Gone are the days when you could seal the deal with only one stakeholder in the sales process. In the world of B2B virtual selling and economic uncertainty, purchasing decisions have become more complex. As Gartner reports, the number of touchpoints between suppliers and buyers has significantly increased, with as many as 10 individuals involved in the majority of B2B purchasing decisions. And yet, 78% of sales representatives continue to rely solely on one buyer to close a deal.
How many times have you reached out to a potential client, only to receive radio silence? It's a frustrating feeling, right? But what if we told you that by creating multiple touchpoints with your clients, you could dramatically increase your chances of closing the deal?
That's the power of multi-threaded conversations in sales!
In this blog, we'll show how building multi-threaded relationships in sales can drive better deal outcomes.
What is Multi-Threading in Sales?
Imagine you are a B2B sales rep for a SaaS company that provides HR management software. You have just received a lead from a large corporation that wants to automate their HR processes. To increase your chances of closing the deal, you engage with different stakeholders from HR, IT, procurement, and finance departments. You discuss the unique needs of each department and demonstrate how your software can help them achieve their goals. By involving multiple stakeholders including the decision-makers early on, you increase the chances of closing the deal and creating a long-term partnership with the corporation.
This is multi-threaded selling. It helps maximize productivity and increase the chances of success by spreading a sales rep’s efforts across multiple targets.
Multi-Threaded Conversations Drive Better Deal Results, Says the Data
A recent analysis by Aviso found that multi-threaded conversations with buyers can lead to much better results in winning more deals quickly compared to single-threaded deals.
- Increased win rate: When you have multiple conversations going on with different contacts in a buyer organization, you increase your chances of winning a deal by a whopping 42%. That's because you're able to address the concerns and questions specific to their role and needs, and move forward with the negotiation process faster.
- Faster sales process: Not only does having multiple threads increase your chances of closing a deal, but it also speeds up the sales process. It is observed that larger deals (>50K dollars) that use multi-threading take 78 days less to close than single-threaded deals! This means you can get your money faster and move on to the next big opportunity. Even for smaller deals (<10K dollars), the cycle time is reduced by 53 days.
Diving Deeper Into the Analysis
Multi-threaded conversations can enhance sales engagement by cultivating and optimizing interactions with buyers and improving buyer-seller relationships. Some of the key benefits of effective multi-threading, which lead to the above mentioned outcomes, are:
- Less disruption if your key contact moves in the middle of the deal: The biggest problem with a single-threaded deal is that it lasts only as long as your champion remains at the company. In contrast, multi-threaded conversations provide a safety net for the salesperson, as it helps to ensure that the deal is not solely dependent on one individual. If the champion leaves at any stage, the salesperson still has other stakeholders they can rely on to keep the deal moving.
- Less resistance from key decision-maker(s): If all the the decision-makers and/or key contacts from their teams are engaged in the sales cycle early on, the awareness and interest of more than one stakeholders will reduce the time and effort spent in getting everyone’s consensus and speed up the process.
So, whether you're working on a big or small deal, using multi-threaded conversations to engage buyers can be a game-changer. It's a simple but effective way to drive better results and get closer to achieving your sales goals.
B2B companies that seamlessly blend their commercial strategies and adopt multithreaded engagement approaches can experience revenue growth 50% higher than their competitors by 2026.
Adopting a multi-threaded approach to nurturing prospects at companies you sell to can significantly impact your sales success. It not only improves buyer-seller relationships and provides a safety net for your deals but also results in higher win rates and shorter deal cycles.
Aviso’s AI-driven sales acceleration platform helps sales teams streamline their multi-threading outreach. Aviso delivers a visual picture of engaged stakeholders and interaction frequency with them, and identifies and auto-populates new stakeholders. With Aviso, sellers can maintain relationships and adapt to changes with multi-threaded deal management.
To know more, book a demo with Aviso now.