The following step is creating a sales pipeline.
A sales pipeline details each step a potential customer takes while becoming a paying customer.
Organizing the sales process is beneficial for the following reasons:
- It organizes sales leads
- Helps your sales team work efficiently
- Ensures sales reps pursue the most qualified leads
Below, I’ve listed the typical steps a sales pipeline includes!
Prospecting
Prospecting is the initial stage in the sales process where you identify potential customers, or ‘sales leads.’
Typically, prospecting involves the following steps:
- Researching customer contacts
- Reaching out to leads
- Following up with individuals or businesses that have shown interest
Usually, businesses aim to find as many prospects as possible.
Although most prospects won’t convert into paying customers, it’s better to work with a large pool of individuals and discover the qualities your target audience carries.
Lead Qualification
Lead qualification determines whether a prospective customer has the potential and interest to purchase your product or service.
Lead scoring is an excellent tool to utilize while qualifying leads.
With lead scoring, you assign each prospect a numerical value based on how likely they are to convert into a paying customer.
Lead qualification ensures your team pursues the leads who are likeliest to convert!
Meeting or Demo
The next step in the sales process is having a meeting with the potential buyer.
During this meeting, your sales team does the following things:
- Demonstrate how the product or service works
- Explain how the product can solve the prospect’s problems
- Answer questions
- Persuade leads
During the meeting, ensure your sales reps aren’t too pushy, as this can prevent a prospect from purchasing.
Proposal
The proposal stage is when the sales rep provides a detailed proposal to the potential customer, outlining the product’s benefits, pricing, and other relevant information to convince them to buy!
Negotiation
Sometimes, a company can negotiate the price of its products or services depending on the circumstances.
Remember, it’s crucial NOT to negotiate a price point that cuts into your profit margins!
Deal Won/Lost
The final stage of the sales pipeline is whether your sales team wins or loses the deal.
A win is a sale!
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