In any organization, from a cafe in the corner to the multinational software company, sales determine the success of the product or service. Regardless of the product or service, your organization sells, or money spent on marketing, the primary goal remains to increase the revenue for the organization.
A sales process helps you manage your sales operations. It helps you understand your numbers, it gives you insight on how it was achieved or not. A sales process helps you achieve results consistently. Achieving your results is an outcome of doing the right things right – and this is where your sales process helps. If you miss out on possible sales and have no clear sales process, you do not really know where it went wrong and, consequently, what to correct or improve.
Sales process broadly follows the below-listed stages:
- Qualifying Leads: Being the first and most important step, it is important to find clients who would need the product and identify decision makers. This involves research on LinkedIn, websites, referrals and other channels. This is a vital part and it is a part of the daily process.
- Understanding the need: Initiating contact leads to gather information and judge their worthiness for moving forward. This will help you determine why is there a need for a particular product or service for a particular business.
- Presenting the value proposition: This is a stage where product capabilities are discussed at length and understanding the need of the potential client and how the product can fit his needs in a way as to solve an issue. This will help in good preparation for the next stage.
- Demonstration of product: This is the stage where a formal presentation or demonstration of what is being sold. It is time-consuming, so it is generally offered to a qualified client. This should be tailor-made to meet the unique use case that fits the potential client.
- Sending Proposal: This is absolutely critical. The key to the great proposal is understanding what is going on in the world of prospect and about what the client is really looking to accomplish. The proposal should create massive value in the eyes of the prospect.
- Deal closure: If the prior steps have gone well and issues are addressed, the client will be interested in closing the deal. There are times when the client is unsure about signing a big order. This is understandable given that they may have not used your product or service before. In this situation use of certain closing techniques will help deal closure. We will discuss this in one of the upcoming blogs.
Profitable sales pipeline management is about focusing on those conversations that are most likely to close. This means only those that fall within your sales cycle. Persistence is a great quality, but a focused effort is really what makes money.
However, No company is exempt from challenges implementing or following the sales process. Even the best performing companies face obstacles in developing a relationship with prospects and effectively communicating with clients.
What sets successful companies apart is their ability to strategically overcome these sales challenges. How exactly can you do so in today’s changing sales landscape?
Process Automation: With a powerful CRM Platform, you can automate and optimize the sales process. It will help the sales team speed up the process and improve inter departmental co-ordination. For instance, better coordination between marketing and sales results in regular lead quality audits, follow ups.
Understanding Numbers: In order to maximize performance, we need to understand the numbers that impact performance and success over time. Making data quality a priority in sales CRM with its history and reliable statistics will help them better predict future results and prevent losses. It is very important that everything a sales department does is tracked and measured.
Maximizing Revenue: Once business have a robust CRM platform with access to relevant data, business can optimize it to maximize revenues. Some of the ways of making a solid, custom CRM solution into revenue-generation machine tool:
- Understanding buying behaviour
- Identifying lead source
- sales forecasting
- Customer service and communication
What are your thoughts on the sales process and CRM functions on being the new revenue generation tool? Please share in comments below.
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