Do you ever feel as if closing business deals is a shot in the dark?
Is it all based on luck, or is there a memo you missed?
Well, the short answer to that is no… closing a deal is no shot in the dark, and neither is it luck. Instead, it’s all about using the right sales strategies to develop and nurture business relationships, close deals as well as boost brand reputation. One such approach is sales multi-threading.
Described herein is all you need to know about this strategy and how you can use it in various situations to enhance meaningful and sustainable business growth.
What is Sales Multi-threading?
Sales multi-threading refers to the concept of developing relationships with multiple decision-makers on the purchasing side. In other words, multi-threaded sales are business deals that have more than one stakeholder engaged in a sales process.
A single-threaded sales approach is the opposite of sales multi-threading. It involves a one on one relationship between the buyer and the seller without any other third parties.
Now that you know the difference, which one is better between multi-threaded vs. single-threaded sales?
Well, while that largely depends on the structure of the client’s organization, below are two main reasons why sales multi-threading is an ideal approach
- Buying Decisions are no Longer a One-Man Job
A few years ago, closing a deal was a pretty straightforward process. One only had to meet the client, discuss what they bring to the table, and then give them time to think it over and later get an answer. This explains why a single-threaded approach worked perfectly back then.
In today’s centralized business scope; however, the script reads quite differently. According to CEB Global, the average B2B deal has 5.8 decision-makers. The more complex a contract is, the higher the number of decision-makers.
This goes on to show that in today’s B2B realm, decisions are no longer a one-person job. They are instead made by multiple stockholders and in most scenarios, from different levels of the organization.
Therefore, even if your contact has significant authority in the organization, they cannot give you the green flag if the rest of the decision-makers are against the deal.
To put it simply, the more connections you have from the buying side, the better your chances of getting a deal closed. This is why a multi-threading sales approach is the way to go. Yet despite knowing this, approximately 78% of sales reps and teams still rely on the single-threaded sales approach.
- A Multi-threading Technique Eliminates Loose Ends
Having one connection from the buyer’s end is an extremely dangerous affair.
Statistics show that one in every five decision-makers resigns every year.
However, turning over isn’t your only threat. People get promoted, others are moved to different departments, while others are transferred to an entirely different branch. Such changes do not take your sales cycle into account. Thus even if the deal was one step away from approval, it’ll go down the drain in a flash if your only contact is promoted, transferred, or resigns.
Alternatively, having only one member of your team create connections from the buyer’s side is also quite risky. According to statistics, one in every four sales reps you hire resigns before one year is over. Therefore, leaving the job to one person means you’ll be doomed if they choose to walk away before the deal is closed.
While multithreading improves your chances of closing a deal, you cannot approach everyone you come across in an organization to create a relationship. You ought to use the technique carefully as one wrong move could end up blowing your deal.
That said, here is a list of tips to help you make the most of sales multi-threading:
1. Do Due Diligence and Go Beyond Titles
The first step to winning more deals with the sales multi-threading technique is knowing the critical decision-makers. While at it, keep in mind roles are more critical in getting that deal closed than titles. For instance, while the CEO often has the signs or approves most transactions, those under him/her are the ones who are often responsible for doing all the work.
This means in case of a project that may require your services or products; they’ll be in charge of vetting you and your competitors to find the ideal one. Therefore, even if you approach the CEO, you’ll be redirected to the project manager. Thus, don’t head straight to the CEO’s office before you know who’s who and how their role alters your chances of closing the deal.
In other words, have a clear map of who the decision-makers, influencers, and stakeholders are before you take any additional step. You can only achieve this if you conduct thorough research beforehand.
2. Create Relationships at Different Levels
As mentioned earlier, B2B businesses have about 6.8 decision-makers who represent different departments and levels of an organization. Therefore while having the decision-maker on your side is of the essence, they shouldn’t be your only contact.
Thus once you figure out who the decision-makers are, your next stop should be at creating a relationship with them. Have your sales team make calls, reach out through emails and social media, and even set up appointments with stakeholders you’ve identified as essential to the success of the deal.
If you only have one point of contact, fret not, as you can still use them to get access to the rest. For instance, ask them more about the project and those involved. With that information, get in touch with the rest.
However, be careful not to ask for permission from your original connect. Doing so creates an opening for a “no,” and once you do, trying to reach out might seem rude. So carefully ask who the rest of the influencers and decision-makers are, and have your sales rep reach out to them.
3. Don’t Ditch your Original Contact
Once you get other contacts, don’t let go of your first connect. This will not only seem rude but will also reduce your chances of closing the deal.
Hence, ensure you keep lines of communication open so they can feel appreciated.
This is especially vital during sales outreach. You can do this by keeping them updated on the progress or tips on how they can use your product or service to improve their operations once the deal is closed.
4. Use the Right Tools
The more contacts you have, the better your winning chances. Therefore, it’s wise to invest in tools that make it easy for you to identify potential connects.
They should also help you keep up with emails or any other forms of communication you may have with the contacts. One example of such a tool is Salesforce CRM.
Sales outreach involves reaching out and engaging with past customers who’ve gone but who with the right strategies, having the potential to turn into active clients. That said, here are a few multi-threading tips you could use for sales outreach
- Create Value
Since multi-threading is all about creating relationships with multiple stakeholders, you can use it to your advantage when engaging prospects who’ve gone cold by creating value.
For instance, if the company you’ve been trying to get on your client list puts up a notice announcing it needs a particular service that you don’t offer. You could use this opportunity to engage its management once again, by connecting it to an entity in your network renowned for such a service.
In the process, use this as an opportunity to remind the prospect of your products and services once again.
- Make Good Use of Your Team
Simply because one decision-maker didn’t warm up to your deal doesn’t mean the others won’t. Thus make good use of your team by having them approach different stakeholders. If you manage to convince three of the 5.8 decision-makers, then they’ll probably help you win over the rest. Make good use of multi-threading in sales outreach by approaching different stakeholders to increase your chances of approval.
Also, keep in mind, some prospects become cold because they were never approached in the right manner. So take the time to learn more about them, for instance, learn about their hobbies and use that information to come up with a better approach.
- Don’t Give Up
It’s easy to want to give up once your deal is turned down, but that’s now how business works. Continue sharing useful content with the prospects and encourage your team to interact with anyone in their network who might have connections with the company you’re targeting.
This reminds them of your business, which means next time the same opportunity pops up, they’ll prioritize you.
- Keep Up with Changes
Stay on top of any changes that might take place in the organization. For instance, if 2.8 of the decision-makers accepted your proposal, and 2 of them rejected it, stay on track of any changes that might take place.
Chances are one of them will leave in 12 months, presenting an opportunity to convince the incoming stakeholder of your business and push your deal to closure.
1. Establish Contact and Focus on Value Creation
As noted, to win deals with multi-threading, you ought to approach the right people. Therefore, once you do your research and know who the decision-makers are, the next step should be reaching out. In this age of digital influence shouldn’t be that hard. Set up and appointment and, if not possible, contact them through a platform such as LinkedIn or emails. If LinkedIn or social media is the only option, be as professional as possible. Avoid too many pleasantries and go straight to the point by telling them who you are, why you’re contacting them, and that you’d like to meet them.
2. Bring Up the Pain Point and Create a Sense of Urgency
Once you manage to get a hold of them, bring up their pain point. For instance, if you know they need something, let this be the primary topic of your discussion. Next, create a sense of urgency by making them see why they should address the pain point.
For example, if their pain point is poor packaging, remind them of the clients they lose in a day due to the problem. Present facts and statistics.
3. Create Value
Now that they know you’re well informed of their problem, the next step should be to present your solution. Educate them on how your services or products will correct the situation and how they’ve helped entities with similar problems in the past. Use client testimonials and reviews to back up your claims.
4. Brace Yourself for Objections
Sure it sounds easy, but keep in mind, your competitors will have tried to reach out too. Show them why you are a better option and brace yourself for objections. Handle all the “buts” thrown your way tactfully.
This is essential, so it doesn’t appear like you’re belittling your contact’s opinions or disregarding their concerns and then attempt to close the deal.
5. Have Your Team at Work
Don’t forget that a sales multi-threading technique only works when you approach different stakeholders. Therefore while doing all the above, have the rest of your team do the same with other stakeholders so that even if two of them reject the idea, you’ll have the others on your team.
Finally, Sales multi-threading is a much wiser approach as it eliminates loose ends associated with a single-threaded approach. It also strengthens your entity’s relationship with the critical decision-makers in an organization, thereby boosting your winning chances.
And finally, a big part of “multi-threading” is knowing which stakeholders to reach out to and when…
Ebsta Team ensures that 100% of your business relationship data is up to date in Salesforce whilst showing you who has engaged with who during a sales process – a must-have for any sales rep attempting to “multi-thread”.
You can request to speak with one of our team to learn more here.