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.
If you're having trouble getting your sales team to perform at a higher level, in need of building a sales team & structure for growth, or having trouble recruiting high-performing sales professionals, please schedule a free consultation with me here on my website, or email me at firstname.lastname@example.org.