High Velocity Sales: What it is, why it matters & how to do it right
Big technology companies are starting to talk more and more about High Velocity Sales.
And, with High Velocity Sales, you can effectively reach the best leads, convert leads into customers and build new opportunities in one place.
But what exactly does “High Velocity Sales” mean?
High Velocity Sales is a term used in SaaS sales. It integrates the broader approaches of selling found in B2C and applies them to the B2B sales process. High Velocity Sales are also becoming part of CRMs, which can help sales teams to monitor better and manage the sales process.
Inside sales reps typically work through lists of leads and prospects and then record that information and follow up. And it's easier for these reps to have info on what to do next, which is what High Velocity Sales works to offer.
High Velocity Sales allows teams to work towards:
- Insights on how to better prospect
- Using innovative tools to reduce tedious tasks
- Better automation capabilities for more substantial results and overall success
If you want to use High Velocity Sales, you need to have a strong understanding of it and how to do it right. In this post, we'll be outlining the best practices, so you tackle it the right way.
High velocity sales best practices
If you’ve just been introduced to High Velocity Sales or are trying to integrate it into your sales process, these best practices can help things feel at ease.
Businesses want to save time and money as long as possible. This means it’s more important than ever to make the introduction of High Sales Velocity as an easy process and as cost-effective, so reps can get out and make sales happen.
So, we present four High Sales Velocity best practices that will help you get the most out of it.
1. Push your lead generation
A crucial part of getting customers to your product or service is getting more people to know about it. To sell, you need to know how to generate leads that you can turn to customers.
Likewise, a sales rep’s goal is to attract a prospect, make them interested in what you have to offer, and then persuade them to buy from you through a variety of activities.
Most activities drive a prospect to a company website or landing page where the prospect is then (hopefully) turned to a lead. The lead is then qualified by inside sales, where the goal is to close the deal and receive referrals.
With High Velocity Sales applied, you can efficiently reach the best leads, better convert leads, and create new opportunities using your CRM.
Successful lead generation takes time and patience. And to successfully do that, High Velocity Sales needs to be used if you want to be building more customers.
2. Nurture your leads
Nurturing leads is like trying to land the best “catch.” They aren’t going to commit based on a first meeting. Earning the customer takes time and effort.
With that said, using lead nurturing showed that 15–20% of the “not ready to commit” has turned into sales.
Nurturing leads works as it takes prospects on a “tour” of your company and your offerings. It allows sales reps to play the part of a guide, sharing their knowledge with leads and convincing them to move forward.
Prospects are more likely to research before engaging in sales discussions. Research believes that a prospect is 70% along the sales process before they even speak to a sales rep.
And if you are not active in the nurturing stage, you’ll miss out on sales. It would help if you worked hard to maintain interest and continuously nurture them, so they’re interested throughout the entire sales process.
Thus, to get a High Sales Velocity, sales teams must be willing to put in the extra effort and time to turn a prospect into a customer. And your team needs to be on the ball if you want to bring revenue.
In the end, if you work to nurture your leads, there’s a better chance of them turning to you when they want to make a purchase.
3. Utilize a strong inside sales approach
The sales world is an evolving place. Sales teams and their leaders not only have to be in the know, but they need to be on the ball if they want to be successful.
You have to remember it’s all about getting your prospect to commit, eventually turning them into a customer.
Likewise, your sales strategy might be different for each prospect, so you will need to modify each one. What works for one individual may not be the best approach for somebody else. So it’s vital to have a good understanding of who your prospects are.
It would also help if you used the power of storytelling to show value to get a prospect more onboard with the purchase. Telling a story can give a good indication of value by showing the before and after of the story (i.e., what can happen when you commit to a product). And that can get a prospect excited about working with your company.
If you want to be successful with High Velocity Sales, you need to utilize your approach to your advantage. And having the right sales approach will make or break your business and will determine if deals are closed.
After discussing the importance of nurturing leads and before diving into the utilization of a strong inside sales approach, it's crucial to understand the methodology behind effectively qualifying these leads. This is where the BANT framework comes into play.
The BANT sales methodology can significantly complement High Velocity Sales strategies by providing a structured way of evaluating prospects' Budget, Authority, Needs, and Timeline. For a more detailed understanding of how BANT can be integrated into High Velocity Sales and improve your lead qualification process, consider reading our in-depth article on BANT sales here.
4. Incorporate metrics into your sales process
High Velocity Sales is not easy. You need to be on the ball throughout the whole process if you want to reach your goals. And that involves using metrics.
While metrics are important to have, they’re especially critical here.
Unlike the traditional method where there were quarterly reviews, the High Velocity Sales process needs to have consistent reports. With regular reporting, it brings a sense of awareness and quick thinking to new developments.
Every sales activity is measurable. And with the range of sales tools, there’s more data available than there ever has been. To have a grip on your sales activity and goals, use sales metrics to help keep you on track.
The above points might seem overwhelming, but if you use them as part of your High Velocity Sales process, you will have no problem. You also need to be equipped with the right information (i.e., prospect information) and push it towards operating effectively to get where you want to be in sales.
Wrapping it up
If you want to revolutionize and strengthen your sales processes for your inside sales rep, then you need to incorporate High Velocity Sales into the mix.
The above best practices work together to provide inside sales professionals a method that makes time for them to focus on sales tasks and to provide fast responses to customers.
The world is changing, and so is sales.
This sales method will help you and your team accelerate the sales process and bring in more revenue, thus requiring you to nurture and push your leads, utilize a robust sales approach, and incorporate metrics.
High Velocity Sales will help you get a more streamlined solution for your inside sales team while speeding up the entire sales process.
Want more ways to scale your sales team effortlessly?
Check out The Sales Hiring Playbook for ways to elevate your hiring process.