Putting all your eggs in one basket is always risky, and this applies even more so to sales.
To avoid this, involving as many relevant stakeholders as possible in a deal is essential. By multi-threading a sales deal and building relationships with various stakeholders, you can eliminate risks and improve your chances of success. This approach is essential for companies selling expensive, upper-end products. If you're not already using multi-threading tactics, now is the perfect time to start. But first, make sure you understand what it is and how it can benefit your business.
In sales, multithreading is the practice of building relationships with multiple decision-makers in the buying organization. Unlike single-threaded sales, which relies on building a relationship with a single decision-maker, multithreading involves identifying and connecting with several key stakeholders in the purchasing decision. This approach helps create champions for your product across the organization, increasing your chances of closing the deal. Plus, with multithreaded sales, hearing "no" from one stakeholder doesn't necessarily mean the deal is dead. Engaging with multiple stakeholders increases the chances of finding someone willing to say "yes" to your offer.
In sales, multi-threading is crucial for closing bigger deals. It involves more than just convincing the buying committee to approve your product. It means building relationships with various stakeholders within the account. This approach has two significant benefits:
· Leads to bigger deals: The more champions you have, the larger their budget will likely be, and your solution will serve more people through volume discounts and additional value offerings.
· Provides deal security: Having multiple champions ensures that even if one or two of them leave, you are still in the game and have a chance at closing the deal.
While single threaded sales may seem easier, there are many benefits to using a sales multithreading strategy:
· Mitigation of risks associated with resignations: With a multithreading approach, you can continue to pursue a sales opportunity even if one of your contacts leaves the company.
· Increases your likelihood of deal success: The more decision-makers you build a relationship with, the better your chances are of closing the deal. And the sooner you involve various stakeholders, the sooner you can address their concerns and build trust and confidence in your product.
· Decreases cycle length: By reaching out to different stakeholders in the company, you expedite the sales process.
· Better prospect insights: Hearing from several decision-makers helps you identify potential problems in the buying process and plan accordingly, leading to more successful sales outcomes.
Sales multithreading may seem daunting, but it can be a straightforward process if you follow a few key steps:
1. Conduct thorough research: Identify whom you need to contact, their priorities, and why they may or may not buy from you. This will help you prepare to address any objections and increase your chances of success.
2. Contact relevant stakeholders: Utilize your initial contacts to gain additional introductions, reach out on LinkedIn, and research your account for potential champions. Monitor your accounts for job changes to stay up to date.
3. Get your executive team on board: They can help you navigate high-priority deals or accounts and increase your chances of winning by 258%. Timing is key, so involve them early but not too early.
4. Pitch effectively: Connect your champion's problem to a larger company-wide initiative, send pre- and post-demo emails to champions, and make it easy for your champion to introduce you to new champions by providing an intro email for them.
Sales multithreading is a powerful strategy for businesses looking to increase their chances of success in B2B sales. While it does require research and dedication, building relationships with multiple stakeholders within a buying organization, sales professionals can increase your deal success rates, expedite the sales process, and help you gain valuable insights into your prospects. By implementing a multithreading strategy, your business can position itself for long-term success in the competitive world of B2B sales.