As we approach the final stretch of the fiscal year, the pressure to meet Q4 revenue targets has intensified.
Company executives, sales leaders, and RevOps teams grapple with the challenge of closing deals without compromising on value, often termed as “not giving away the farm.” In the mad dash to the finish line, it’s tempting to resort to steep discounts or other desperate measures to secure a sale.
While the approach to tackle this pressure might vary depending on the industry and sales cycle, there are a few tried-and-true strategies that can help you maintain the balance between driving sales and preserving value.
1. Ramp Up Co-Sell Efforts
In the business world, partnerships can be a game-changer, especially when both parties share the same fiscal year timelines. Both are equally motivated to meet their annual targets, making it an opportune time to synergize efforts. Here’s where co-selling comes into play.
By joining hands with partners facing similar pressures, companies can offer packages that are not only financially attractive but also save decision-making time for customers. Imagine the appeal of a solution where customers can evaluate and vet two suppliers simultaneously. Not only does this reduce the cognitive load of decision-making for the customers, but it also adds the allure of a bundled offering that promises more value.
2. Assess and Redeploy Sales Resources
While ramping up the sales team might seem like an obvious solution, hiring new members is not always feasible, especially considering the time required for them to become effective contributors. Instead, the key lies in optimizing the resources already at your disposal.
By conducting a thorough assessment of your sales resources, you can identify areas of opportunity and reallocate hours to those stages of the sales process that need it the most. Whether it’s moving resources upstream to nurture leads or downstream to close deals, judicious redeployment can significantly improve your chances of hitting those Q4 targets.
3. Zero in on Stuck Deals
While generating new leads is always exciting, the reality is that in Q4, there might not be enough time to see them through, especially if you’re dealing with longer buying cycles. Rather than spreading yourself thin, a more strategic approach would be to revisit your sales pipeline and identify deals that have been stagnant.
Once you’ve identified these “stuck” deals, dive deeper to understand the reasons behind the delay. Is it a budget constraint, a decision-maker bottleneck, or some unresolved concerns? Addressing these specific challenges head-on can help in nudging these deals past the finish line, giving a significant boost to your Q4 revenue.
While the pressure to meet Q4 targets can be overwhelming, it’s crucial to remain strategic in your approach. By leveraging partnerships, optimizing existing resources, and focusing on deals that are close to the finish line, you can achieve your revenue goals without compromising on the long-term health and reputation of your business.
Remember, it’s not just about closing deals. It’s about closing them right.
Our RevOps Partner, Ajay Joshi, penned this article.
Are you ready to meet your goals for the year? Our team is ready to casually chat about your opportunities and challenges, or more formally strategize as you look to bring 2023 to a successful close and start 2024 with a bang.
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