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Each deal has a different level of complexity. In smaller businesses, it can take a few days or even a few hours. But if you are closing deals with enterprise businesses, the deal can take months to close.
In fact, the average enterprise deal takes anywhere from 6-9 months. Yet, the longer that process takes, the more likely it is that prospective customers will be come tired and abandon the deal altogether, costing you money spent procuring it and the expected addition to ARR.
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The answer is to shorten your sales cycle. Admittedly, this is easier said than done, but it still holds the fundamental truth.
By defining your sales process, standardizing agreements where you can, and presenting your contracts in a manner that’s built for easy acceptance, you can streamline your sales funnel to ensure less fatigue and, most importantly, fewer lost deals.
Here are ways to prevent deal fatigue in enterprise deals:
Each business labels its sales process differently. Some of them may have different ideas on when the sales process starts, whether through lead generation or when that lead becomes a real opportunity.
But most businesses follow a pretty similar path:
Whether that specific path speaks to how your sales team operates, it’s important to ensure that your sales process is clearly defined and segmented in order to improve your sales velocity.
Undefined sales processes cause a host of problems. Your individual salesperson must decide where the deal stands and estimate when the deal will progress without any clear guardrails. Additionally, it’s impossible to automate your sales process when it is done ad hoc.
You can solve the problem by making sure your sales process is mapped out rigorously and includes the persona, segment, and messaging necessary.
When the processes and information are set, your sales leaders will be able to know exactly where your deals stand at any point in time. That will make it easier to forecast. By doing so, you also open the door for efficiency-driving automation tools which will shorten the sales process and the time to close.
Wherever you can, look for opportunities to smooth out your contracting process. That means having legal create contract templates that can be tweaked depending on the needs of your prospect rather than making new ones each time. You can gain massive time savings by standardizing your contracts.
The more you standardize your contracts, the less time legal will need to spend on contract creation of market terms like terms and conditions or NDAs. This also means less time it takes to review and accept. That means less fatigue for both your prospect and you.
By empowering your legal team to create pre-approved templates, your sales team won’t need to wait around for legal to recreate and review contracts that are supposed to have standard terms. That sales team can instead focus on continuing to drive new business.
The way you present agreements to buyers and customers significantly impacts the way they interact with it and how long it takes to sign it.
Old-fashioned, pen-and-paper contracts are mostly removed from a modern sales practice. However, some organizations still stick to inefficient ways of presenting their contracts, like Word documents or PDFs.
There is frequently a tacit understanding that presenting your contracts in this way encourages redlining and negotiating. That presents a huge problem for your sales process: wasted time.
Kingsley Martin, president and CEO of KMStandards, found that 70% of the contracting process takes place in the negotiation, review, and acceptance stages.
In order to fully address this potentially lengthy process, you need to move to a truly digital way of presenting your contracts. That answer is found through clickwrap, which can be embedded in digital solutions you are already using.
PactSafe helps you leverage sales-ready, legal-approved Agreements. Learn how.
The longer something takes to finalize, the more opportunities for frustrations will appear. You don’t want to face the prospect of burning months of work and years of potential earnings because your processes aren’t as efficient as they can be.
You should look for ways to proactively address that fear. Work to document your sales process, standardize the agreements your prospect must sign, and present those agreements in a crisp manner built for acceptance without redlining. By doing so, you can beat deal fatigue and unlock higher revenue for your organization.
Download our eBook, A Salesperson's Guide to Beating Growth Goals: Contracts that Close Faster