An effective sales process begins with an inquiry or a “Marketing” function generated lead for “Sales” to target to follow up on.
As a first step “Sales” must qualify each target as to its potential as an opportunity, so further time and investment can be justified.
Solution benefits, evaluation, proving and commercial steps must then be completed together with ensuring alignment and commitment of key decision makers, before sales contracts can be closed.
The process can be somewhat iterative with many influences that can change the dynamics that support the confidence to move to the final signature & close stage. If each stage is managed well changes that potentially regress the opportunity can be managed efficiently to get it back on track or drop as may be appropriate.
For the Sales person, managing the opportunity, it is critical that buying signals are constantly monitored to ensure the solution is and is remains seen as the best fit by the prospect. Integral withg this is a must to ensure the prospect parties are all well supported to continue their decision process to buy the solution and/or services being proposed.
A key aspect in the services and software process is a successful sale is generally defined by a contract signing. But the reality is the real work only then begins. So successful sales people start thinking from that in the prospect terms from the very start of the sales process. when the lead is first being qualified. This factor or the lack of it is one of 2 things that makes difference between success and failure.
The second is understanding the sales steps of which there 5 basic phases in the cycle. Theses are all logical and benefical to all parties involved in the sale, and work especially effectively when the process is made transperent for collaborattrive efforrt, and also more than often including the prospect.
With this in mind, by completing all steps in each of the 5 phases provides greater probability success not only for the sale but its outcome too. Failure to do so will almost always result in not only loss of the opportunity but loss of valuable sales time.
Sales Phases
(this list in not intended to be ehaustive but covers the key points)
1. Identify Target and qualify as a “Lead”
a. Understand targets business, their objectives and their competitors
b. Speak to target and be involved with appropriate person
c. Understand targets potential solution and competitors to the offered solution
2. Quality Lead to upgrade to “Opportunity”
a. Indentify key sponsors with demonstrated interest in working with us and our partners
b. Indentify they have Quaffed budget, timeline and compelling event
3. Quality Opportunity to add as “Prospect”
a. Indentify Coach sponsor., Power sponsor, economic buyer
b. Prospect validates value ladder
c. Present customized presentation with needs and current pain outlined and aligning problems and solution vision and Indentifying references to client
d. Setup Pricing Trial
e. Indentify key issues for prospect alternatives to reduce competitive advantage
4. Qualify Prospect
a. Strategy to win developed
b. Negotiate proof step and delver plan to customer to confirm proof agreement
c. Reference checked
d. Proposal completed with ROI
e. Legal documents submitted and pricing understood
f. Close plan created
g. Coach sponsor, Power sponsor, economic buyer committed to buy if proof successful
h. Project plan and tech evaluation done
i. Approvals and sign off chain well understood
j. Proofing completed
5. Commit Prospect to close
a. Presentation of proof to management sponsor + champion power sponsor
b. Acknowledged vendor of choice
c. Meet key players and confirm funding and support
d. Final legal negotiations. Objections and pricing if required
e. Dates for signature confirmed
f. Contract signed
g. Implementation complete and reference-able
h. Ongoing Customer service in place
i. Cross sell and upgrade strategy developed
