For more B2B sales, look no further than multi-threading. B2B companies that leverage multi-threading typically close more deals than those that use a linear or single-threading approach. With multi-threading, you can forge relationships with multiple prospects at a given business. As you nurture these relationships, you'll inevitably close more deals. There are several things you need to know about multi-threading, however, to effectively use it in your B2B company's sales strategy.
What Is Multi-Threading?
Multi-threading is an approach to B2B sales that involves targeting multiple prospects at the same business. In the B2B industry, there are oftentimes multiple prospects involved in purchasing decisions. This is one of the ways that B2B sales differ from B2C sales. Most B2C purchases are decided by a single consumer. Many B2B purchases, on the other hand, are decided by multiple prospects. Multi-threading is a strategic B2B approach in which you target multiple prospects at a given business.
Some B2B companies only target a single prospect at a given business. After identifying a decision-maker, for instance, a B2B company's sales team may call or email the decision-maker to pitch a product or service. Multi-threading requires a different approach. This alternative B2B sales approach involves communicating with multiple prospects, all of whom work at the same business.
The Impact of Multi-Threading
How can multi-threading impact your B2B company's sales efforts? Rather than relying on a single prospect, it allows you to communicate with multiple prospects at a given business. As previously mentioned, many B2B purchases involve multiple prospects. According to a study conducted by Gartner, in fact, the average B2B purchase involves input from over a half-dozen stakeholders.
You might be able to close a deal by only targeting a single prospect at a given business. Because most B2B purchases involve input from multiple prospects, though, you'll experience greater success with multi-threading. It allows you to convey the value and benefits of a product or service to all prospects. Assuming you have a compelling sales pitch, these prospects may collectively decide to make a purchase.
Using multi-threading in your B2B company's sales strategy can also lead to increased buyer loyalty. Targeting prospects, of course, requires communications. You'll have to communicate with prospects to educate them about your B2B company's products or services. In doing so, you'll build loyalty among your B2B company's buyers. Buyers will feel more comfortable staying with your B2B company and purchasing its products or services if you use a multi-threading sales approach.
Identify the Right Prospects
To take advantage of multi-threading, you'll need to identify the right prospects. It's known as "multi-threading" because it involves targeting or "threading" multiple prospects at the same business. Each prospect is a thread. With multi-threading, you'll weave these threads together to craft an effective sales strategy.
With that said, you don't need to target all employees who work at a given business. Rather, you should only target prospects who are in some way involved in making purchases on behalf of their businesses. These prospects can be decision-makers, or they can be individuals who direct you to the decision-makers.
Some of the different types of prospects whom you can target with multi-threading include the following:
Forge Relationships With Prospects
You'll need to forge relationships with the prospects whom you target as well. Multi-threading is commonly used in account-based marketing (ABM). With ABM, you'll need to target high-value accounts with sales offers while providing those prospects with a personalized and high-quality experience. ABM specifically centers around personalized experiences that resonate with prospects.
Whether you intend to use ABM or not, however, forging relationships is essential with multi-threading. You can't expect to earn the approval of prospects at a given business unless you have strong relationships with them. Forging strong relationships with prospects will allow you to close more deals by earning their approval.
Use the Right Tools
There are certain tools that can help you implement multi-threading into your B2B company's sales strategy. Not surprisingly, customer relationship management (CRM) software is often used for multi-threading. Whether you use Salesforce, HubSpot, Zoho or any other CRM, you can use it for multi-threading. CRM software will provide you with a single interface from which you can manage all communications between your B2B company and its prospects. Because this data is integrated, it's a highly valuable tool for multi-threading.
In addition to CRM software, you may want to invest in an autodialer. Autodialers are a type of software that, as the name suggests, automates calling processes. They won't necessarily speak on your behalf; you'll still have to do the talking when using an autodialer. Autodialers simply dial the phone numbers for which you program them automatically. After identifying the right prospects at a given business, you can program the prospects' numbers into the autodialer software. Instead of dialing each prospect's number manually, you can use the autodialer software to dial them automatically.
Multi-threading can help you close more deals in less time, but you should still follow up with buyers. Following up with buyers will typically lead to a higher retention rate. It allows you to identify, as well as resolve, problems encountered by buyers so that they don't leave your B2B company in favor of a competitor.
You can follow up with buyers by calling or emailing them. Even if a buyer doesn't reach out to your B2B company, he or she may have encountered a problem. Calling or emailing the buyer gives you the opportunity to ask buyers about their recent purchase and whether or not they experienced any problems.
Many B2B companies are now using a multi-threading sales approach. It allows sales reps to target multiple prospects at a given business, essentially winning the approval of those prospects. If you're thinking about using a multi-threading sales approach, just remember to target the right prospects, forge strong relationships, use the right sales tools and follow up with buyers.