Having troubles achieving targets? Inefficient Sales Cycle can be the REASON
Many of us ask the question every day, how do I get the prospects to buy faster?
Why don’t the clients respond to my calls, emails and business proposals?
How do I achieve my sales target?
To all the questions, I have just one answer. The answer is to have more accurate data and to pitch in only high quality prospects that are more likely to buy the products. We have mostly seen sales employees focusing too much energy on that one prospect that in the last doesn’t turn up successful.
While persistent calling and pitching is necessary but too many calls to one contact might act as a turn off to the prospect. Continually calling the same person over-and-over again is a problem.
So, there is an immediate need to follow the basic and most important steps of the Sales Cycle. Going hand in hand with the sales cycle will not only reduce the burden but will also help in increasing sales.
Let’s take a deeper look to understand the sales cycle:
Initial Contact: Prospecting for customer requires a lot of R&D; it could be done in many ways. Regardless of what method is used, the better the list for prospect are, the less time it will take them to convert it into clients.
Approach: Once the prospective list is set, it’s time to approach the leads. Approaching can be by different methods as cold calling or mailers. As per the requirements, sales people can also approach the prospect for a face to face meeting.
Identify the Requirements: The prospects can be qualified after identifying there requirements. Once the sales person identifies what the actual requirement of the prospect, it would be easier for them to close the sales in later stages.
Present: After the requirements are jotted down, the prospects can be presented with list of products you have to satisfy his/her needs.
Objections: Sales people should always be ready to hear a NO. In a way, it’s good if the prospect says “Yes, I like it but..”. This is actually a good sign; at least the person is taking interest in your product. And, as we are selling the same set of products over and over again, it gives you a wide idea of all the common questions asked; which in turn help you answer & prepare well.
Closing: This is the most difficult part of the sales cycle. This will define how well you have done the Job. This entirely depends on your rapport with the client and how well you have handled his/her queries. It can be as simple as “Ok, i’ll make the payment by end of the day” or it can go as “We’ll get back to after few days”. The latter has fewer chances of buying the product, though they could be pitched to get a Yes as an answer later.
Lastly, After Sales & Referrals: Once the customer buys your product, don’t just leave it there. Bad services will make them jump to another provider in a month’s time. Make sure a customer is valued and all his/her after sales queries are solved with the same jest as done before the sales.
A loyal customer can also be a good source to get new leads too. Word of mouth still spreads faster than any other new way of promotion. While the customer is all positive about your product, don’t miss the opportunity to ask for referrals of their friends & colleagues.
Following the steps will make the Sales process a lot easier. Taking a shorter route does not always give you the desired results. Instead, take up the listed steps and follow the defined path.
In the end, I would just say; Work Smarter, not Harder.