Frustrated with relying on a single point of contact in sales, only to see deals stall when that person leaves or goes cold? Multithreading sales offers a powerful solution.
Imagine weaving a web of relationships within a target company, building trust with multiple stakeholders who influence the buying decision. This strategic approach can dramatically increase your chances of closing deals, even in complex B2B environments.
Let's delve into the world of multithreading sales, exploring its core principles, potential benefits, and practical steps to implement it.
What is Multithreading in Sales?
Multithreading in sales is a strategic approach that involves engaging multiple stakeholders within a target company throughout the sales process. It goes beyond the traditional focus on a single point of contact, aiming to build a network of champions who can advocate for your product or service and influence the buying decision.
Imagine a complex B2B sale, where multiple individuals contribute to the final decision. By engaging with each relevant stakeholder, understanding their needs and concerns, you weave a web of support that strengthens your position and increases your chances of closing the deal.
This is further evidenced by the fact that 46% of top-performing sellers have relationships with seven or more decision-makers in their top accounts. Which is significantly higher than the number of average-performing sellers (24%) or low-performing sellers (13%).[1]
When is Multithreading the Right Strategy?
Multithreading shines in complex B2B sales environments where multiple stakeholders contribute to the buying decision. It's particularly effective when:
The buying committee is large and geographically dispersed. Imagine a multinational corporation with decision-makers spread across continents. Multithreading allows you to connect with each relevant individual, ensuring everyone's voice is heard.
Different departments within the target company have a stake in the purchase. Your solution might impact various departments like finance, operations, and IT. By engaging with each department head, you address their specific concerns and build broader buy-in.
There's a need to build consensus and overcome potential objections from various parties. Multithreading helps you identify potential roadblocks early on. By understanding each stakeholder's perspective, you can proactively address concerns and build a stronger case for your product or service.
How to Do Multithreading in Sales: A Practical Guide
Now that we discussed the power of multithreading, let's dive into the practical steps involved.
Identify Key Stakeholders: This is the foundation. Research the target company, map out the decision-making process, and pinpoint individuals with influence. Think beyond the initial contact. Look for department heads, budget holders, and potential end-users who will be impacted by your solution. Know the role each stakeholder will play in the process. Some stakeholders might not become part of the process unless you involve them, but some will be part of it whether you want them or not. For example, say you’re selling a software solution to the IT department. The account’s CFO may not have anything to do with using or purchasing the software, but they might still be a potential obstacle as they have the power to block your deal. You can start by asking your initial contact for additional contacts.
Build Relationships: Don't just connect, build genuine connections. Tailor your communication to each stakeholder's specific needs and concerns. Actively listen, ask insightful questions, and demonstrate a genuine understanding of their challenges.
Leverage Technology: Tools like conversation and revenue intelligence platforms can be game-changers. For instance, Rafiki's Smart Call Summary automatically captures key points and next steps from your conversations, saving you time and ensuring nothing falls through the cracks.
Maintain Consistent Engagement: Don't disappear after the initial contact. Schedule regular check-ins, provide updates, and address any concerns that arise. Tools like Rafiki's Smart Follow Up can help craft personalized emails based on your conversations, making follow-up a breeze.
Example Imagine selling marketing automation software to a large corporation. You identify the marketing director, the IT manager, and a key salesperson as key stakeholders. At this point, you tailor your message to each: highlighting increased ROI for the marketing director, seamless integration for the IT manager, and improved lead generation for the salesperson. You might also identify someone from a finance team and tailor a message to them about how your solution is much more affordable than competitors. Through consistent communication and addressing individual concerns, you build a network of champions within the organization, significantly increasing your chances of landing the deal.
Benefits of Multithreading: A Sales Game Changer
Multithreading is a powerful strategy that unlocks a multitude of benefits:
Increased Likelihood of Closing Deals: By building relationships with multiple stakeholders, you gain broader buy-in and overcome potential roadblocks early on. This significantly increases your chances of securing the final decision.
Faster Sales Cycles: When everyone involved is on the same page and actively engaged, the sales process moves forward smoothly. No more waiting for a single point of contact to move things along.
Reduced Risk of Single Point of Failure: Relying solely on one individual creates a vulnerability. If that person leaves or their priorities shift, your deal can stall. Multithreading mitigates this risk by spreading the influence across multiple stakeholders.
Potential for Larger Deals: By addressing the needs of various departments and demonstrating the cross-departmental impact of your solution, you open the door to potentially larger deals with wider-reaching benefits for the target company.
Common Challenges and Pitfalls of Multithreading
While multithreading offers undeniable advantages, it's not without its hurdles. Here are five common challenges to be aware of:
Mapping the Labyrinth: Identifying Stakeholders: Navigating the complex web of decision-makers within a large organization can be time-consuming. Researching the company structure, understanding the buying process, and pinpointing individuals with influence is crucial. Tools like LinkedIn can help, but sometimes the best approach is to leverage your initial contact's network and ask for introductions.
Juggling Conversations: Maintaining Consistent Communication: Keeping multiple stakeholders engaged and informed can feel like a juggling act. Technology can be your saving grace here. Tools like Rafiki's Smart Follow Up automate follow-up emails based on your conversations, ensuring everyone stays in the loop without you getting bogged down in manual tasks.
Information Overload: Drowning in Details: Bombarding stakeholders with excessive information can backfire. Tailor your communication to each individual's needs and avoid overwhelming them with technical jargon or irrelevant details. Remember, clarity and conciseness are key.
Lost in Translation: Misalignment and Confusion: With multiple conversations happening, the risk of misalignment or confusion increases. Ensure everyone is on the same page by clearly communicating the overall sales strategy and goals. Regular team check-ins can also help identify and address any discrepancies early on.
Here’s a quick recap of benefits vs challenges of multithreading:
Multithreading Your Way to More Deals
By embracing multithreading, you can transform your sales approach, build stronger relationships, and ultimately close more deals.
Always keep in mind, the key lies in effectively managing multiple stakeholders, providing value at every touchpoint, and leveraging the right tools to streamline communication and stay organized.
Explore how Rafiki can help boost multithreading in your sales strategy by signing up for a free 14 day trial!
