Everything you need to know about High-Velocity Sales
High-Velocity Sales – you cannot deny that you have not heard this term on the market news anymore. It is all over the place. Numerous technology giants are talking about High-Velocity Sales to level up their company’s growth.
The name sounds bulky and it is alright if you are skeptical about it. But you will soon have to wrap around it because it will soon become necessary for you to implement these in your sales process. If you have not yet spared thought to this, now is a good time to start.
What is High-Velocity Sales (HVS)?
Although it is used mostly in SaaS sales, High-Velocity Sales as an approach can be applied to any B2B business. The technique helps bring together the broad approach used in B2C sales and implements the same in the B2B sales process.
Think about your inside rep team. They spend hours and hours on prospect lists, collect information, and then follow-up on them. In fact, they spend 35.2% of their time selling and 65% on everything else. High-Velocity Sales aims to improve the productivity of the inside sales approach by three measures:
- Bringing insights on how to prospect better
- Using appropriate tools to reduce time spent on tasks
- Automate whatever possible
High-Velocity Sales is a new concept in the B2B industry and it is not easy. Before you get into the process, you might want to know all the details and best practices to implement when using HVS. It saves you time, money and focuses on getting more leads and deals.
How to Practise High-Velocity Sales?
1. Amplify your Lead Generation Process
When you are looking to grow your company through a higher number of consumers and revenue, you need to spread the word about your business. The more and more people come to know about your brand, the higher chances you have at generating leads. The sales team attracts prospects by evoking in them an interest in your product and leading them to the place where the interaction starts – your website or landing page.
Once prospects reach your website or a landing page, they start interacting with the brand through the content they put out. Follow-up with email marketing and PPC campaigns. It is through these interactions that the sales team qualifies your prospect and tags it as a lead. The inside sales team then goes on to achieve the goal of closing the deal and using it for referrals.
Lead generation is a gradual process, 65% of businesses say generating traffic and leads is their biggest marketing challenge but using the High-Velocity Sales practice, you can conveniently reach out to the more qualified leads and convert them better.
2. Learn to Nurture your Leads
After your sales team qualifies a lead, it does not directly get to the point and sell to them. B2B sales are based a lot on the relationship you cultivate with your client and that builds only when you carefully nurture your leads – nurtured leads produce, on average, a 20% increase in sales opportunities versus non-nurtured leads.
Nurturing starts with your rep playing the role of a guide and taking the lead through the problems they are facing and how you are the best solution for them. Share your knowledge and keep them interested in the product as you take them through your sales process. Most prospects have already done a lot of their research online and are through 64% of the process before they get in contact with you. If you do not take the time to nurture them, you will immediately lose them.
As long as your team puts in the effort to foster and support the leads, they will be more likely to convert at the end of the sales process.
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3. Establish a strong Inside sales approach
As emphasized earlier, your prospect or lead has already formed a deep impression about you even before they reach out to you; 70% of the buyer’s journey is complete before a buyer even reaches out to sales. You have less time and chance to make your point; you don’t want to mess it up and lose a potential client.
Build an inside sales approach as strong as a foundation. Add value to your product and to the time your prospect spends on your brand. Incorporating a story-based approach will help them understand the benefits of your product better – the before and after sides of your product are great at influencing decisions.
The bottom line of your process is that the lead should be ready to commit and purchase from you. Even though you want a good inside sales approach, keeping it flexible to suit every prospect will be a wise decision. With High-Velocity Sales applied, you want to make the most out of your inside sales approach.
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4. Leverage Data for successful sales
Just like the name, High-Velocity Sales need to be acted upon quickly. Unlike your traditional quarterly reports, HVS requires constant monitoring, as it brings awareness about the ground situation of the approach you are following and whether it needs to be improved or not.
To measure these, you need metrics. With the abundance of sales measuring tools available, you should not have any issue in combining a few and keeping a track of all the activities that go into making a day or a week successful with regard to the sales.
Also, as the B2B sales environment keeps evolving and new techniques come into practice, you also need to check how they are impacting your business. The metrics and reports keep you updated on when your tactics are failing and the time to change strategy strikes. Metrics are not just crucial here; they are a necessity.
Sales is changing at a fast pace, and what was ‘in’ yesterday, might not be ‘in’ tomorrow. In these times, you need to make sure that your inside sales reps are still focused and are more productive than ever.
When you incorporate High-Velocity Sales into your reps’ functioning, you get to expand their horizons, allowing them to accelerate the sales process, convert more clients and earn more revenue through proper nurturing of leads and working by the metrics.
If you think all the information is getting too overwhelming, you can reach out to expert B2B sales and marketing consulting firms. They not only help you define your sales practices but also help you make the most of them.
Do you also want to shift to High-Velocity Sales? Contact us today and leave the rest to us!