Sales Process Management

How do customers decides whether to buy or not to buy your products and services. What is the internal process and buying behavior of prospects, is there a single person who takes the decision or there may be hierarchy of people or departments involved to close the deal and each person or department may have their separate needs which must need to be fulfilled.

Your sales process management decides whether you are going to win the deal or lose the deal. There has a different sales process management for B2B and B2C. Organizations must have distinct sales process which determines the steps you follow as you guide prospects from initial contact to purchase.

01

Determine How Your Prospect Buy

List the steps you think prospects logically take from the time they recognize a problem to the time they purchase a solution. Talk with customers or ask your sales reps for more insight. Figure out what steps they take, what they need to know at each step and how you can deliver that information most effectively.

02

Create Your Sales Process

Your sales processes are also influenced by your positioning, brand strategy and pricing. Your brand personality should be evident at each step in the process. For example, if you’re delivering a luxury experience, don’t use pushy and aggressive sales tactics, and don’t use price discounts to convert prospects to customers.

Improve your process to maximize revenue

When you have a defined process, it’s easier to test ideas for improving results. For example, you can:-

 

  • Identify spots where prospects get “stuck” in the process and try new materials or messages to help them move forward
  • Measure how well different reps convert at each step and help those that aren’t doing as well
  • See how leads from different marketing campaigns convert and improve your campaigns
  • Create campaigns to “recycle” leads that fall out of the process at various spots

Common sales processes include:

Your sales process begins when you first identify a new prospect or the prospect engages with you

Prospecting

Connect with prospect through cold call or digital campaign.

STEP 1

A prospect responds to a campaign and requests information.

Initial Contact

Connect with prospect once they shown interest for your product or services

STEP 2

A sales rep calls the prospect to explain your product.

Determining the needs

Very important to find out the need whether it is implied or explicit need.

STEP 3

An in-person meeting and product demo take place.

Presenting the offer

once need decides the proposal to be proposed with USP.

STEP 4

A prospect responds to a campaign and requests information.

Competitiveness

Unique way to cut the competition by showcasing the USP

STEP 5

You present your USP and compete with competitors cost to give to present best deal.

Deal Closure

Closing the deal once customer is convinced with your approach.

STEP 6

The prospect signs an agreement and makes first payment.

Few scenarios which describe sales process management?

Best Case: An organization has well designed sales process management that counts the number of good prospects they have at every stage of their sales cycle, the longevity of each prospect in stages and you count the revenue in every stages. The delivering of right information’s to prospects in each step, which helps prospects to make decisions quickly in each stage to move forward to next stage. Now you know the convert ratio of lead to closure and what those leads will be the worth to your organization.
Average Case: Here you may have or may not have a defined sales process. You generally follow the same steps with each prospect starting from generating leads to closure the deal. In this case, closing a deal takes a lot of time. Even you’re strongest and closable prospect bring lot of challenges during closure a deal.
Worst Case: In this case, there has no typical sales process. You provide all the information about your product and services and even after you seem lose control of this prospect. Some prospects may buy from you but you don’t know why other prospects don’t buy.
It’s a tough battle to figure out the no of real prospects you have and what is their worth. The entire sales team is busy in creating manual reports instead of selling, which usually hurts the sales performance and revenue generation. In this case team doesn’t understand what is upsell and cross sell.

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