Sales Process

(Text, images, some expressions were taken from internet - different sources)

Preparation & Research

• Understand the complete scope of your product, uniqueness of your company services, etc.
• Research competitors in your market, the most common problems experienced by your ideal customers, and the product / service benefits directly or indirectly addressing these problems.
• Create unique value proposition and competitive advantage you have to believe in it - to be able to sell it in the way that customer understands it's profit and value.

Prospecting

• The problem: Finding people to buy is one thing – engaging them is another.
• Leads: Potential customers who’ve expressed interest in your company through specific behaviours like visiting your website, subscribing to a blog, or downloading an eBook.
• Prospects: Leads turn into prospects if they’re qualified as potential customers. In other words, they align with your ideal customer profile. Prospects can also be classified as potential customers who have limited to no interaction with your company, but they wouldn’t be considered a lead.
• Regardless of whether a potential customer is a lead or a prospect, the end goal remains the same: Nurture these individuals until they purchase your product or service.|? Needs Assessment

Needs Assessment

Anytime Sales person is talking with a prospect for the first time, whether it’s in person, over the phone or through digital tools, this provides an incredible opportunity to dive deeper into their current situation. The goal is to determine what Client's real needs are and whether or not it’s a good fit.

During this step of the sales process Sales Manager is able to create a custom tailored solution for the customer that will increase the likelihood of closing the deal. Sales reps need to utilize their selling skills, like active listening, body language, empathy, and tonality.

Sales professionals need to be aware that 93% of a person’s judgment of them will be a result of non-verbal inputs like body language .

To break this down further, 55% of a salesperson’s communication effectiveness comes from their body language, and 38% comes from their tone of voice during the conversation. This leaves just 7% of communication effectiveness coming from the words that are actually spoken.

Pitch & Presentation

• The pitch is the component of the sales process where a Sales rep articulates the unique value of your product or service to the customer.
• Your unique value prop is what the customer will experience as a result of purchasing your solution. It’s what sets your company apart from all competitors on the market you haven’t established trust and credibility, it’s going to be evident when trying to give your pitch.
• The reason you want to get invited inside is because the home is a “comfort space” for the buyer. This helps them to let their guard down and share information more freely. If someone on your team is struggling in this area, work with them on how they’re setting the hook at the door.

Objection Handling

Sales Manager is also facing and dealing with objection. It’s often presents one of the greatest challenges for salespeople.

Reluctance, objections, complaints and outright rejection are so common in sales that any rep lacking grit and perseverance will soon be off the pavement.

The most frequently heard objections and how to handle:

• I’m not ready to make a decision yet.

“What can I do to help you make a decision? Our product addresses your pain points, and the longer you go without, the longer your problems will persist.”

• I need to think about it.

“I agree you need to consider all the options before making a final decision. And I also know that you want this product because it does everything you’ve said that you need. We both know with certainty that it is the product you and your organization need today. Let’s just get you what you want and need.”

• It is too expensive

“This may be a little more than you wanted to spend initially, and there are cheaper solutions out there. Cost is very important to consider, ?but it’s also important to consider product value. What is this solutions worth to you? Will it improve your business? You will see an ROI when you purchase our product.”

To overcome objections effectively, practice empathy and routinely place yourself in the situation from the customer’s point of view. When responding, utilize sales psychologies like the six principles of persuasion .

Closing

This often involves sending a proposal outlining the tailored solution being offered.

It could also include further negotiations pertaining to specific terms in the agreement. Another common occurrence is needing signatures from all decision makers in the household. Obviously, this task won’t always prove fruitful.

If a sales rep fails to obtain the required signatures, you need to establish a follow up plan. This is one of the largest screw-ups by salespeople. 48% of sales reps will never even make a single follow up attempt , despite the fact that 80% of sales require a minimum of 5 follow-up attempts.

Follow-Ups, Repeat Business & Refferals

Paying customers are extremely valuable to your business. They represent great candidates to up-sell and cross-sell to, and generate repeat business more easily. HBR found that loyal customers are worth 10 times more than their first purchase, and 50% easier to sell compared to new customers.

In order to generate additional revenue from these high-value targets, you need to maintain a superb customer relationship. These people should be nurtured and informed about new information pertaining to your company. The one “absolute must-do” is to ask for referrals.

Referrals are the highest converting, cheapest lead source . 91% of customers are willing to provide a referral, yet only 11% of salespeople actually ask for one. You’re wasting opportunities and losing revenue by not requiring your sales team to ask for referrals.

Build, Automate & Unleash Your Sales Stack

Don’t expect to get very far if you haven’t upgraded the sales platform your team used 20 years ago, no matter how well-designed your sales process is. Technology is rapidly advancing on many fronts, including everything from CRM to big data, cloud and AI. An extremely important component of your sales process is the tools your team utilizes on a daily basis.

As technology advances, modifications need to occur. You have to equip your sales reps with the tools they need to succeed , especially since productivity is an ever-growing concern. By neglecting the tools your team needs, you’re just making their job more difficult, decreasing their productivity and efficiency, and reducing your profitability.