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How long is a typical B2B sales cycle when selling electronic medical records software?
I just joined a new company that sells electronic medical records software to health care companies. It takes my colleagues anywhere from 3-4 months to close a deal, but I've been closing mine within a month's time. I wonder, how long the cycle should be? Thoughts?
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3 Answers
Hey Craig, congrats and good luck. The sales cycle really depends on a few factors. If your solution involves an upfront capital expense, our experiences have been 4-5 months, also dependent on the size of the investment. The larger the up front cost, the longer the cycle. If it's a SaaS model, but with a multi-year contract, about 2-3 months. More to the 3 month side. But if you are doing it sooner, then I would look at the prospects you are closing and if they have already been looking, or are in dire need of the EMR solution.
If you are able to close within a month, then perhaps you are doing something very right. However, it is definitely worth considering your deal size relative to competitors. Do you have that information?
If your deal size and feature set are comparable to competitors, yet you can close substantially faster, then you are indeed a great salesperson! Enjoy your success and make hay while the sun shines.
In the current economy I do not believe there is a "typical" sales cycle. And I believe there are to many unknown factors to provide an accurate answer. Is this software sold as on a subscription basis? What is the total cost of ownership? Did you inherit an existing book of business? Are you selling to exisiting clients or net new prospects? If indeed you are closing business in 30 days, my only question is: who is the company, and how do I apply! Enjoy your success!
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