Winning Against Today’s Slower, Tougher B2B Sales Cycles

If closing new business feels like it has become more challenging, it has. Research supports what many sales and marketing teams are experiencing firsthand:

43% are seeing sales cycles increase compared to only 16% that experienced a decrease. The same study also points to an increase in sales cycles ending in no decision.

Rain Group

These trends can put a strain on sales and marketing team morale and performance, especially when their goals feel impossibly high and when B2B marketing teams are experiencing their own budget squeeze.

When the going gets tough, high performance teams don’t quit, they adapt. There are a number of strategies that B2B companies can use to read buying signals more effectively, drive action more overtly and make lasting connections so that when the sale does happen, they’re the one selected.

Win Early, Win Late

Even if a sales cycle is longer, it has to start somewhere. Often those early interactions are key to setting things on the right path from the beginning. Rather than only think about a signed contract as a win, teams can be more effective and more motivated if they create small, important wins along the journey.

Consider the wins that can happen in the introductory call. If a seller is connected to a single stakeholder, a win could be getting additional stakeholder names from the call or setting up a second conversation with the stakeholder’s manager. Not only do these smaller wins give sales people motivation, but they’re also materially moving the process forward and increasing their leverage. With new names, sellers can start learning more about the entire buying group and triangulate the information each stakeholder might need to be convinced of. With a second meeting on the calendar, a seller can start working with their stakeholder to address the manager’s reservations or questions as effectively as possible.

As a salesperson builds rapport with their stakeholders or buying group, they should constantly evaluate the shifting landscape. Perhaps someone got promoted to a different division, or things have stalled with the procurement team. Understanding the changes or sticking points requires communication and a willingness to problem-solve to turn those roadblocks into small wins that get the deal closer to being done.

Add Value Early and Often

Imagine a great first call with a stakeholder that ends with her saying that she is just waiting for budget approval. The worst thing a salesperson could do is check in every few weeks to ask, Did you get budget approval yet? There’s no value exchange, and the stakeholders could start to feel like their business isn’t going to be appreciated if they become a customer.

Instead, a seller can use that waiting time to show how valuable they can be as a partner and how valuable their solution is. Perhaps a few additional stakeholders haven’t bought in yet, and the seller can support their contact with some referrals or relevant research. Or maybe the stakeholder would need to make some internal changes when the time comes to buy, and the seller can help get that planning off to an early start.

With long sales cycles, marketing content can also be a major value add. Perhaps a buyer is evaluating two or three competing companies and isn’t in a hurry to buy. A company that shares relevant case studies, timely data, and personalized educational content will be much more valuable than one that’s sitting on the sidelines.

Data can and should be used to fine-tune the sales and marketing approach during a long, tough sales cycle. One example is intent data. Now that a lot of the buying process happens online, evaluating online activity can help with timing and targeted messaging. If a prospect downloads a pricing calculator, that could signal very different intent than a prospect that is poking around the about us section of the website. Having a marketing content strategy to support the sales cycle can provide the prospect with a number of touchpoints based on what they actually need to move the sale along.

Use the Right Incentives

While most B2B companies aren’t about to advertise a 30% summer sale, they have discounting options built into their negotiating plans. Knowing when to offer incentives can be an art in itself. A seller who’s tuned into their prospect’s needs will be able to leverage incentives most effectively.

Consider a seller who’s created a good relationship with a prospect who isn’t the key stakeholder. Taking that prospect out to lunch occasionally (don’t worry, it’s allowed again!) can help the seller gain valuable information. The prospect might share that they’re in the running with one other company but that the other company’s prices are a bit lower. Maybe that’s the right time to offer a discount – or maybe it’s just time to ask more questions. Is that the only sticking point? How about the perceived value of the two solutions? Sellers need to be careful about offering incentives too quickly because they can’t be taken back once they’re on the table.

Money talks, but so do people! While a discount is great, most sales ultimately go to the team that seems like the best cultural fit. Sellers who build a good rapport and are willing to collaborate and support a prospect often deliver the best incentive – a promise of a great future relationship. Reminding sellers of the importance of relationships is key, especially when things feel stalled, and they might be desperate to close.

Staying the course with small wins, adding value along the way, and building trust will make the slow sales cycle worth the wait because a hard-won client is often a loyal one.