Many B2B organizations with sales teams of 20 or more personnel fail to close transactions, leaving them unhappy and unsure of how to enhance their sales processes.
Enter multi-threaded sales. This strategy has been gaining popularity in the B2B industry, and for good cause. Multi-threaded sales increase your chances of closing a business by integrating various people inside a firm in the B2B sales process.
This quick read will run you through the concept of multithreading and leveraging it to close more deals.
What is Multithreading In Sales?
Multithreading in sales (also known as multi-threaded sales) is a sales tactic that entails following many leads or possibilities inside a purchasing organization at once. This approach seeks to enhance the odds of closing a transaction by following more than one “thread” or lead. This strategy is particularly successful in businesses with extended sales cycles or where decision-makers are difficult to contact.
Multithreaded selling is a buyer-centric strategy that aims to engage clients when, where, and how they choose. According to Gartner, multithreaded engagements can boost revenue growth by enabling sales teams to “intelligently coordinate and support multiple individuals within a given buying group.” This method uses technology and the move toward digital commerce to connect customers and vendors. Sales teams leverage customer data and automation to manage the sales process with numerous stakeholders in a scalable and efficient manner.
Multi-Threading vs. Single-Threading
The decision to utilize a single-threaded or multithreaded sales method will be determined by the items you offer and the complexity of the transactions.
Multi-Threaded Selling
Multi-threaded sales involve more than one salesman working on a deal with many stakeholders in the purchasing organization at the same time. Multi-threading may be particularly successful since it provides distinct viewpoints on the transaction from many decision-makers. Using this information can help you win sales and conclude transactions faster. Multi-threading may be the most effective method for marketing a complex product or numerous transactions.
For example, in a multi-threaded sales process, a VP-level person in the selling organization would work on a transaction with a VP-level person in the purchasing organization, and a C-level person in the selling organization would work on the same deal with a C-level person in the buying organization.
Sales multithreading can help you improve sales and establish relationships with clients. Some more advantages of sales multithreading include:
- Increased account coverage
- More interactions with consumers
- Increased chances of making a sale
- Employee turnover becomes less of a concern
Single-Threaded Selling
Single-threading refers to having one salesman at a time working on a contract with one stakeholder in the purchasing organization. Single-threading may be the best solution if you provide an essential product that does not require input from various stakeholders.
There are certain downsides to selling in a single thread. First, salespeople who rely primarily on a single communication line with their consumers risk losing the sale if that connection is cut. If the customer stops responding to calls or emails, the sales professional may be unable to resolve the matter. Furthermore, if the sales representative cannot create trust, the consumer may be less inclined to conduct business with them.
Single-threaded sales can be highly time-consuming for both sides. The sales professional may spend significant time attempting to contact the customer, perhaps resulting in missed sales opportunities.
How to Implement a Multi-Threading Sales Strategy
Multi-threaded sales is an excellent method to help your company boost sales and productivity. Here’s how to use it in your own company:
1. Develop your multi-threaded sales plan
Decide how many salespeople will work on each account and their unique roles and duties.
2. Teach your sales staff about multi-threaded selling
Ensure everyone knows the approach and how it will be implemented in practice. Allow them to practice utilizing the strategy through role-playing exercises.
3. Assign leads to many salespeople
When a fresh lead arrives, allocate it to different salespeople so that they may begin working on it concurrently.
4. Track progress and results
Monitor the multi-threaded selling method’s effectiveness and make any necessary revisions to guarantee its success.
Wrapping Up – Uncovering the Decision-Makers Is the Key
With success dependent on engaging many buyers, firms that can identify purchasing groups and coordinate interaction have a substantial competitive edge.
Effective multi-threading depends on understanding:
- Who is on the buying team
- What are they interested in
- Who is and is not engaged
- Where are the gaps in the purchasing committee and ways to close them
In the past years, this information was not easily available to sales teams. It takes hours of study and persuading internal champions to provide information to gain insight into the larger buying team and their reasons.
However, AI-driven sales intelligence solutions have transformed this by providing salespeople with a quick and easy way to identify and analyze purchasing committees.
