Follow the Sales Cycle (Video)

This video is from the Strategies for Hitting Sales Targets online training course. Click here to view full course: https://www.knowledgecity.com/en/libr… The sales cycle is a set of different stages with the overall goal of converting a prospect into a customer. The stages can vary depending on the industry, the product or service you’re selling, and the sales model you use. But a typical sales cycle has these phases, Prospecting, contacting, qualifying, presenting, handling objections, closing and follow up. Let’s explore each of these stages. The initial prospecting stage involves identifying potential customers who may have a need or interest in what you’re offering. You can conduct prospecting through market research, networking events, social media or referrals. The goal is to create a list of potential leads to target in the sales process. Once you identify your prospects, the next step is to make contact. You can reach out through email, phone calls, or in person meetings. The objective is to establish a connection and begin talking about the prospect’s needs and how your product can meet those needs. Not all prospects will be a good fit for your product or service. Qualifying means assessing whether a prospect has the potential to become a customer. Base your determination on criteria like their needs, their ability to make a purchase decision, and their budget. This stage lets you focus your efforts on the leads that are most likely to become sales. In the presenting phase, you’ll present your product or service to the qualified prospect, highlight its benefits and how it addresses the prospect’s specific needs and challenges. A presentation can take various forms such as a demonstration, a proposal, or a detailed discussion. Make sure to respect their time and tailor it to their interests. It’s common for prospects to have questions or concerns during the sales process. The next stage involves addressing these objections, providing additional information, and clarifying any doubts the prospect may have. This information will inform their purchasing decision and settling any anxieties they have will help you close the sale. The closing stage is the point at which you finalize the sale. Making payment arrangements is a major part of closing a deal, but it can also include negotiating any terms and finalizing contracts. Closing techniques can vary, but the aim is to secure a commitment from the prospect to make the purchase. This is the point where the prospect becomes a customer. After the sale has been made, follow up with the customer to make sure they’re satisfied, address any issues or concerns, and maintain a relationship for future sales opportunities. More examples of follow up are asking a customer for referrals, seeking testimonials, or offering after sales support. So why is it important to understand the sales cycle? Knowing the different stages gives you a structured approach to sales. You can systematically address each phase of the customer’s journey. This structure helps in identifying bottlenecks or challenges in the sales process and developing strategies to overcome them. Businesses can also more effectively train and equip their sales teams, using the sales cycle as a guide. As employees tailor their sales and marketing efforts to different stages of the cycle, they increase their chances of closing more deals. The sales cycle also helps to forecast sales and efficiently manage your resources. Analyzing the sales cycle length and conversion rates at each stage allows you to predict sales outcomes more accurately. With better forecasting, you can plan your inventory, allocate your marketing and sales resources, and set realistic sales targets. In practice, you can make the most of the sales cycle by continuously monitoring and optimizing your strategies. Regularly review your approach to each stage of the cycle and look for ways to improve your engagement with prospects. Enhance your product presentations and streamline the closing process. Collect feedback from customers and analyze sales data for insights into how you can refine and optimize the way you use the sales cycle. The sales cycle is a template that can guide you in selling your product or service. Understanding and effectively managing the sales cycle builds stronger relationships with customers. Boost your efficiency and ability with sales by adopting the sales cycle approach. https://www.knowledgecity.com | Online Employee Training Platform. KnowledgeCity offers 35,000+ online video tutorials in Business, Technology, Safety, Compliance, and Finance. Subscribe to our YouTube Channel: http://bit.ly/2gcNXRH Check our Blog https://goo.gl/q47XKK Connect with KnowledgeCity! Twitter https://goo.gl/wToC6s Facebook https://goo.gl/3eMEq9 LinkedIn https://goo.gl/vg1aXt