How many deals fall apart because your sales team failed to develop strong relationships with more than one buyer at a prospect? Single-threaded deals are fine at the beginning of the buyer’s journey, but they pose a major risk when it comes time to negotiate and close a deal.
In organizations where multiple people need to be involved in buying decisions, not having strong relationships with all of the key players means a deal just won’t get the buy-in it needs.
You can, and must, coach your team to avoid this.
What Does it Mean to be Single-Threaded?
Single-threaded means a sales rep has developed a strong relationship with only one key influencer in the buying group. People.ai research indicates that the bigger the deal, the more people are in the buying group. For B2B deals that closed between $50K – $100K, there were an average of 11 people in the buying group; that number jumps to 14 for deals $100K+.
Identifying single-threaded deals in the pipeline is critical to saving and closing those deals. Single-threaded deals are at risk for turnover: What if your one contact in the opportunity leaves and you have no one else who can pick up the relationship? Likewise, what if your sales rep leaves and no one else has relationships in that opportunity? Multi-threading means more people in the buying group and more people in the Sales group needs to be involved in each opportunity.
The Data Doesn’t Lie (Or Does It?)
The obvious solution is to look at the data in your CRM to identify these single threads, bring it up with your team and coach them to build relationships with everyone who should be involved in the buying group. But can you trust that data? If your CRM relies on manual contact creation and activity capture, you know that most of what really goes on in sales is missing.
Let’s say one of your team members builds a relationship with a director at the prospect company and enters that contact’s info in the CRM. Over time, she tracks most of her interactions, but not all. And she has a few meetings with other people in the buying group, but doesn’t enter their contact or activity data. She builds a strong relationship with the director; based on what she has entered in the CRM, this deal would be labeled single-threaded.
Now, let’s consider that another sales rep enters the contact data of a director at a different prospect, builds a relationship and does a pretty good job of tracking that activity in the CRM. But, the director pulls in other executives to meetings and conversations, and while the sales rep actually builds good relationships with these folks, he doesn’t enter their data and just relies on the primary contact in the CRM. This deal would appear single-threaded based on CRM data, but in reality, it’s not.
The data is only as good as the contacts and activity that gets captured. Relying on humans to accurately capture all data just doesn’t work. And, without accurate data in your CRM, updated in real-time, you have no way to truly identify single-threaded deals or minimize their risk.
Protect Your Pipeline with Intelligent Automatic Contact & Activity Capture
Manual data entry won’t get you the results you need. People just don’t do it, and they’re not going to change their behavior no matter how much you make the case. Even if your team somehow became manual data entry superheroes, everyone else in the org who interacts with people in the buying group won’t, so the CRM picture would still be incomplete.
To solve for this, sales leaders are turning to tools that intelligently automate contact and activity capture to drive revenue intelligence (i.e., an accurate portrait of your pipeline).
AI-driven technology, like People.ai, intelligently take context into account (weed out the noise by focusing on contacts and activities that matter) and automatically create contacts anytime they are relevently involved in an interaction. They also log all relevant activities, so you get rock-solid data that tells you the whole truth. For example, Identity Cloud and Single-Sign-On provider, Okta uses a combination of data captured by People.ai such as the number of meetings and frequency of those meetings and correlates it with buying group data to determine the likelihood for opportunities to turn into wins for sales. In a complex selling motion environment, this is critical for their business to measure account engagement and provide insights across marketing, sales development and account executives to ensure everything is done to drive a deal to close.
Based on accurate data, you can identify single-threaded deals and coach your team to take action while there is still time to build stronger relationships with everyone who matters in the buying group. You can gain deal intelligence that starts to reveal which roles need to be involved in a deal for it to likely close. Revenue intelligence platforms like People.ai give you this deep analyses.
Ultimately, using AI-driven automated contact and activity capture will deliver the revenue intelligence you need to ensure every deal is as strong as it needs to be to close.
See how People.ai can give you the revenue intelligence you need, and schedule a demo today.