Sales Process
The fundamental job of a sales team is to successfully manage a greater number of larger deals in less time. A sales process is a systematic approach for doing that.
Managing the sales cycle can result in 50% higher conversion rate than average
Companies that deploy a formal sales process close up to 50% more deals, have shorter sales cycles and generate twice the revenue per head, compared to the mean.
A sales cycle typically involves identifying prospects, qualifying them, identifying needs, making an offer, getting a yes or a no and following up.
It is best practice to base the sales process on customers' buying process, defining the work flows an opportunity needs to adhere to, and managing the process of moving an opportunity from one stage to the next.
Define sales stages clearly
When defining your sales cycle and stages, think what steps need to be completed before a sale is made. Describe the most common way of getting customers, often referred to as sales pipeline or funnel.
For example: Idea › Qualified lead › Meeting agreed › Needs mapped › Proposal presented › Verbal yes › Agreement signed.
Although businesses and sales environments are different, the sales cycle doesn't vary a great deal.
How to best manage the sales process?
Smaller teams with few prospects can easily manage sales with a text document or spreadsheet. Larger teams should definitely invest in affordable sales pipeline management software such as Pipedrive.
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