Clearing the way for accelerated sales velocity should be the mission of every sales leader. Calculating sales velocity is simple, and provides a more accurate way to forecast incoming revenue. It can also help you pinpoint opportunities to improve your processes and drive more revenue, faster.
Unfortunately, there are a number of sales velocity killers that can bring your processes to a screeching halt or wreck potential deals altogether. Here are five of the most notorious sales velocity killers out there today, and how you can avoid each.
Killer #1: Incomplete or bad data
The Problem: Bad or incomplete data is usually a CRM problem. Your CRM, which is supposed to be the single source of truth, is disorganized, out of date, incomplete, or inaccurate.
This slows down deal velocity in every way you can imagine. You spend too much time tracking down information. You don’t interface with your clients frequently enough. Missing or inaccurate data makes you overlook a risk and lose out on a deal.
How to Beat It: Standardizing and automating data entry will give your sales team a complete picture of what’s going on, so they always have what they need to make their best case.
PeopleGlass can help. The platform is designed to automate CRM data entry, saving your entire sales team hours every day and ensuring you always have an up-to-date view of all the data you need.
Killer #2: Bad leads or lack of a steady pipeline
The Problem: Bad leads mount when you wind up attracting the wrong audience. This usually occurs when your marketing team has a different understanding of your ideal customer profile (ICP) than your sales team.
How to Beat It: First, your sales and marketing teams need to align on ICP so you can start prioritizing the right key accounts.
Second, try to improve your win rate by paying special attention to existing qualified leads, and expand with what you learn. Focus on expanding lead acquisition after you’ve locked down the process.
Killer #3: Engaging the wrong persona or the wrong team member
The Problem: This usually happens when you don’t have enough information about the organization you’re reaching out to.
At best, this sets your relationship with the organization you’re approaching off on the wrong foot. At worst, the contact doesn’t follow up or even runs interference when you reach out again.
How to Beat It: The key here is research – both on the organization you’re contacting and your own historical success.
People.ai can help with both. Our auto-populated org charts automatically update contact information. The platform’s activity benchmarking tools allow you to see whom you’ve had the most success contacting in the past.
Killer #4: Lack of multi-threading
The Problem: When you only have one or two contacts, you’re completely at the mercy of those contacts. If they leave their job, stop responding, or even go on vacation, you could be left in the lurch.
How to Beat It: Organized, automated account plans will help you keep up with multiple contacts at an account, ensuring your progress is preserved, even if you lose one.
Killer #5: The seller and buyer can’t align on a mutual value plan
The Problem: When the seller and buyer can’t align on a value plan, the seller is either misunderstanding what the buyer needs or failing to demonstrate how their product can satisfy those needs.
How to Beat It: This comes down to being buyer-centric. You have to sell according to what your buyer is looking for, not necessarily what you think they should want.
People.ai can help you identify your buyer’s needs in a few ways. Use our sales tools to analyze the behavior of top performers, set productivity benchmarks, and optimize processes throughout the pipeline. You can also leverage our free mutual action plan template to ensure you and your buyers are aligned on value propositions, timelines, and more.
Avoid These Sales Velocity Killers with People.ai
For help defeating these top five sales killers and anything else that gets in the way of your sales velocity, try out People.ai with an obligation-free demo today.