In the dynamic world of sales, the game has evolved. Gone are the days of relying on a single decision-maker to push a deal forward. Today, successful sales professionals understand the importance of engaging with multiple organizational stakeholders to secure the coveted win.
In this episode of “The Sales Evangelist Podcast,” host Donald speaks with sales expert Nick Reed Smith. They discuss the increasingly complex world of sales and how to manage multiple stakeholders in the buying process effectively.
Nick shares his experience and strategies for multithreading deals, emphasizing the importance of building relationships with various decision-makers and influencers within an organization to increase the chances of closing a deal successfully. Join Donald and Nick as they dive into the art of multithreading and uncover helpful tips for sales professionals seeking to improve their techniques.
The Changing Dynamics of Sales Processes
- Nick highlights the evolving nature of the sales landscape, where deals are becoming more complex and multiple stakeholders are involved.
- He emphasizes the need for sales reps to adapt and find new ways to interact with buyers effectively.
Becoming a Trusted Consultant
- One of the key shifts in buyer expectations is the desire for sales professionals to act as consultants rather than mere order-takers.
- Buyers want a partner who understands their needs, manages multiple stakeholders, and provides valuable insights throughout the sales process.
Understanding Multithreading
- Nick introduces the concept of multithreading, which involves building relationships with multiple individuals within the buying organization.
- Rather than relying solely on one point of contact, sales reps should engage with decision-makers, economic champions, technical champions, and coaches to comprehensively understand the deal’s dynamics.
Mapping the Organizational Landscape
- To effectively multithread, sales professionals need to identify the key personas and individuals they should engage with within the buying organization.
- Nick advises sales reps to map out the various stakeholders they must interact with, ensuring they cover all necessary roles, such as CRO, CFO, Rev Ops, head of alliances, and VP of sales.
Taking Control and Providing Updates
- Nick emphasizes the need for sales reps to maintain control of the multithreading process.
- Instead of asking permission to interact with other stakeholders, he suggests clearly communicating to the initial point of contact that multiple team members have been reaching out to their counterparts.
- This approach keeps everyone informed and engaged while setting the foundation for a collaborative relationship.
Balancing Pushiness and Transparency
- Some may perceive constant engagement with multiple stakeholders as pushy, but Nick argues that it is necessary in today’s sales environment.
- By framing the multithreading approach as a shared effort involving various team members, sales reps assert their expertise and demonstrate their commitment to understanding the organization as a whole.
Managing multiple stakeholders in complex sales deals is a growing challenge for sales professionals. Through the art of multithreading, sales reps can build stronger relationships and easily navigate the buying process’s complexities. The key takeaway from this discussion is that multithreading is not only a sales strategy but also a mindset shift toward becoming a trusted advisor and consultant to buyers.
Resources
Sponsorship Offers
- This episode is brought to you in part by Hubspot.
With HubSpot sales hubs, your data tools and teams join a single platform to close deals and turn prospects into pipelines. Try it for yourself at hubspot.com/sales.
- This episode is brought to you in part by LinkedIn.
Are you tired of prospective clients not responding to your emails? Sign up for a free 60-day trial of LinkedIn Sales Navigator at linkedin.com/tse.
- This episode is brought to you in part by the TSE Sales Foundation.
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Credits
As one of our podcast listeners, we value your opinion and always want to improve the quality of our show. Complete our two-minute survey here: thesalesevangelist.com/survey. We’d love for you to join us for our next episodes by tuning in on Apple Podcast, Google Podcast, Stitcher, or Spotify. Audio provided by Free SFX, Soundstripe, and Bensound. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and Produced by Brightseed and Hill.