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    SPANCO

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    Shubham Raj
    The document describes the six stages of a typical sales cycle: 1. Suspect stage where potential leads are identified from various sources but it is unknown if they will be interested customers. 2. Prospect stage where some leads from the suspect stage express interest and become prospects that are known to the sales team and worth further interaction. 3. Approach stage where sales representatives meet with prospects virtually or in-person to understand their needs and present product solutions. 4. Negotiation stage which is critical as the customer decides whether to purchase and terms are discussed. 5. Closure stage where the customer agrees to terms and signs an agreement, closing the deal. 6. Order stage where

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    SPANCO

    Uploaded by

    Shubham Raj
    568 views6 pages
    The document describes the six stages of a typical sales cycle: 1. Suspect stage where potential leads are identified from various sources but it is unknown if they will be interested customers. 2. Prospect stage where some leads from the suspect stage express interest and become prospects that are known to the sales team and worth further interaction. 3. Approach stage where sales representatives meet with prospects virtually or in-person to understand their needs and present product solutions. 4. Negotiation stage which is critical as the customer decides whether to purchase and terms are discussed. 5. Closure stage where the customer agrees to terms and signs an agreement, closing the deal. 6. Order stage where

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    The document describes the six stages of a typical sales cycle: 1. Suspect stage where potential leads are identified from various sources but it is unknown if they will be interested customers. 2. Prospect stage where some leads from the suspect stage express interest and become prospects that are known to the sales team and worth further interaction. 3. Approach stage where sales representatives meet with prospects virtually or in-person to understand their needs and present product solutions. 4. Negotiation stage which is critical as the customer decides whether to purchase and terms are discussed. 5. Closure stage where the customer agrees to terms and signs an agreement, closing the deal. 6. Order stage where

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    568 views6 pages

    SPANCO

    Uploaded by

    Shubham Raj
    The document describes the six stages of a typical sales cycle: 1. Suspect stage where potential leads are identified from various sources but it is unknown if they will be interested customers. 2. Prospect stage where some leads from the suspect stage express interest and become prospects that are known to the sales team and worth further interaction. 3. Approach stage where sales representatives meet with prospects virtually or in-person to understand their needs and present product solutions. 4. Negotiation stage which is critical as the customer decides whether to purchase and terms are discussed. 5. Closure stage where the customer agrees to terms and signs an agreement, closing the deal. 6. Order stage where

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 6

    STAGE 1 : SUSPECT

    In this stage, a rundown of leads are recognized who are suspected to be expected clients. In any case, at this phase
    of Sales Cycle, it isn't affirmed whether they are intrigued to purchase the item offered by the Salesperson or not. It
    is only a rundown of leads which has been accumulated from numerous sources like Directories, Mail Opt-in records,
    Networking stages, Referrals, and so forth.

    Suspects are potential clients you know nothing or next to nothing about. They need further research because
    you don’t know if you would like to have them as a client.

    For example, a suspect might be the manufacturing firm on the outskirts of town that no one in your firm has
    contacted nor do they know anyone there. They may or may not fit the profile of an ideal client based on size,
    revenues, or industry. Maybe they’re in an emerging industry niche for the firm.
    STAGE 2 :PROSPECT
    During this stage, a couple of possibilities are distinguished out of the immense rundown of
    Suspects. These possibilities are the potential clients who express their enthusiasm during
    the past Suspecting stage. Prospects are potential clients that you do know something about
    or have had interactions with in the past.

    A prospect could be a similar manufacturing firm that you have proposed on before or where
    someone in the firm knows the CFO or controller.

    For example, Consider that you are offering Software's to a B2B firm. You have been cold pitching
    each lead you had during Suspecting Stage. Allow us to assume, out of 100 calls made, 20 leads
    were seen as intrigued and might want to meet further. At that point those 20 leads are supposed
    to be your Prospects
    STAGE 3 APPROACH
    During this stage, you proceed to meet the customers recognized during the
    Prospecting stage. This gathering can happen either Virtually utilizing telephone and
    video assembles or Physically by conference face to face. In this stage, the sales rep
    attempts to recognize the customer's prerequisites, break down them, perform lead
    capability and dependent on that, attempts to introduce an answer from their
    contributions. This occurs more than a few days with different gatherings each for
    Need Identification, Sales Presentations, and so on.

    Premium approach:- Presenting your potential client with a gift at the beginning of your
    interaction

    Question approach:- Asking a question to get the prospect interested.

    Product approach:- Giving the prospect a sample or a free trial to review and evaluate
    your service.
    STAGE 4 NEGOTIATION
    This is one of the most significant phase of the business cycle since this can either represent the
    moment of truth deals bargain. This stage would choose whether the customer would purchase
    from you or not. This stage includes exchange with the customers on the estimating part of the
    arrangement and its related terms and conditions. During this stage, you ought to exhibit the
    estimation of your item to be more than what the client is going to pay. This is typically done
    utilizing numerous strategies like "Asset report Comparison strategy" for contrasting the
    evaluating with deference with your rival; "TCO" technique, wherein you will in general clarify
    the Total Cost of Ownership of your item over a given timeframe to the customer and clarify
    how it would profit more than the cost he would pay at present.

    It is a two-way process where the considerations and budgets are put on table for a fair
    understanding.
    Here the pricing takes place, where the sales people need to be careful. Here it all
    depends how you check your target, profit margin and customer. Hence the negotiation
    happens on mutual understanding of both the parties.
    STAGE 5 CLOSURE
    Now of deals cycle, the Client would consent to the terms and states of the
    arrangement or agreement. The Deal would be viewed as "Close", when the client
    would sign on the agreement and would finish all the vital conventions for giving a
    buy request to you.

    After negotiation it comes the point of closing the deal. Here the sales man needs to
    agree with the terms and conditions including price. After in agree with the party the
    deal is said to be closed. The order gets finalized and all negotiations get completed by
    this stage .The sales person needs to explain to the customer all terms and conditions
    of the deal and after obtaining consent from the customer the deal is complete.
    STAGE 6 ORDER
    This is the last phase of the business cycle, wherein the Client would give the buy
    request and Order satisfaction is finished. When a Purchase Order (PO) is given, the
    salesman needs to hand over the PO to the concerned Operations Department or
    Fulfillment or Delivery Team which would convey it forward. The customer's
    obligation is moved to the Delivery Team. This denotes the finish of the business
    cycle for that specific arrangement.

    Here the Purchase order comes into picture. Sales people need to pick the order from
    the party by agreeing on the terms and conditions (Payment, Delivery). After picking
    the order they need to be on their ethics to meet customer's expectations.
    The feedback form is taken from the customer so to assess whether the customer
    expectations have been met or not . The purchase department also can contact the
    customer incase of repeat orders .

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