What are the 7 Stages in sales process?
One might imagine some hot-shot salesperson walks up to a guy who seems uninterested in buying anything and then sweet-talks them into purchasing a motorcycle right on the spot. Show
Or maybe a flashy Wall Street stockbroker pulls off a sale worth millions of dollars and celebrates by popping champagne around his cheering colleagues. In reality, selling is a lot more methodical. It's captured in what we refer to as the sales cycle, and it generally includes several recognizable milestones you need to hit in order to close on the prospect. The sales cycle explainedThe sales cycle refers to the process that encompasses everything about selling a product, from identifying a prospect all the way to closing a sale. While the sales cycle can differ depending on the marketing and sales strategy of individual companies, they follow the same general characteristics. The main variation appears to be the start point. Some say it begins with nothing and ends with the sale, others say the cycle doesn't begin until you have a qualified prospect. The stages of the sales cycle (and tips to master them)The sales cycle has seven stages, and each one is vitally important in order to close a sale and then retain the customer, especially in B2B sales. 1. ProspectingIn the phase of prospecting, you identify and then qualify a prospect. You should have a buyer profile that describes what your typical customer looks like and is interested in, which should help you determine whether a potential customer is likely to buy your product or service. This may be your most important step. If you don’t do this correctly, you might waste your time on the next six steps in the cycle on someone who is not likely to buy from you, no matter what. Tips for prospecting
2. ResearchWith a prospect identified, it’s time to research the client to determine what their business looks like and what their needs are. This will help you identify a pitch that will resonate with them and answer any objections that are likely to come up. By researching the company and their needs, they will trust you more as someone who truly understands their business. Tips for researching
3. First contactWith the research done, you can make your first contact with the client. This is not an attempt to close the sale or even to make a full pitch. This call should be relatively conversational and introductory. You should introduce yourself and your company, and talk about matters that interest the client. It’s a good idea to ask a few questions and propose a follow-up call to talk in more detail. Tips for contacting the customer
4. PresentationOnce you have settled on a meeting to make a more serious sales pitch, prepare a presentation that breaks down the client’s problem and how your solution will handle it. The presentation should be heavily focused on the client and not on your product. The purpose of this presentation is to show that you understand the client’s needs and you have a turn-key solution to solve it. Tips for presenting
5. Handling objectionsObjections are likely to come up at some point in your presentation. There’s really no way to avoid them, but you can minimize their impact and even use them to your advantage. Counter them with even more compelling evidence that your product is the right choice. Tips for handling objections
6. ClosingThis is where you attempt to get the buyer to make a purchasing decision. It’s different from the other stages of the sale because you are no longer trying to convince the client that your product will solve their problem; you’re trying to get them to commit to an action. Part of being a good salesman is being an effective closer, so you need to master this part of the sales cycle. Tips for closing
7. Follow-upThings can still go wrong after you close. Your client could change their mind, or they could ditch the product a few months down the road when they decide it isn’t meeting their needs. You need to send a follow-up email or reach out with a phone call to make sure they are enjoying the product, and to step in and fix any problems if they exist. Tips for following up
Should you use a CRM to manage your sales cycle?CRM software (customer relationship management) is vital to any salesperson, for a few key reasons:
You need to start following the sales cycle nowIf you aren’t adhering to the full sales cycle, sales forecasting becomes virtually impossible, and your sales pipeline is going to be a mess. You are leaving money on the table and missing out on potential sales if you aren’t carefully moving customers through the sales cycle. For maximum success, you need to get organized right away and set up your own sales process. Expert-picked business credit cards with rich rewards and perksCash back, travel rewards, 0% intro APR financing: all of these can be great credit card perks for business owners. But how do you find the right business credit card for you? There are tons of offers on the market today, and sifting through them to find the right one can be a big hassle. So we've done the hard work for you. What are the 7 steps in the sales process PPT?7 Step Sales Process PowerPoint Template. Prospecting.. Preparation.. Approach.. Presentation.. Handling Objectives.. Closing.. Follow-Up.. What are the 8 steps of sales?The 8-Step Sales Process. Step 1: Prospecting. Before you can sell anything, you need someone to sell to. ... . Step 2: Connecting. ... . Step 3: Qualifying. ... . Step 4: Demonstrating Value. ... . Step 5: Addressing Objections. ... . Step 6: Closing the Deal. ... . Step 7: Onboarding. ... . Step 8: Following Up.. What are the 10 sales process?10 Steps To Sales Success. Prospecting Stage. ... . Qualifying Stage. ... . Initial Meeting & Needs Discovery Stage. ... . Needs Analysis. ... . Presentation/Product or Service Demo. ... . Proposal/Quotation Presentation. ... . Influencer Approves. ... . Key Decision Maker Or Committee Approves.. What are the 9 steps in sales process?The 9 Step Sales Process. Initial Meeting.. Valuation.. Deal Team.. Buyer & Marketing.. Buyer Pre-Screening.. Buyer/Seller Meeting.. Offer to Purchase.. Due Diligence.. |