When you head out on a road trip to a place you haven\u2019t been before, you don\u2019t just hop in your car and start driving in the direction you think you need to go. You pull up a map and follow the steps until you get to your destination safely and efficiently. This is very much like how a sales cycle works, there’s just a custom ‘map’ for each company.<\/p>\n
As such, a sales cycle is like a series of directions for your sales team. This process outlines the steps they need<\/strong> to take from beginning to end in a clearly defined progression to close a deal with a new customer or client.<\/p>\n So, what do you need to know about sales cycles to help your business grow? Today we uncover how the process works, to build upon our recent blog about sales development<\/a>.<\/p>\n <\/p>\n A sales cycle is a set of specific actions your sales reps follow during the selling process that helps them successfully close a deal.<\/p>\n The sales cycle is usually part of a sales methodology<\/a>, but it\u2019s much more based around specific tactics and steps instead of high-level strategy<\/strong>.<\/p>\n <\/p>\n Each stage of the sales cycle might look a little different at each organization. Therefore, you can feel free to customize these steps as needed.<\/p>\n Today we’ll outline the most typical steps that a rep would follow in a sales cycle.<\/p>\n <\/p>\n This initial stage of the sales process is all about lead generation<\/a> \u2013 finding people who are potential customers. They might come in the door through sales or marketing efforts, or through your own research.<\/p>\n Making sure these prospects are qualified leads <\/a>\u00a0is important so no one is wasting time on dead ends.<\/p>\n <\/p>\n In this part of the sales process<\/a>, it\u2019s typically time to talk directly to your potential clients. This could be done via phone call, email, a message on social media, or through an acquaintance or referral partner. Introduce yourself and tell them just enough about the product or service you\u2019re selling to see if they want to learn more.\u00a0<\/strong><\/p>\n At the same time, confirm the information that caused you to reach out to them <\/strong>in the first place, to find out if they really are a good prospect for you.<\/p>\n <\/p>\n Now the prospect is interested, and so are you \u2013 great! Time to set up a discovery call to find out more about their business, their needs, and the pain points you can solve for them.<\/strong> This can be a phone call or in person meeting.<\/p>\n Just be prepared with a solid list of discovery questions, as the information you\u2019ll get in the discovery call should let you know if they\u2019re a good fit for what you\u2019re selling.<\/p>\n <\/p>\n It\u2019s time to present your product or service to the prospect now as a solution to the things you found in your Discovery<\/strong> \u2013 and to the decision-makers at their company as well. After all, it doesn\u2019t matter if your prospect loves it if the people who make the decisions don\u2019t agree or aren’t convinced. Part of a great Discovery is to fully understand your prospect’s process for making a decision.<\/strong><\/p>\n This stage in the sales process may actually consist of multiple presentations to different audiences. Or, it might even involve multiple presentations as you tailor your product or service to your prospect\u2019s needs when learning more about them.<\/p>\n <\/p>\n No sales presentation goes without some questions as your prospects do their due diligence. Your sales reps should be well-trained<\/a> on how to understand and address common objections<\/strong> so they\u2019re not caught off guard.\u00a0 One of the best ways to do this is to role play with him or her.<\/p>\n In overcoming objections, you are actually confirming your customer\u2019s intention to buy from you. The great news is that if you are handling objections your prospect is seriously considering your solution!<\/p>\n <\/p>\n This is the most exciting part of the cycle- you get the new client to sign on the dotted line and purchase your product or service. Usually you\u2019ll draw up a contract, answer any final questions, confirm the final price and make sure you close the deal.<\/p>\n <\/p>\n Once the deal is signed, the sales cycle isn\u2019t quite over. At this point, you should ask for referrals to see if your new client knows anyone else who might be a good fit for your products or services. Even prospects who don\u2019t sign a deal can provide valuable referrals, so asking is important.<\/p>\n <\/p>\n Defining and refining your sales cycle gives your sales reps a clear map to closing a sale. It means they know exactly what they should be doing and when they should be doing it.<\/p>\n But, it also helps <\/strong>sales managers and leaders<\/a> evaluate how full the sales pipeline is and where things are<\/strong> going right \u2013 or wrong \u2013 in the sales process.<\/p>\n Managing your sales cycle closely lets you look at any existing weak points.<\/p>\n Is there one spot in the cycle where you\u2019re losing too many prospects or potential deals?<\/strong><\/p>\n Identifying this weakness can help you work to make improvements and boost your sales team’s results. You can also look at how high performing<\/a> sales reps overcome tricky points<\/strong> in the sales process<\/a> and share those with your whole team, so everyone is more successful.<\/p>\n <\/p>\n Are you wondering about weak spots or holes in your sales cycle, but not sure how to address them? It’s important to strengthen your sales cycle and your whole sales process if you want to get maximum results for your business.<\/p>\n Looking for a way to create a stronger, more strategic sales organization with a solid sales cycle, starting with a sales development team?<\/p>\n That\u2019s where 360 Consulting comes in. We\u2019re your partner and guide through every step of optimizing your sales organization. We’ll help with\u00a0hiring the right people, building the right sales infrastructure like a sales development team, and creating the right sales process<\/strong>\u00a0that closes more deals in less time.<\/p>\nWhat is a Sales Cycle? <\/strong><\/h2>\n
Typical Stages of the Sales Cycle <\/strong><\/h2>\n
Step 1 The Art of Lead Generation<\/h3>\n
Step 2 The Communication with Prospects<\/h3>\n
Step 3 The Discovery Call<\/h3>\n
Step 4 Presenting Your Solution<\/h3>\n
Step 5 The Delicate Matter of Objections<\/h3>\n
Step 6 The Celebration of a New Customer<\/h3>\n
Step 7 The Referrals<\/strong><\/h3>\n
Why You Need a Clearly Defined Sales Cycle <\/strong><\/h2>\n
Designing a Solid Sales Cycle<\/strong><\/h2>\n