Multithreading in Sales
Table of Contents
What is Multithreading In Sales?
Multithreading In Sales (also known as multi-threaded sales) is a sales strategy that involves pursuing multiple leads or opportunities within the purchasing organization simultaneously. A multi-threaded sales strategy aims to increase the chances of making a sale by having more than one “thread” or lead to follow. This approach can be especially effective in industries with long sales cycles, or when decision-makers are difficult to reach.
Multithreaded selling is a buyer-centric approach that tries to engage customers when, where, and how they choose. According to Gartner, multithreaded engagements can accelerate revenue growth by allowing sales organizations to “intelligently coordinate and support multiple individuals within a given buying group.” This strategy leverages technology and the trend toward digital sales to bring buyers and sellers together. Sales teams use customer data and automation to coordinate the sales process with multiple stakeholders in a scalable and effective way.
Synonyms
- sales multi-threading
- multithreaded selling
- multithreading sales
- multithreaded engagements
What is a Multi-Thread Sales Deal?
A multi-thread sales deal is a type of sales transaction in which there are multiple buyers and sellers involved. Businesses can use this type of deal to sell anything from real estate to cloud computing. In a multi-thread sale, each party has its own objectives and goals. The key to success is finding a way to negotiate a successful outcome for all parties involved.
There are a few things to keep in mind when negotiating a multi-thread sale:
1. Make sure all parties have a clear understanding of the deal. All terms and conditions should be clearly laid out before any negotiations begin.
2. Understanding what each party wants to achieve from the deal is crucial.
3. There will likely be some give and take in any contract negotiation. Be prepared to compromise and make concessions to reach a mutually beneficial agreement.
4. Have realistic expectations. It is important to remember that not every deal will be perfect. Sometimes, it is necessary to accept a less than ideal outcome to get the best possible result for all parties involved.
Multi-Threading vs. Single-Threading
Deciding to use a single-threaded or multi-threaded sales approach will depend on the type of products you sell and the complexity of the deals.
Multi-Threaded Selling
In multi-threaded sales, more than one salesperson works on a deal with more than one stakeholder in the buying organization simultaneously. Multi-threading can be very effective because it offers different perspectives on the deal from the viewpoint of multiple decision-makers. Leveraging this information can help win sales and close deals faster. Multi-threading may be the best option for selling a complex product or large deals.
For example, a multi-threaded sales process would involve a VP-level person in the selling organization working on a deal with a VP-level person at the buying organization, a C-level person in the selling organization working on the same deal with a C-level person at the buying organization.
Sales multithreading can be an effective way to increase sales and build relationships with customers. Some of the other benefits of sales multithreading include:
- Greater coverage of accounts – More salespeople working on an account means more opportunities to make a sale.
- More touchpoints with customers – When multiple salespeople are working on an account, there are more opportunities to have sales conversations during the buyer’s journey and build customer relationships.
- Increased likelihood of making a sale – Having multiple salespeople working on an account increases the chances that one of them will be able to make a sale. In addition, since key stakeholders are identified at the beginning of the sales process and sold to simultaneously, there is a lower chance of the deal getting stuck in the approval process.
- Employee turnover is less of an issue – When sales reps and stakeholders leave, other employees and stakeholders will continue the relationship.
Single-Threaded Selling
Single-threading is where you have one salesperson at a time working on a deal with one stakeholder in the buying organization. Single-threading may be the best option if you sell a simple product that does not require buy-in from multiple stakeholders.
There are some disadvantages to single-threaded selling. First, sales representatives relying heavily on a single communication thread with their customers risk losing the sale if that thread is severed. If the customer stops responding to calls or emails, the sales representative may not know what went wrong and will be unable to salvage the situation. Additionally, if the sales rep cannot establish trust, the customer may be less likely to do business with them. Finally, single-threaded sales can be very time-consuming for both parties involved. The sales representative may spend a lot of time trying to reach the customer, which could lead to them missing out on other sales opportunities.
How to Implement a Multi-Threaded Sales Strategy
Multi-threaded sales is a powerful technique that can help your organization increase sales and improve efficiency. Here’s how to apply it within your own company:
1. Define your multi-threaded sales strategy.
Decide on the number of salespeople who will work on each account and their specific roles and responsibilities.
2. Train your sales team in multi-threaded selling.
Make sure everyone understands the strategy and how it will work in practice. Provide role-playing opportunities so they can get comfortable with using the technique.
3. Assign leads to multiple salespeople.
When a new lead comes in, assign it to multiple salespeople so they can start working on it simultaneously.
4. Monitor progress and results.
Keep track of how well the multi-threaded selling strategy is working. Make adjustments as needed to ensure it’s successful.
Is Multi-Threading the Future of Sales?
The average number of customer stakeholders involved in a B2B purchasing decision in 2016 was 6.8, according to Brent Adamson, principal executive advisor at CEB (now Gartner) and co-author of The Challenger Sale and The Challenger Customer. Given the complexity of deals in today’s B2B organizations, multi-threading is not a passing trend; it’s how deals get done now and into the foreseeable future.
Best Tools for Sales Multi-Threading
CRM
A CRM is a comprehensive sales management tool that offers several features to help salespeople be more productive and effective. CRM software helps implement a multithreaded sales strategy by enabling sellers to track their customer touchpoints and communications, nurture leads, and develop a sales pipeline. In addition, a CRM serves as a single source of truth about prospects, vital to a successful multithreaded sales strategy.
CPQ
A configure price quote solution enables sales reps to create accurate price quotes that all sellers involved in the deal can access. Everyone involved works from the same approved quote, so there is no chance of relaying the wrong pricing to a customer.
DealRoom
A DealRoom is a digital sales room where all stakeholders collaborate on the sales proposal, share documents and sales collateral, negotiate, and sign the contract. A DealRoom accelerates the B2B buyer journey by enabling communication between the sales team and the buyer’s decision-makers to keep deals on track.
People Also Ask
What does multithreading mean in business?
Multithreading is a process of executing multiple threads simultaneously. In business, multithreading can refer to processes such as task management, resource sharing, and data processing. Task management involves dividing a large task into smaller sub-tasks that can be executed concurrently.
This can help improve efficiency and productivity, allowing multiple workers to simultaneously work on the same task. Resource sharing is another common form of multithreading in business. This refers to the process of sharing resources, such as information or equipment, between multiple workers. Data processing is another area where businesses can use multithreading.
This involves executing multiple threads in order to process large amounts of customer data more efficiently. Multithreading can help improve the efficiency and productivity of businesses by allowing them to execute multiple tasks simultaneously. It can also help reduce costs by sharing resources between multiple workers.
What are the advantages of multithreading in sales?
Multithreaded selling is a type of sales strategy where multiple salespeople work together to sell a product or service. Some of the advantages of multithreaded selling include:
1. Increased sales: Businesses can close more deals when multiple salespeople work together to sell a product or service. This is because more people are working to reach potential customers.
2. Better relationships with customers: Each salesperson who works with a customer can build relationships between the business and its customers, leading to repeat business, brand loyalty, and higher customer retention.
3. More efficient use of time: Multithreaded selling can be more efficient than other types of selling strategies because several salespeople work on different tasks at the same time. For example, one salesperson can work on making initial contact with potential customers while another works on following up with leads.
4. Greater flexibility: This type of selling strategy can be adapted to different situations. For example, businesses can use multithreaded selling when launching a new product or service or working on large deals. Additionally, companies can increase or decrease the number of salespeople working on a project depending on their needs.
What is an example of multi-threaded selling?
Sales multithreading can be particularly helpful when working on large deals or campaigns that require a lot of coordination between team members. By working with multiple stakeholders and leveraging buyer intent data, sales teams can keep the sale moving forward more efficiently by ensuring the right decision-makers are involved in the deal.
For example, one salesperson may be responsible for making initial contact with the customer, another may be responsible for negotiating pricing, and yet another may be responsible for ensuring that the product is delivered on time. By working together as a team, salespeople can often close deals much faster than if they were working independently.