Factors for Managing a Sales Process

Prospect Value and Probability

Define key steps in a sales process -

• Initial sales call stage
• Formal presentation stage
• Demonstration stage (if appropriate)
• Proposal stage

The probability of a close at each stage is based on historical data. If historical data is not available, then use similar client campaigns as a basis. Additional data can be supported by collecting industry or competition trends in market research.

Identify what percentage at each stage turned into a closed sale. Moving prospects along each stage will have differing success percentages. Metrics will identify what percentage of prospects after the initial call moved into the proposal stage. Each stage percentage of qualified and motivated prospects should increase. This is referred to as opportunity stage development. It rates the prospect opportunities likely success of a closed sale.

The sales agent’s goal is to move prospects into a qualified lead then into an opportunity. The focus on opportunity development is greater than the prospecting stage.

Examples: Initial sales calls are normally a low percentage, say 10 or 15 percentage on average. Presentations and demonstrations may be around 25 or 30 percent; while proposals should be at 50 percent or higher.
Refer to my sales process outline document for additional information on establishing routine and regular sales activities. The sales process outline further establishes activities for success.

Routine Sales Activity Outline

I. Keys to Relationship Management:

• Regular, Consistent, and Relevant Contact
• Build Rapport - Trust
• Ask For More Business and Referrals
• Maintain Excellent Customer Service

II. Controls & Monitoring:

• Set Goals
• Track Results
• Monitoring & Forecasting

III. Selling Process:

The goal of the activity is to gain new business from prospects and existing clients. The sales process will vary, lasting from several minutes to several months depending on the target market, economic conditions and buying behaviors. Therefore, it is critical to understand the buyer’s motive and provide measurable solutions.

A. Prospecting:

1. Identify qualified candidates (Targets).
2. Set goals to make minimum number of contact connections daily / weekly.
3. Prepare a pre-call outline before making contact. Establish an objective and purpose.
4. Devote minimum standard weekly for phone calls, mailings, etc.

B. Initial Contact:

1. Passive:
(a) Client or Prospect initiates contact.

2. Active (most effective):
(a) Sales Rep initiates contact.

C. Sales Call Preparation (Cold Call):

1. Determine objective and purpose:
(a) Appointment to inform prospect of services and sell self.
(b) Make the sale on the first call or plant seeds for follow up.

2. Do some homework about the prospect:
(a) Research their website is an example.
(b) Identify prospect’s market and product focus.

3. Preemptive activities to consider:
(a) Mail, Email, fax, or phone call.

4. When the initial call is made:
(a) State purpose quickly – 15 seconds.
(b) Get prospect interested by asking open-ended questions.
(c) Make statements that build rapport and confidence – Qualify.
(d) Offer sample solution to existing need or want.

D. Sales Presentation:

1. Maintain enthusiasm and Professional image.
2. Set objectives before meeting:
(a) What do you wish to accomplish?
(b) Take notes.
(c) Identify prospects most immediate needs and goals (Pain Points)
(d) What focus (Product Offering) do you want to exploit?
3. Briefly inform about self and company services (Features).
4. Focus on Benefits (Value Proposition):
(a) “What’s in it for the buyer”?
(b) “Why would they want to buy from you”?
(c) How can you help solve their dilemma or fulfill a certain need?
(d) Offer a solution to a current obstacle.
5. Control the conversation focus, but let the prospect talk.
6. Limit choices and offerings to 3 maximum – Do Not overwhelm!
7. Identify prospect’s decision-making process.
8. Ask For The Business and Referrals. Close The Deal.
9. Follow up - Follow up - Follow up.

E. Handle Objections:

1. Objections can be a signal the process is progressing.
2. Agree and Restate objection:
(a) Offer new information, solutions, and alternatives.
(b) Use empathy – try to understand what the prospect wants.

F. Closing:

1. Recap features and benefits.
2. Restate specific example of how you can meet the prospect’s current need.
3. Ask prospect to summarize their understanding of your offering and how they view benefits.
4. ASK FOR THEIR BUSINESS.
5. Ask for Introductions to other people in key departments:
(a) Inside intelligence for future leads.
6. Ask for referrals when appropriate.

G. Identifying Buyer Readiness:

1. Statements about availability, pricing, features, options, etc.
2. Statements of reassurance.
3. Asking you to repeat something in more detail.

H. Helping the decision to buy:

1. Offer value added benefits:
(a) Auxiliary services, choices, incentives, / discounts, etc.
(b) Reemphasize a current obstacle and the solution you can deliver immediately.
(c) Recap the decision making process.
(d) Ask for their business more than once if necessary.

I. Follow Up & Service:

1. Relationship Building and Relationship Maintenance.
2. Always follow up with a “Thank You.”
2. Maintain Goodwill for repeat business and referrals.
3. Reciprocate with referrals to your clients.
4. Be convenient and personally indispensable.
5. Maintain regular contact and follow up.
6. Value Added Services & Goodwill:
(a) Offer alternate ways to reconnect for questions or assistance.
(b) Send periodical mailings routinely (Keep client’s interests at focus).
(c) Offer immediate assistance to a current problem.

J. Track – Report – Review:

1. CRM Tools:
(a) Salesforce.com or client internal database.
(b) Ensure accurate prospect data in contact list.
(c) Record each sales activity daily.
(d) Accuracy of Leads, Opportunities, Closed Sales, and Dead Ends.
(e) Prepare weekly summary reports:
(1) Client and Program Manager review.
(2) Analyze results and project performance.