Even after you have convinced your prospect about your product's worth, they may not buy it themselves; instead, they will pass the decision-making process on to someone else.
This causes your sales cycle length to be longer than it needs to be.
There is a good reason why this happens. The decision-making process often involves many people, and each has to be convinced about your product.
This is where sales multithreading comes in.
This article will explain what sales multithreading is, why it's essential for your business and how to implement it.
Let's start with the basics.
What is Sales Multithreading?
Sales multithreading refers to the practice of engaging multiple decision-makers in a business deal. In other words, it’s when you have more than one stakeholder engaged in your sales process.
It is the opposite of single threading when only one stakeholder is engaged in your sales process.
Major Differences Between Multithreading and Single Threading
Now you know what multithreading and single threading are, let’s look at the significant differences between these two sales tactics.
The major difference between multithreading and single threading is that you can work on numerous deals simultaneously. You can also save time by not switching between different tasks or projects each time you progress in one area.
Importance of Sales Multithreading
Single-threaded sales may be appealing because of their simplicity: You only have to contact one person at a company before attempting to sell them something.
Sales multithreading, however, has many advantages as well—most notably that it offers sellers the ability to work with multiple clients simultaneously.
Here are some reasons you should consider using a sales multithreading approach:
1. Helps you reach more stakeholders.
In today's highly competitive B2B business environment, it is essential to have a sales strategy that allows you to get as many decision-makers as possible. Gartner says the typical buying group for a complex B2B sales involves six to 10 decision-makers ‚ which means that you will have to reach out to at least six people to close a deal.
With a sales multithreading approach, you can work with multiple buyers simultaneously and reduce the time it takes for each stakeholder to make up their mind.
2. Improves efficiency.
If you adopt a sales multithreading approach, you will be able to spend more time selling and less time chasing down prospects.
This means that you can focus on closing deals instead of spending hours trying to reach out to multiple people at the same company—something that can quickly drain your energy and resources.
3. Faster sales cycles.
A prospect who seems very enthusiastic about your product may suddenly get cold feet and say he or she has to run it by someone else before making a purchase.
It can be challenging to get any project done in an organization where permission from multiple levels of management has to be granted. And this is why 75% of B2B companies take at least four months to win a new customer.
As sales multithreading allows you to identify and interact with critical stakeholders even at the beginning, it significantly shortens the sales cycle.
4. Close more deals.
A salesperson who can contact more customers is going to close more deals. This is because they will better understand their needs and requirements, giving them a better chance of presenting a solution that will meet them.
The result will be higher customer satisfaction and loyalty, which translates into more business for your company.
5. Deeper prospect insights.
By using multithreading to reveal valuable insights about prospects, you can connect more easily with your customers.
- How do you know which deals will go through and which won't?
- What roles and job titles respond best to your sales pitches?
If you talk to multiple stakeholders in a company, you can gain valuable insight into how the buying process works—and identify potential problems. By doing this, you can better tailor your sales pitches to prospects' needs.
Steps To Implement Sales Multithreading Strategy
Though sales multithreading needs to be approached with care, it can be a powerful tool in your sales arsenal.
Here are the steps you need to take to build your sales multithreading strategy:
1. Understand the priorities of your prospect's organization.
If you don't know what's important to the person or organization with whom you're attempting to make contact, your efforts will likely be unsuccessful.
It is essential to know what issues are most pressing for your prospects and whether or not the solution you offer will meet those needs. Once you understand their needs better, you can better position your offering as a solution.
2. Commit to research.
The more you know about your prospect's organization, the better positioned you will be to build a relationship with them. Make sure you understand their internal processes and priorities so that you can speak their language when they begin talking about what they need to accomplish.
When contacting prospects, it always pays to learn about their goals before reaching out.
However, with sales multithreading, you'll need to uncover a variety of different stakeholders and do your research on each one—if you want success.
Ask these questions to yourself and prepare so that you can deliver a message that is relevant to your prospect's needs.
- What are the most important goals for this prospect?
- What does their organization need to accomplish to reach these goals?
- What are their internal processes like?
- How do they make decisions?
- Why should they buy from you?
Asking these questions will help you create a well-received message by your prospect. These things matter most to them, so ensure you're talking about them in your pitch.
3. Establish a connection with them.
To win deals with multithreading, you should approach the right people. Once you research and know the decision-makers, reaching out to them will be simple.
If you can't set up an appointment, contact them through LinkedIn or email. If it's necessary to use social media channels for professional communication, do so as professionally and thoughtfully as possible—and with a clear goal.
Keep your greeting short and to the point by stating why you are contacting them, what you'd like to discuss with them, and that it would be a pleasure if they could meet. You want them to feel like they're talking to a human, not just another robotic salesperson trying to sell them something.
4. Get your team onboard and prepare them.
When selling a product to multiple prospects at once, it's best not to attempt the task alone. It’s more likely that you will get them interested if you enlist your team in helping achieve this goal—your prospects prefer talking with those they perceive as their equals.
You'll close more deals if you can facilitate conversations between decision-makers and people with similar positions within your company. Once you get your team onboard, make sure they are prepared to help you sell. Make sure they know what your product or service does and how it can benefit the prospect.
Use interactive product demos to educate your sales reps and other team members. This helps them better understand your product and how it can solve the prospect's problems. With Storylane, you can create such interactive demos in a matter of minutes and share them with your teammates.
This will allow them to interact and learn the product independently, which will help them answer questions more confidently when talking to prospects. You can even create multiple demos that fit various use cases and train them accordingly.
5. Bring up pain points and create a sense of urgency.
When you have your team informed and confident, you can start talking to prospects.
Start by asking questions and get them talking about their problems. Consider bringing up some pain points your product addresses, but don't be too pushy or sales-y. Instead, try to create a sense of urgency in your prospect by showing how important it is for them to solve these issues immediately.
To get this point right, you must lead your sales call with perfect questions and scripts. Once you have agitated their pains and created a sense of urgency, you can move on to your pitch.
As multiple stakeholders are involved in this point, you need to be ready with a sales pitch that addresses all their needs and concerns. Your demo should help your prospects understand the value of your product. It's not just about showing them how it works; it's about how it solves their pains.
An interactive demo helps you overcome this situation, as it helps your prospects to explore the product's value first-hand. When they see how their problems are getting burst with the use of your product, they will be convinced about the value. Storylane helps you create a demo that narrates a story to your prospects helping you with rich editing features and interactive elements.
The best thing is you can consistently deliver the personalized demo to anyone who accesses it, thanks to the auto personalization feature.
6. Brace yourself for objections.
We all know that prospects will not buy your product at first sight. They will be skeptical about it and will point out various objections. You need to prepare for those objections to answer them effectively and win over the prospect’s mind.
Sift through the common objections your prospects often raise when buying a product and prepare your answers to those objections. This way, you can answer them effectively and make the prospect believe in your service or product.
7. Close the deal.
You have done everything right, and now it is time to wrap up the conversation with a solid offer. Ask your prospect whether they would like to buy your service or product immediately and present them with some pricing options. If not, you can ask them when they will be ready to buy from you and schedule another call.
You can even embed your interactive demo in the follow-up mail to remind them of the value of your service. Once you have closed the deal, it is time to finalize everything with the prospect and get them started on their journey with your product or service.
Sales Multithreading Trends in 2023
In 2023, sales multithreading will become a standard practice in B2B sales. More and more companies will adopt this method of reaching out to prospects and closing deals faster than ever before.
Sales multithreading is one-way companies can ensure they stay relevant in this changing market. It allows companies to be more effective with their time and money resources by maximizing all channels at once.
Here are the three most significant sales multithreading trends to watch for in 2023:
1. Value-based selling is on the rise.
In 2023, B2B companies will focus on value rather than price. The days of trying to win customers over by undercutting competitors on price are long gone; people just don’t care about saving a few dollars anymore.
Instead, companies will focus on providing better service and higher-quality products that can improve lives. This means that sales reps will have to start interviewing prospects more thoroughly and asking about their business needs before offering any solutions.
In fact, 87% of high-growth companies adopt value-based strategies, and companies that focus on value tend to have higher profits and stronger customer relationships.
A great example is Toplyne. They embedded an interactive product demo on their website to showcase the product's value to those who are interested in learning more about it.
This shows that value-based selling is a powerful marketing strategy that can help businesses grow.
2. More streamlined sales process.
B2b sales is a complex process that involves multiple stakeholders. This can make it challenging to keep everyone in the loop and even harder to ensure your sales team is focused on what matters most. With so many moving parts, it’s easy for your salespeople to get lost or confused when trying to execute their plan.
But with sales multithreading, you can break down your sales cycle into manageable chunks and keep everyone on track. This way, salespeople know exactly what they should be doing next and can focus on the most critical activities at any given time.
3. Improved buyer engagement.
Sales multithreading helps you engage with buyers throughout their entire buying journey. This means you can provide them with the information they need at every stage of their buying process and ensure they don’t get lost.
As multiple stakeholders are always included in the loop, you can ensure that your sales team engages with the right people at the right time. By staying top-of-mind, you can also help prevent prospects from looking elsewhere for a solution that meets their needs.
Top 5 Tools For Sales Multithreading
Sales multithreading will be effective if you can find the right tools to help you. Here are five of them:
Storylane is a no-code demo software that allows you to create and share interactive demos in minutes. It’s an excellent tool for sales teams who want an easy way to engage with customers, prospects, and other stakeholders, as well as for creating content that can be shared across departments like marketing or product development.
It comes with multiple rich editing features that allow you to create an interactive flow that highlights your product's features. It also has a drag-and-drop editor, which makes it easy to create interactive demos using your data.
Moreover, it helps you deliver personalized demos all the time with the help of an auto personalization feature. The best thing is you can get real-time data on how your prospects interact with your demo and customize your next sales messages accordingly.
You can even use these demos as a part of your sales enablement process, as it helps you create multiple demos for different use cases and educate your sales team on how to deliver them. Overall, it’s one of the best tools for creating interactive sales demos that help you increase your conversion rates and build trust with prospects.
2. Sales navigator.
To find the right people to connect with on LinkedIn, use LinkedIn Sales Navigator. This tool allows you to leverage advanced search features to quickly and easily find executives relevant to your business or industry. You can even use LinkedIn Sales Navigator to find people who work at specific companies so you can reach out to them directly.
The tool also allows users to set up alerts that notify them when someone they’re following posts a new job, which makes it easy for sales reps to find qualified prospects and build relationships with them.
Hubspot is a popular CRM tool that allows you to manage your leads and sales pipeline in one place. This means you can easily find out who’s on your list, what stage they are in, and when they last updated their information.
The tool also includes several features to help you optimize your sales process, including a lead scoring system that allows you to prioritize leads based on their likelihood of converting.
Apollo is an all-in-one sales intelligence platform that helps sellers and marketers discover more customers, connect with contacts, and establish a modern go-to-market strategy.
Apollo's B2B Database contains millions of contacts and verified companies. This sophisticated data is also enriched with detailed company information, which makes it ideal for targeting and segmentation.
Built with intuitive tools, DealHub's zero-code platform can optimize sales processes by connecting with any system. Sales teams can push leads through their pipeline and close deals from anywhere.
It has many features to help salespeople close more deals, including a CPQ feature to help salespeople quote customers and a CRM to track customer data.
Boost your sales numbers.
When you connect with multiple individuals at the organizations you sell to, your sales cycle will shorten, and your deal-closing rate will go up. In B2B, especially in many companies where all decision-makers must be involved before purchasing anything—connectedness is critical!
And remember to showcase the value of your product in the best light possible, as it makes the difference between a buyer saying yes and no. This is where the role of the interactive demo comes in.
Though you can showcase the value of a product in a series of slides or through a live demo, it will sound like a sales pitch, and your prospects can only imagine but not experience the product. An interactive demo will help you demonstrate your product in action by showing how it works in a real-world scenario and will leave a lasting impression on your prospect.
With Storylane, you can create such an interactive demo in no time. All you have to do is install a chrome extension, take screenshots of your product, add the flow, and share. As the entire process is based on drag-and-drop editing, you will not have any difficulty creating interactive demos.
Want to win maximum deals in your funnel by showcasing your product in action? Then schedule a free demo with Storylane. We will show how it can help you increase your conversion rate.