What is sales cycle?
Firstly, sales are the number of products and services that are sold regularly in the given time interval. So, the sales cycle is a complete process that a business undergoes when selling something to a customer. Every marketer has his way of selling. The sales cycle includes starting up a business from scratch from nothing to closing a deal with a great return, from contacting a client to getting high- profile prospects, etc.
Why is sales cycle important?
For every marketer, mapping a sale cycle is vital. The efficiency of the sales leads can be improved with the sales cycle. The sales cycle says how well is the organization working and how well is it designated. It clearly shows up our mistakes, where we are lacking and where are we gaining. It helps in clear communication between everything and everyone. The sales cycle helps inaccurate forecasting and results in increased revenue. With the help of the sales cycle, more productive work can be done without wasting time at a single stage.
Stages of sales cycle
Prospect : Identifying potential prospects is the very first stage in the sales cycle. Searching for potential clients, collecting demographic data, and then create high-profiles of the customer. In this stage, a database is being developed to systematically communicate with the customers to make them as current customers. The right prospecting creates a pipeline of customers.
Prepare : Prepare potential prospects of the customers with all the relevant data and with enough information about them to form a high profile, so that the upcoming customers become current customers.
Approach : Make a customized approach for the prospect. Map out well in such a way that, you are sure that the customer buys a product or service. Keep up with the record on the repeating questions of the customers and say it beforehand to the upcoming customers, so that they get some hopes even before they doubt on the product or service.
Present : One of the core stages of a sales cycle is presentation. When compared to the other stages of the sales cycle, the process of presentation is time-consuming. For a purchase to come up to us, it depends on how well we present a sale to them. Because a customer comes to us for a solution for exactly what he needs.
Handle objections : On a positive note, objections are good. It is as good as we know a customer’s concerns even before the customer changes his mind or at least before the closing of the purchase. It tells us that the customer is kind of interested in what is being offered, but just with some wanted clarifications in him.
Close : All set. Once we know we are done with the presentations, answered all the questions of the customer, handled all the objections, it's time for a purchase to come up to us. Here are the 8 Insider Tips for Closing More B2B Sales. The customer should feel exactly what he needs.
Follow up : One of the most important stages in the process of the sales cycle is, FOLLOW UP. At the time of concentrating on the upcoming customers, we tend to forget about the current customers with inner confidence, thinking that they never drop off.
This is where a mistake happens. Due to this, the chances of losing the current customers and even some of the upcoming customers may happen. This tells us that follow up on existing customers is also important for a business to go in a flow. So a standardized sales process will always remind us of the follow-ups that we need to keep up with the sales chain.
Refer and Repeat
Sometimes or most of the time, referrals also play an important role. Asking for referrals right after closing is significant. It is so obvious that new customers are always excited about the new purchases and in no time they, for sure, recommend others.
Everything depends on the way of selling it to them and also not letting them down after the purchases and instead follow up them. When you know your sales are purchased at the moment, implement the same and repeat it again and also never forget to upgrade in the sales process with new strategies.
Different sales strategies that can improve your results
Start having some real conversations with the customers. At the moment, you have them in your hands. Gain trust with prospects and customers emphasize on their needs first. Finally, you need to get the purchases done by the customers. More than you speak listen first. A good listener is always a good speaker. Then collect all the relevant data from them. Enhance relationships in those loyal customers.