Unlocking the sales master key: Strategies to close more deals
By Lesley Ronaldson, Senior Director, EMEA Revenue at Gong
The best salespeople close the most deals by building and solidifying trust with their prospects. Today’s buyers navigating turbulent economic conditions and tightening budgets want a hyper-personalised and relevant approach.
The rise of personalised ads on social media, and our favourite movies and shows reflected on our Netflix dashboard means we are all too familiar with heightened expectations for accurate and strategic messaging.
Revenue-led teams are now realising the power of personalistion. The teams that stick out in the crowd are powering their sales approaches and meetings with data-driven and strategic insights, to ensure no stone is unturned in vital sales conversations with key decision makers.
The changing dynamic of B2B sales and buying behavior
The conventional approach of bombarding buyers with content and information no longer works as effectively as it used to. In the past, sales reps were the primary source of information for buyers. However, with the advent of technology, buyers are more informed than ever before.
The current trend shows that buyers prefer to complete most of their research and decision-making process independently, without the involvement of sales reps. According to Gartner, nearly three out of four buyers would prefer to make a purchase without ever engaging with a sales rep. This change in buying behavior highlights the importance of a seller’s role in the buyer’s journey. The seller’s role has evolved from being an information provider to a sense-maker and confidence-builder for the buyers.
The reduction in the number of interactions between buyers and sellers may seem alarming, but it is an opportunity for sellers to shift their focus from quantity to quality. Sales reps have fewer opportunities to work, and hence they can provide more personalised and comprehensive support to the buyers. Sellers can help buyers make sense of the information they have consumed during their hours of self-led research. The role of a seller is to provide answers that the buyers have not been able to find on their own, act as a trusted advisor, and help buyers select the best solution for their organisation.
Matching buyer energy
Virtual sales meetings and calls were 15% longer on average in 2022 when compared to 2020, indicating that the perceived value for buyers is worth their time to make the right decision. Sellers should focus on helping buyers make sense of what they have already consumed, rather than bombarding them with more content.
Sellers who prioritise timely follow-up (within one business day) and complete all open action items can significantly boost their win rates and cut deal duration by an average of 11%. Gong Labs data shows that buyers mirror seller response times, meaning that the faster the seller replies, the faster the buyer will respond in return.
Executive time is key
Over the past two years, executives have become more involved in the buying process. Since 2020, there has been a 55% increase in the number of deals where VP+ personas participated in one or more sales meetings. The involvement of executives increases the likelihood of a deal closing. In 2022, win rates doubled in deals with CXOs involved compared to those with no executive involvement on the buyer’s side. However, sellers must understand the role that these executives are playing in the buying group. An executive’s time is precious, and the seller must capture their attention in the first 3-5 minutes of the call by providing them with exactly what they’ll be getting out of the meeting.
Don’t be scared of tough pricing conversations
In today’s market, buyers are more price-sensitive than ever before. With budgets tightening and increased scrutiny on purchases from finance, sellers must master pricing discussions to be successful. By delivering pricing in fewer words and avoiding over-explaining, sellers can handle tough pricing conversations with confidence. Our data shows that time spent on pricing conversations and negotiations has increased by 62% over the past two years. Top reps deliver pricing in fewer words, avoiding over-explaining, which can often signal insecurity to the buyer about the value the seller may deliver. Being concise and to the point can help sellers handle pricing conversations with confidence.
The changing dynamics of B2B sales have shifted the role of sellers from information providers to sense-makers and confidence-builders for the buyers. Sellers must prioritise quality over quantity.
