You have a few weeks to clean out your pipeline and close deals. However, prospects will naturally want to postpone the choice until next year.
End-of-year distractions can bring opportunities. Many organizations must finish this year’s budget and set next year’s. Thus, spending in the final week of the fiscal year is 5x more than in the typical week.
Here are some ways to take advantage and finish strong.
Close deals by offering to save prospects time next year.
B2B sales take a long time. 53% of B2B buyers reported a longer purchasing cycle. You can either wait for prospects to decide or complete one more task before the end of the year.
They are considering your products because they think they would benefit their business. If they buy now, you can help them prepare for any onboarding and training in January.
Offer something irresistible.
Offer a special bargain or end-of-year promotion. For example: SaaS firms can give these types of incentives:
- Discount: “If you buy before the end of the year, you’ll get a 10% discount, so you’ll save [x] dollars each seat next year.”
- One-for-two: “For every seat you buy by year’s end, you’ll get a free seat. You’ll get six seats for three.”
Consider specific support, consultation, training, onboarding, etc. Provide any special service to help them succeed with your product for free.
The best bargaining strategies target undecided prospects and are time-sensitive.
Close deals by preventing price hikes.
As time marches on, so do your costs, and you’ll likely raise the price. Inform current and prospective customers. It encourages people to buy quickly to lock in the lower price.
You can grandfather clients and trial accounts just before raising prices with extended commitments and renewals. Customers save money, and you can close more deals. Win-win.
Provide exclusive limited access.
Prospects can be invited to a limited test for a new product or major initiative.
Limiting access to your offering creates scarcity and urgency to make a decision, increasing its perceived value.
Close deals by having your manager call (backchannel sales)
Request assistance from your boss. Request that your manager or another person contact the prospect.
Prospects distrust salespeople, believing they are only interested in making money. Overselling your solution can have a negative impact. They’ll think, “Typical salesperson.” Backchannel sales reassures prospects that they are not being taken advantage of.
Managers can easily follow up with prospects. “This deal needs a nudge,” say to your boss. That might accelerate a deal.
Close deals by asking for a personal favor, if nothing else works.
Salespeople frequently persuade prospects to buy now as a favor. “Even if payment begins in January, you’d make my year if you just pulled the trigger today.” Buy now to help me have the best year of my career!
Requesting assistance alters the conversation. It is unusual for salespeople to open up to them. If you relax, they will too.
Missed pipeline in December kickstarts January.
Remember to only close successful customers. December opportunities are January opportunities. If you follow up, many of these delayed deals will become huge next year.
Make sure your marketing team is onboard to help you succeed in December and in Q1. Sales teams tend to push off marketing during Q4, but they can help you close too. Quick and clever email campaigns timed to capture prospects’ attention can help you by taking the pressure off sales.
If you haven’t planned your Q1 marketing campaigns to capture deals pushed from Q4, talk to your marketing team or give us a call! We are experienced sales marketers and know how to drive bottom-of-funnel sales for your business.