Can a Sales Process Help? How do prospects handle the decision to purchase your product or service? Does a single decision-‐maker find a product and buy on the spot, or does s/he go through many steps and approvals first? Perhaps there are multiple departments involved in the decision, each with its own needs? A sales process is a defined series of steps you follow as you guide prospects from initial contact to purchase. It begins when you first identify a new prospect. Here’s an example: Step 1
Step 2
Step 3
step 4
A prospect responds to a campaign & requests information
A sales rep calls the prospect to explain your product
In-‐person meeting Your team submits & product demo a proposal
step 5 Prospect signs an agreement & makes first payment
A documented sales process is a flowchart that explains Each distinct step a prospect takes Knowledge the prospect needs to move to the next step Literature & tools you can provide to help the prospect move forward Length of time a prospect needs at each step Conversion rates: the percentage of prospects that move from one step to the next With a documented sales process, you have a powerful tool that enables you to Sell more efficiently Generate more accurate sales and revenue reports Estimate the revenue and return on investment (ROI) of your marketing campaigns See which stages take the most time and find ways to move prospects forward Create better literature and tools Improve your campaigns Minimize the amount of time your reps spend on estimates and forecasts If you’re already in business, you probably have a sales process even if you haven’t documented it.
Summary EXERCISE SUMMARY
When to Address
If you’re taking a new product or service to market If you’re focused on improving your selling effectiveness to increase revenue
Sales Process Can a Sales Process Help?
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Who Should Participate Where to Use the Results
Business leaders: company founders, owners, presidents and vice presidents Marketing and sales leaders Use them to determine the specific areas of your selling process to improve.
With a precise & well-‐defined selling process, you improve your revenue forecasting, sales management, sales efficiency, sales tools & literature effectiveness and market Why it’s Important share growth rate. Your sales management and sales tools & literature are tied directly to your sales What Builds Upon it process. Timeframe to Completion Potential Business Impact
15 to 30 minutes
Medium
Deliverable
You’ll estimate your current selling effectiveness and outline the areas needing improvement.
Next Steps
Define your sales process.
Target Completion Date
PARTICIPANTS Sales Process Can a Sales Process Help?
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PARTICIPANTS TASKS
PERSON RESPONSIBLE
DUE DATE
Notes
Sales Process Can a Sales Process Help?
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Can a Sales Process Help?
What to Complete
1. DETERMINE YOUR CURRENT SELLING EFFECTIVENESS
Where it Fits in Sales Process Determine Your Current Selling Effectiveness Define Your Customers’ Buying Process Determine Sales Tools & Literature to Deliver at Each Step Define Measurement Criteria Determine Conversion Criteria Set Revenue and Customer Goals Calculate Pipeline Requirements to Meet Goals Determine Pipeline Data to Track Define Reporting Requirements Diagnose Sales Process Problems Determine Solutions Further Define Qualified Leads
1. DETERMINE YOUR CURRENT SELLING EFFECTIVENESS Does your current selling process match your buyers’ decision-‐making process? Chances are you’re doing some of it effectively, but could further define your process to achieve better results. Answer the following questions to determine whether this subject is relevant and helpful for you. QUESTION
RESPONSE
Do you have a documented sales process? Is your process geared around the buyer’s needs rather than how you prefer to sell?
Yes No N/A Y but could be better
Do you truly understand the buyer’s goals at each step in the process?
Yes No N/A Y but could be better
Sales Process Can a Sales Process Help?
Yes No N/A Y but could be better
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RESPONSE
QUESTION Does each piece of literature and each sales tool deliver the specific information a prospect needs at that particular step? Do you know how many prospects you have at each step and the % of prospects that move forward past that step?
Yes No N/A Y but could be better
If you answered yes to the question above, can you break it down by individual sales rep?
Yes No N/A Y but could be better
Do you need ideas for improving your conversion rates from step to step? Do you successfully recycle the leads that fall out of your pipeline? Do you know how many prospects you need to fill the pipeline each month or quarter in order to meet your revenue goals?
Yes No N/A Y but could be better
Do you need templates for reports to measure your progress?
Yes No N/A Y but could be better
Do you know how efficient your sales reps are?
Yes No N/A Y but could be better
Yes No N/A Y but could be better
Yes No N/A Y but could be better Yes No N/A Y but could be better
Do you know how an additional hour of selling time will impact your revenue goals?
Yes No N/A Y but could be better
If you answered NO or “could be better” to two or more questions, the exercises in Sales Process can help you improve. Continue with the exercises as if you were creating your sales process from scratch. AREAS TO IMPROVE
AREAS THAT ARE EFFECTIVE
Sales Process Can a Sales Process Help?
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After reviewing your current process, how would you rate your current selling effectiveness? Initial ideas
Sales Process Can a Sales Process Help?
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