Stages of Sales Cycle-Explained

Capturing a prospect’s attention and turning it into interest to convert them into your customers is a long process divided into different stages. Clearing each stage is a challenge and as you move ahead, the difficulty level escalates. This game of sales is not easy; to successfully pass through each stage of the sales cycle, you need skills and well-planned strategies. Without the knowledge of each stage and tactics to clear it, moving ahead is impossible. To keep the sales momentum going, you need to push the deals through different stages quickly.

To move the deals through various stages, we need to have a thorough understanding of these stages. For that, let’s pay close attention at six crucial stages of a sales cycle:

Targeting Prospects

Identifying the right prospect is very important; with a perfect target, you can quickly close a deal. You need to define the prospect you are going to approach. The only key to success is knowing what you want and where to dig to get it. You need to search and filter potential prospects who will be interested in your products or services. Once you select your prospects, you need to choose a medium to reach them such as calls, emails or social media. Discover your strengths and approach your prospects with confidence to convince them to enter your sales pipeline.

You can use Salesmate’s Sales pipeline management to manage your leads properly and improve your pipeline performance.

Turning prospects into leads

The only way to convert a potential prospect into the lead is by addressing their issues. You need to determine the needs and wants of your prospects and provide an effective solution. Conduct a rigorous research on the company and identify their business issues. Dedicate yourself to the process rather than thinking about the result- ’’money.’ Work hard; money will flow to you and add to your company’s revenue. Instead of only speaking about your product, speak about their problems, convince them you are here for a solution that will be helpful in growing their business.

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Qualifying the leads

When the lead gets qualified, it assures the sales rep that they are moving in the right direction. Try to put forward some qualifying questions in front of your lead to ensure if he is positive about this deal or you are just wasting your valuable time. In sales, every minute counts, so it is better to leave a deal in the initial stages if it is not positive rather than investing time, taking it forward and then regretting. Qualified leads are the green signal, showing possibilities that this lead might convert into your customer. So, try to be as clear as you can by asking qualifying questions to decide whether you should go forward with the lead or leave it right away at the current stage.

Present offer

Once you qualify a lead, it is time to present a formal proposal with a sales quote. Which is a crucial part of a sales cycle. It should not seem that you are just interested in pulling money. Tailor your sales quote with the solution. The way you present the proposal matters; you are looking forward to a mutual benefit so prepare your proposal accordingly to give them an assurance they are investing in the right solution.

Dealing with objections

Don’t expect a ’’yes’ as soon as you present a sales quote. They will object and negotiate, but it depends on you, how you handle the objection. Keeping your profit and their benefit in mind; you need to deal with the objection and reach a conclusion that is beneficial for both.

Close a sale

Closing a deal is the most difficult stage of a sales cycle. You cannot afford to lose an opportunity after coming this far. You must get that signature by hook or by crook, as you have invested a lot of time and efforts on this deal. Be smart at this stage; you can play a trick by offering them some discount and saying that tomorrow is the last day to avail this offer. This offer trick works in most of the cases, so use it and play it right to win the deal.

’’The harder the struggle, the more glorious the triumph’’- Anonymous

Though this journey of passing through these stages of the sales cycle might seem tough, it isn’t impossible. With efforts and unwavering dedication, you can seal the deal. Tackling these stages gets easier with Salesmate, a high-end customer management and automation tool that augments your sales cycle velocity and helps you to pass the deal through all the stages quickly.