Some products take longer to sell than others. They have a long sales cycle. Understand yours and work on mitigating this inevitability. Today, we look at some of the ways how to sell slow moving products.
But first, why the discrepancy in the length of sales cycle? Typically, it’s because of the emotional investment the purchase comes with. For example, selling property takes longer than selling a personal loan. If you are selling a house or land (especially in Kenya), your prospect will likely take weeks, possibly months, before converting to a close. Same prospect, buying, say, a log book loan, will be breaking down your doors wondering why you have not disbursed (given him) his loan within the 24 hours you said you do.
Just like pregnancy takes 9 months, some products take longer than others to sell. And just as with pregnancy, you cannot get a child in one month by impregnating nine women. Besides the emotional involvement, product complexity (like a citizenry comprehending odious debt), and steep financial commitment, are other reasons why a product may take longer than others to sell. So, what to do? Here are 3 ways how to sell slow moving products.
(Incidentally, odious debt is a loan that was given without following the country’s protocol. Like a salary loan given without an application form, improper or no supporting documents. Just released (disbursed). Much like the 2 million accounts fraudulently opened at Wells Fargo Bank. Would you pay bank fees for an account you never asked for?)
Nurturing leads with consistent engagement
Among the many other benefits of prospecting is that prospecting significantly mitigates the anxiety that comes with dry spells in selling. And the slower the product moves, the higher the chances of dry spells. Any sales person worth his salt knows the intense pressure that comes with repeated months of not meeting acceptable, forget standard, performance. The heat from the sales manager (and other managers) bears down on you like a magnifying glass focused on igniting a piece of paper from sun rays. In such moments, your salvation is your pipeline and that you stay engaged with your leads. This keeps the product fresh in the mind of your prospect without pressuring them, allowing them to make a decision when they’re emotionally ready. For your sake.
So “I see you have 15 prospective buyers (leads) lined up this month. From your sales reports you consistently have a steady stream of prospects flowing in, and you have three to four client meetings a week. I also know that you regularly check-in with them, providing value-based information like market trends, and addressing their concerns upfront. So, you are nurturing them. This is good. I know our products take a long while before they are bought, but I’d like to join you in your next meetings to see why conversion is a challenge and if I can help.” Just because a prospect takes long to make a decision doesn’t mean they should feel neglected.
Read: Graduate from courtesy calls to business calls
What happens when you don’t continually generate and nurture leads
Now, if the salesperson had a trickle of prospects coming into his funnel, or worse, none, then that meeting would go very differently. It will not be about the lack of conversion. No. It will be about the lack of prospecting and the quality of the sales reports. “We are concerned with your performance, Juma. Five months, and nothing. And you aren’t ‘seeing people’ (prospecting). You don’t even follow-up. In fact, no one seems to know what you do. Your reports are scanty. We have given you all the tools of trade and are now wondering whether you are as concerned as we are…“
“Yes Sir, but you see these transformers take a long time to sell and….” And, that is how Juma lasted only another month before he was fired. You see, even for products with a gestation period of 9 months, that fact alone cannot be used to explain away a lacklustre performance.
How to sell slow moving products – offer multiple touchpoints for decision makers
Complex sales often involve more than one decision-maker. For instance, if you’re selling construction machinery or enterprise-level software to businesses, you’ll likely deal with several stakeholders. Ensure you communicate clearly with all decision-makers, whether through demos, meetings, or value-based email updates. And speak their language at each level.
Read: Adapt your presentation to respective business buyer to accelerate the sale
Educating prospects to accelerate the decision process
Many long sales cycles are due to prospects feeling overwhelmed by the complexity of the purchase. This is common in industries like insurance, real estate, or software solutions. One solution is to educate your potential buyers. Education is a deceptively simple tool, and third way, how to sell slow moving products. According to one study, 77% of B2B buyers stated that their purchase was difficult due to too much information.
Simplifying the decision-making process for them can shorten the sales cycle significantly. This is why Tik Tok and YouTube Shorts are dramatically successful. They give information in doses. For instance, a Jimi Wanjigi two-hour interview on Spice FM about Kenya’s odious debts gets broken down into 30 second informative clips for an audience that consumes content in that manner. Borrow from this. Having sent the (lengthy) proposal the client asked for, and after a week of silence, you volunteer this. “Let’s have a commitment free meeting where we walk you through our proposal, for a company-wide employee satisfaction survey.” Don’t be surprised if the response is a silent, “Phew!” and an audible, “Yes please. We’d like that. It’ll help.”
If prospects clearly understand the value of your product, they can move more confidently and quickly toward a purchase decision. So, don’t sell. Help them make a purchase decision instead.
How to sell slow moving products: Don’t rush the sale, but be ready to act
While some products will naturally take longer to sell, understanding your sales cycle and finding ways to mitigate delays is key to long-term success. Nurture your leads, get in early with the buyer, offer multiple touchpoints for decision makers, and ensure your prospects are educated and empowered to make decisions. This way, you create urgency without pressure. Success in sales, more so, for slow moving products, doesn’t always come from rushing the close but rather from carefully guiding the prospect through their decision-making journey.
If you would like to have your sales team sell more, we can help. In order for us to do so we propose a free consultation meeting or a call. If in agreement please complete the form below and we will get in touch after receiving your details, none of which will be public. Thank you.
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