3 Ways a Defined Sales Process Will Improve Your Sales Efforts
A 𝘀𝗮𝗹𝗲𝘀 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 is a series of repeatable steps, or stages, a seller guides a potential client through in hopes of closing a deal. While the specific requirements of what needs to occur within each stage are unique for every company, the basic framework consists of the following stages:
𝗤𝘂𝗮𝗹𝗶𝗳𝘆𝗶𝗻𝗴: Where the seller determines if the potential client is ready, willing, & able to buy their offerings.
𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿𝘆: Time spent uncovering the prospect’s goals, challenges, consequences of not addressing those challenges, timeline to accomplish their goals, decision maker(s), & their budget. This is the time to diagnose, not solve!
𝗣𝗿𝗼𝗽𝗼𝘀𝗮𝗹: The seller’s opportunity to present their solution for solving the prospect's needs & fully communicate their value proposition.
𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻: When concerns of the proposal are addressed, negotiated & possibly accommodated to progress the deal to close.
𝗖𝗹𝗼𝘀𝗲: When a contract is signed & the deal is closed.
Below are 𝟯 𝘄𝗮𝘆𝘀 a defined sales process will improve your sales efforts:
𝟭) 𝗛𝗶𝗴𝗵𝗲𝗿 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗼𝗳 𝗣𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝘀: A common issue is when sellers spend too much time on prospects that shouldn’t be considered prospects in the 1st place. Incorporating a clearly defined sales process, where a thorough checklist of factors is utilized to determine if a lead is in fact worth pursuing, will help shorten sales cycles, increase close rates, & maximize your sales team’s efforts.
𝟮) 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝘁𝗵𝗲 𝗣𝗿𝗼𝘀𝗽𝗲𝗰𝘁'𝘀 𝗘𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝘄𝗶𝘁𝗵 𝗬𝗼𝘂𝗿 𝗖𝗼𝗺𝗽𝗮𝗻𝘆: Sellers often jump at the chance to present their offerings to potential customers. But if proper qualifying hasn’t been performed, or if a thorough discovery meeting failed to occur, then it's a waste of the prospect's time. Imagine your doctor communicating that you need a surgery when an acceptable diagnosis procedure never happened. A well-defined sales process will list essential information that needs to be obtained prior to advancing a prospect to the next stage. This will greatly improve the prospect's experience by keeping the process moving efficiently & ensuring their needs are addressed. At the same time, this will increase the likelihood of closing a sale.
𝟯) 𝗜𝗺𝗽𝗿𝗼𝘃𝗲𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁𝗶𝗻𝗴: A defined sales process helps you identify the stages where each deal resides, & with assigned close ratios for each stage, you will have a more accurate estimate of the revenue in your pipeline. This will only improve as close ratios can be adjusted to reflect historical averages.
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