution: Before concluding, summarize the key points discussed and outline clear next steps. Assign responsibilities if necessary.
Taking It a Step Further: Collaborative Selling
Will Barron, a host of The Salesman.org podcast, suggests that you shouldn’t think about multi-threading just from the prospect company’s perspective. Keep multiple threads inside your own sales team as well. Let two or more salespeople with complementary skills jointly handle an account.
For example, you can pair a tech-savvy Gen Z representative with a seasoned veteran. Together, they can provide a diverse sales approach that clicks with stakeholders of all ages.
Besides, having multiple sales reps on board also ensures that if one of them isn’t available for any reason, the sales cycle doesn’t get prolonged and the prospect doesn’t get impatient.
This sales method is still a hidden gem, lacking data but may give you a competitive edge in high-stakes deals.
Wrapping up: Sales Calls Reimagined for Modern B2B Dynamics
As the landscape of B2B sales evolves, clinging to traditional methods can be a recipe for stagnation. Today, decision-making is a collaborative effort, involving multiple stakeholders with varied viewpoints and requirements. To address this, multi-threading presents a proven strategy, casting a wider net and deepening engagements and understanding.
Furthermore, the innovative approach of collaborative selling magnifies the potential of multi-threading. By incorporating diverse sales perspectives, we can cater to an even broader spectrum of client needs.
So, embrace multi-threading, delve into collaborative selling, and watch as your win rates soar.