The manufacturing industry is one where a specialized marketing approach is a must. On average, a B2B sales cycle can take anywhere from two to three months. However, the manufacturing industry’s sales cycles can drag on for as long as 12 to 18 months.
This is because manufacturing companies usually deal with costly products that customers are unfamiliar with. Also, there are several key decision-makers involved in the final purchase (7 to 10 in some cases).
Complex contracts between both parties further complicate the buyer’s journey. As per Deloitte’s 2024 Manufacturing Industry Outlook report, the industry will experience continuous digital transformation since the future is expected to be highly competitive. Naturally, this brings with it the threat of even longer sales cycles.
So, what can manufacturing firms do? They must start by prioritizing high-value leads and a shorter sales cycle. In this article, we will discuss three winning strategies that can cut a sales cycle short without compromising prospect quality.
Effective Leads Qualification
Do you score your leads and qualify them before prospecting? 37% of marketers admitted that they struggle with lead scoring. This process is imperative for your manufacturing firm’s sales cycle. Think about it – the most lucrative customers are those who are ready to make a purchase, right?
This means it is easier to convert a decision-maker in the final stage of a buyer’s journey than somebody who’s just started researching for products, comparing their options, etc. While you must not ignore the other categories, prospecting bears the most desirable results when you focus on the high-priority leads first.
Now, the main question is how to effectively score and qualify leads. One top way successful marketers do it is through account mapping using the existing CRM. For instance – The Prolifiq account mapping platform is native to the Salesforce CRM, which enables you to understand the key decision-makers and stakeholders of a target company.
In other words, you will have a visual representation of your firm’s sales territory. From there, it becomes easier to determine the hierarchical structure operating behind that company’s decision-making process.
According to Prolifiq.ai, the account mapping software presents the tabular insights of CRM through color-coded visual details. This gives the sales team a clear picture of the internal relationships between the stakeholders.
You can identify which decision-makers will be most relevant and score them for personalized marketing. For instance – If the CTO has had a longer tenure in the target company compared to the CFO, they will have a greater influence over the final decision.
Personalized Outreach
The one-size-fits-all or spray-and-pray approach seldom worked in the past, and will certainly not work in today’s digital era. Before making a purchase decision, manufacturing industry stakeholders consider several factors, including product quality, ability to address pain points, cost, long-term market value, etc.
A generic catalog will not provide your potential customer with any idea of how the product meets their unique needs. Plus, keep in mind that a single lucrative customer can generate millions for your organization.
Consider this – What motivates the Chief Financial Officer (CFO) to invest in a product may not motivate the Chief Technology Officer (CTO). The former cares about the cost, whereas the latter will focus more on how the product can address pain points.
You must highlight the cost-effectiveness aspect to the CFO and demonstrate the technical value proposition to the CTO. Similarly, take the personalized marketing route for each of the six or nine decision-makers.
For this, you must understand your buyer persona, segregate target accounts, and develop content that suits each stakeholder’s buying motivations. Otherwise, you will just keep going around in circles without pushing the leads further down the sales funnel.
Persistent Follow-Ups
Once your personalized marketing messages have been delivered across different platforms, including email, social media, direct mail, etc., it’s time to wait a little. Businesses have contacted their leads too quickly after a marketing email only to be disappointed.
On average, it is best to wait at least three days before you follow up on a cold lead. You may increase this time up to five days for a desirable response. The first follow-up will give you an idea of why the lead is taking so long to respond.
For instance, you may discover that they have certain objections to your product. This is quite natural, primarily in cases where a completely novel product is involved. Another reason could be a desire for further clarification on the product’s value proposition. Such leads need frequent follow-ups through prompt answers to queries.
If you respond too late, the lead may completely cool off and fall out of the sales funnel. On the other extreme, following up every day may frustrate the lead. They may refuse to consider your offerings.
So, establish a solid sales cadence that uses a combination of marketing media – emails, cold calls, webinars, etc. This will keep the leads interested whilst allowing them ample time to finalize their purchase decision. Most importantly, it will shorten the sales cycle for you as leads will move forward or quickly drop out.
The above-mentioned three strategies are indispensable when it comes to shortening manufacturing sales cycles. Other strategies will also help you to sell faster and better. For example – Harness the power of social proof in the form of case studies, industry reports, and client testimonials.
Furthermore, offers a great customer experience through hyper-personalization, addressing feedback promptly, leveraging automation, and competitor analysis. Lastly, align your sales and marketing teams. After all, 25% of reps witnessed a significant improvement in lead quality and sales cycle with sales and marketing alignment.
Develop a systematic and customized sales process and you will see high conversion rates and better-quality prospects in record time.