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Beginners guide to sales cycle management
Beginners guide to sales cycle management
Being in the business, a smart entrepreneur is well aware of the baby steps up to a sale. Every sale, no matter how small or big can make or break a business. You must understand how to ride that cycle that leads to a smooth sale. Towards this end, this article highlights the best possible ways to identify every important stage in your cycle, how to perfect them, analyze all the do’s and don’ts and some highly unique tips and tricks!
1. Bring Out the Detective In You: Sales Prospecting
The sales cycle starts with an interesting activity. You need to put your best researcher foot forward. Dig deep into sources for the best prospective customers for your product or services. Make a list containing all their details. Identifying your perfect client leads gives a solid start to the business. Along with the process of identification, there must be a clear roadmap set for approaching potential clients. Proceed with some care as your tactic should seem to be too neither invasive nor too casual.
2. Do Your Potential Clients Qualify To Buy?
The next important step is to gauge how prepared are your clients to make a purchase. Before you discover that you wasted hours on a customer who can not afford to invest in your products or services, this step ensures you from such risks. Scrutinizing the client’s profile gives one a fair idea of how capable they are to afford your product. Add to this a few questions, and you are good to go. There is a methodology built for this precise purpose called the BANT- that sets out questions to gauge the client’s budget, the authority to approve a purchase, whether your products and services address all their needs and whether the time is a factor in their purchase.
3. Time To Put Your List To Use: Association
Next step is to contact the potential clients. It is not always advisable to call directly. You can begin with a polite text message or a message on their social media. This step aims to identify where in their buying journey is the potential client currently at and to progressively guide them from there to your actual paying clients. By engaging in conversation, you have already crossed a major impediment. From hereon, try and formulate the needs of the client and see how your product and service can best address those needs at an optimum rate for both the company and the client.
4. Put Your Best Pitch Forward
It is now the time for you to present the best picture of your company- what your company can and will do in giving a great purchasing experience to your client. Many companies have readymade presentations that offer their clients a clear picture of the benefits they can derive from their products and services. This is a good strategy to which one more feature may be added. The presentations can be tweaked wherever possible to fit in neatly the prospective client’s needs and requirements to gain a certain psychological advantage since the client will relate to the presentation and will also be aware that the company can go an extra mile in ensuring personal care and attention.
5. Tackling Objections Or Making A Proposal
Once it seems apparent that your client is willing to go for a demonstration of your product or service or some other clear indication, you can confidently go ahead and make an offer.
Objections must be dealt with in a very rational manner. At every setback in a sale, putting yourself in the shoes of the client must be your go-to strategy as this helps you to not only lose your cool but also get a different perspective. Too much convincing or losing your cool doesn’t get you anywhere. Try and convince how your product or service meets the client’s need in the best way possible. But if there is no way out of a tough negotiation, some cooling off period may help often in reaching the desired result.
6. Closing The Sale
This last part requires a bit of preparation on your part. All the paperwork required to close a sale must be ready and at hand to avoid unnecessary delays. You need to guide your client as to how the sale will come through and details about the delivery of the product, assembling if required, delivery of the service etc. must be set out in detail to reflect proficiency in your work. At the time of closing, you may also ask your client to refer your company to their friends.
7. Follow-Up
The closing of a sale does not necessarily mean the end of your business. Providing the best post-sale services keeps your clients engaged. Maintaining your existing clientele is the key to a successful business as this proves to be a huge time and cost saver. Keeping in touch with the clients and being concerned with whether they are facing any issues with the product or service shows the business’ concern towards the client and keeps them coming back.
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