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Why use multithreading in your B2B Sales?

Peter : Mar 17, 2024 11:21:41 AM

What is Multithreading in Sales?

Engaging in multithreaded sales involves cultivating connections with numerous key decision-makers within the purchasing organisation. It entails establishing advocates for your product across all individuals who hold sway over the buying decision.

The expression "hanging by a thread" signifies a precarious situation. This analogy applies to sales as well.

Relying solely on a single thread in your sales approach is akin to putting all your sales prospects in one basket—a risky and avoidable scenario.

Moreover, if you encounter a rejection from a single contact within the buying organisation, it could spell doom for the deal. However, by fostering relationships with multiple stakeholders, you increase your chances of overcoming potential setbacks and achieving success in your sales endeavours.

Many seasoned salespeople naturally multithread, but with the advancements in sales tools, it's now easier to handle the complexity of multithreaded sales engagements via digital channels with personal and contextual content—essentially getting the right content to the right person at the right time.

HS design idea How should sales leaders respond to the fact that 43% of B2B buyers prefer interactions without a sales representative? These buyers demonstrate their preferences through actions, allocating only 24% of their buying time to meeting potential suppliers and consistently utilising digital channels even when engaging with a sales rep. Additionally, the complexity of buying decisions is evident as buying groups are now bigger than ever, with an average of 11 or more individuals, with numbers reaching up to 20 for complex deals.

In facing these challenges, sales leaders must embrace new strategies to stay ahead. The solutions for these problems lie in leveraging various digital tools, integrated processes, and shared data. Empowered by these resources, especially in the hands of competent sales folk, you and your team can implement multi-threaded engagements effectively.

Why use multithreading?

Multithreaded sales engagements epitomise a customer-centric approach tailored to buyers' preferences regarding how, when, and where they wish to engage. Fuelled by digital interactions and cutting-edge technology, this strategy efficiently coordinates interactions with diverse buyers, delivering personalised support and seamless communication. Stakeholders receive customised assistance by aligning messaging with individual needs along their distinct purchasing journeys.

This approach empowers suppliers to validate and advance opportunities while minimising the need for repetitive tasks. Once deemed challenging, multithreading is now within reach, thanks to advancements in analytics, technology, and the expertise of sales professionals who have mastered the essential components of sales multithreading.

Consider the prevalent challenge of navigating multiple individuals within a buying group. With no singular buying journey, each person embarks on a self-directed path to fulfil their unique requirements. Multithreaded engagements enable intelligent coordination and support for numerous individuals within a specific buying group. In due course, AI-powered technology, powered by collective data from all commercial systems and functions, will automate and enhance this coordination. [Interested in sales automation and AI? read our article]

What are the benefits of multithreading in your Sales engagements?

Increasing the number of contacts in an opportunity significantly enhances your chances of winning the deal. For instance, a single-threaded opportunity (where you have a relationship with only one contact in the organisation) has a 5% chance of success. However, by involving five people (a multi-threaded opportunity), your likelihood of winning skyrockets to 30%.

Engaging with multiple stakeholders is crucial in B2B sales, ensuring you have stakeholder relationships with all parts of the business that are impacted by the purchase. Building relationships with various decision-makers enhances your chances of sealing the deal. While decision-makers hold authority, they may not allocate as much time to you. On the other hand, front-line managers, though lacking in authority, are more accessible and influential. By gaining their support, the decision-maker would face resistance from a united front if they move to reject your proposal.

Furthermore, involving multiple departments in a deal can lead to various benefits, such as becoming a company-wide initiative, which may secure a larger budget allocation. These factors collectively heighten the probability of successfully closing the deal.

The Essential Components of Sales Multithreading

Undoubtedly, for many businesses, this concept may seem foreign. To simplify it, focus on these three crucial components;

Establishing simultaneous connections with various key players within the customer organisation's buying team
Implementing stage-gate support to document buying group decisions and track progress to prevent any setbacks
Tailoring interactions with buying stakeholders based on their specific objectives

When executed effectively, multi-threaded sales engagements have the potential to serve as a significant catalyst for growth and a key competitive advantage. According to Gartner's findings, by 2026, B2B enterprises that integrate commercial strategies and embrace multithreaded sales approaches will experience revenue growth that surpasses their competitors by a remarkable 50%.

Coloured arches for docos (1) If you want to find out how to adapt your playbooks to include multi-threading quickly, we have some resources to help you transform your sales engagements in no time, get in touch here.