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sales cycle is a series of predictable phases required to sell a product or a service. Sales cycle can vary greatly among organizations, products and services. However, identifying the key steps and stages of sales improves sales efficiency, helps sales reps sell more, and speed up the process of on-boarding new sales hires.<br>
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Contact Us: M: +91 9611 171 345 Sales cycle is the course of time between the initial contact being made with a customer, the identification of services or goods to be procured, the acceptance of the intended purchase, and the transaction that completes the sale. In simple words, the sales cycle is a series of predictable phases required to sell a product or a service. Sales cycle can vary greatly among organizations, products and services. However, identifying the key steps and stages of sales improves sales efficiency, helps sales reps sell more, and speed up the process of on-boarding new sales hires. No matter what you’re selling, every sale follows roughly the same pattern. It’s a rare sale that doesn’t include each of these steps in one form or another. Often salespeople don’t think of certain stages as being different events – for example, qualifying often happens as part of the cold call, the sales presentation or both, but each of these stages is in fact, necessary to advance the sales process. Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 Various Stages of Sales Cycle 1. Prospect for Leads Prospecting refers to the process of finding new potential customers. Your company might take care of the first part of this process by giving you lead lists to work with, or you might be responsible for finding leads yourself. In the prospective stage you need to keep a check on how you are different from others in the market. Prospecting your customers can lead to lead generation. 2. Set an Appointment It’s time to use those leads you collected in stage one. Many salespeople prefer to cold call, send email, use social media or even mail out sales letters, according to their preferences. You may use any method to set appointments and get connected. In this stage you do not seem like you are giving your full sales pitch but you try to connect with your potential customers in the hope of a formal contact. Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 3. Qualify the Prospect The idea is to confirm that your prospect is both able and potentially willing to buy your product. The qualification of the prospect has sub stages of qualification like – authority to make a purchase, need for the product or service, budget etc. 4. Make Your Presentation The presentation is the core of every sales cycle, and it’s probably where you’ll invest the most preparation time. Keep in mind that you’re not just selling your product. You are also selling yourself as a person to trust. Your mannerisms, body language, confidence in your voice(if its an online demo) and appearance can also influence your sale. 5. Address the Prospect’s Objections Here’s where you get to deal with your prospect’s concerns. Objections can actually be a positive sign, as it means that your prospect is at least considering buying or he wouldn’t be bothering to work out the potential problems. Though their objections may be about various factors like price, terms or previous conversation etc, be patient to listen to them and try to overcome the objections. Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 6. Close the Sale Once you’ve made your presentation and answered your prospect’s questions and objections, it’s time for the sale. Now there can be a stage of negotiation. But if a sale isn’t closed that doesn’t mean it’s the end of sale, forever. 7. Generate referrals Right after the cycle for sales, you can go along with generating referrals. You can ask your customers to refer any of their friends, family members or colleagues who can be benefited with the product or service. Or you can also ask referrals once your business relationship grows also. Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 Importance of Sales stages for the business 1. Provides overall outlook of the sales process and helps them walk through the path. 2. Helps you to prioritize leads based on their interest and need. 3. Provides clarity and visibility of performance 4. Increases the efficiency of your sales reps 5. Creates inter-departmental communication 6. Helps for long-term results 7. Maintains forecasting accuracy 8. Provides predictability of sales and revenue. 9. Better customer experience 10. Increases follow-ups Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 Improve sales cycle for your business 1. Automation The best online sales CRM will let you automate the sales management that includes – ■ Adding customer contacts ■ Auto assignment of issues ■ Auto notification for leads and follow-up activities ■ Lead nurturing ■ Quotation creation ■ Reports and MIS 2. Contact details Sales pipeline stages starts with a good lead generation rate. With an online CRM software, we can easily store all our contact and lead details in an integrated database. These details can be accessed anywhere and anytime by our sales team to connect and follow-up with our prospective leads and clients. Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 3. Sales tracking The sales tracking system is indeed a boon for the business as it ensures the smooth functioning of the sales process. The best sales CRM software like SalesBabu CRM software provides sales forecasting features and functionalities like – ■ Internally calculates lead source, number of total leads, number of leads closed etc. ■ Helps decision makers, managers and supervisors to review sales trends which may work for the betterment of their business. ■ MIS generates various reports and charts for the sales and marketing teams to work together efficiently. 4. Task management Without a good task management system, it may lead to a mismanaged sales process. It may end up missing out most of the prospective clients or customers. The functionalities of a task management system are – ■ Creation of follow-up activities ■ Reminder alert ■ Availability of pending activity ■ Maintenance of notes and remarks ■ “Save some clicks” option Website: www.salesbabu.com Email: sales@salesbabu.com
Contact Us: M: +91 9611 171 345 Thank you for Visiting Us Read More Improve your Business Profitability Customer Service: How to Win Back Lost Customers Inventory Tracking Software Grow Your Business ➢ ➢ ➢ ➢ Our Address SalesBabu Business Solutions Pvt. Ltd. No.38/11, 3rd Cross, G Block, Sahakarnagar, Bangalore – 560092 Tel: +91 9611 171 345 , Mobile: +91 9341 323 571 E-mail: sales@salesbabu.com Website: www.salesbabu.com Copyright Reserved @ 2019 SalesBabu Business Solutions Pvt Ltd.
