{"id":3163,"date":"2020-05-25T14:02:05","date_gmt":"2020-05-25T19:02:05","guid":{"rendered":"http:\/\/blog.kmbrian.com\/?p=3163"},"modified":"2020-12-04T15:13:28","modified_gmt":"2020-12-04T21:13:28","slug":"sales-cycle-stages","status":"publish","type":"post","link":"http:\/\/kmbrian.com\/blog\/sales-cycle-stages\/","title":{"rendered":"How to Build a Sales Process That Rocks the 7 Stages of the Sales Cycle"},"content":{"rendered":"

No matter what industry you\u2019re in, every business follows the same basic sales stages to close deals<\/a>. Having this process down pat ensures you\u2019ve got a clear and consistent method that nurtures leads into sales.<\/p>\n

A sales cycle is the process that your company undertakes when selling a product or service to a customer. It’s a series of steps that lead to a sale.<\/p>\n

Think of it like meeting someone new. You don’t jump straight into a relationship, right? First, you get to know them, what they like, and their goals. Then, you talk, meet, and work together to see if you\u2019re a match. Only then can your relationship grow. The sales process is similar.<\/p>\n

    \n
  1. Why should I have a sales process?<\/a><\/li>\n
  2. The Seven Stages of the Sales Cycle<\/a><\/li>\n
  3. Best Practices for Creating Your Sales Process<\/a><\/li>\n
  4. How to Improve Your Sales Process<\/a><\/li>\n<\/ol>\n
    <\/div>\n

    Why Should I Have a Sales Cycle Process?<\/h2>\n

    As a salesperson, you probably take great joy in coming up with new ideas and improvising. However, knowing and naming the steps in your sales cycle can make all the difference in your business\u2019s success.<\/p>\n

    There are a few key benefits<\/a> to knowing the steps in your sales cycle. First, you can optimize your team structure to support your sales cycle. For example, if you know your biggest challenge is finding qualified leads, you can put more team time into that stage of the cycle.<\/p>\n

    Secondly, having a sales cycle process makes it easy to onboard new staff. It\u2019s an easy way to see what the short-term and long-term goals are, and how each step in the cycle supports the next.<\/p>\n

    You might also notice places where large amounts of effort are going to waste. Knowing your process lets you eliminate low ROI projects and helps your team focus on the efforts that give you the most results.<\/p>\n

    Finally, you can better pinpoint which steps in the sales cycle need improvement. You might discover that your team is excellent at generating leads but bad at making contact. Because you can pinpoint this, you can now consider offering training on how to write better emails, get past gatekeepers<\/a>, and other obstacles they might face.<\/p>\n

    The Seven Stages of the Sales Cycle<\/h2>\n
      \n
    1. Prospecting<\/a><\/li>\n
    2. Make Contact<\/a><\/li>\n
    3. Qualify your prospect<\/a><\/li>\n
    4. Nurture your prospect<\/a><\/li>\n
    5. Present your offer<\/a><\/li>\n
    6. Overcome objections<\/a><\/li>\n
    7. Close the sale<\/a><\/li>\n<\/ol>\n

      \"\"<\/p>\n

      Let\u2019s break down the seven main stages of the sales cycle: prospecting, making contact, qualifying your lead, nurturing your lead, presenting your offer, overcoming objections, and closing the sale<\/a>. We’ve also included one additional bonus step that can help speed this cycle up.<\/p>\n

      Steps of a Sales Process<\/h2>\n

      #1 \u2013 Prospecting: Find Your Dream Client<\/h3>\n

      Prospecting is the first step in the sales process. In this stage, you might be looking at your target customer profiles, identifying potential clients for contact, and considering the best way to approach them.<\/p>\n

      Don\u2019t rush it! Taking the time to thoroughly research your prospects is the best thing you can do to close more sales.<\/p>\n

      How do you research a sales opportunity? Let\u2019s break this step into three stages:<\/p>\n

      1. Creating and Using an ICP<\/h4>\n

      Start by creating an Ideal Customer Profile (ICP). While you may take it for granted that you know who your ideal customers are, the process of creating an ICP gives you a laser focus and can uncover new insights for your sales campaign.<\/p>\n

      It\u2019s critical to know who you\u2019re contacting and why.<\/p>\n

      At its most basic, your ICP will be a fictional company (based on real data) that:<\/p>\n

        \n
      1. Represents companies who both offer you great value (in terms of revenue, influence, etc.) AND<\/li>\n
      2. Receive great value from you (usually in terms of ROI, improved service, etc.).<\/li>\n<\/ol>\n

        You can get an idea of what goes into an ICP by taking Belkin\u2019s\u00a0online questionnaire<\/a>.<\/p>\n

        2. Identifying Potential Leads<\/h4>\n

        Once you have an ICP to work from, you can begin generating a database of potential leads who match that profile.<\/p>\n

        Finding those companies will depend on your specific requirements, but possibilities include social media (such as LinkedIn) and online databases (such as\u00a0Crunchbase<\/a>).<\/p>\n

        When you find those ideal companies, compile a list of the individual prospects at those companies for your sales team<\/a> to contact and qualify.<\/p>\n

        3. Initial Qualification<\/h4>\n

        Even when working from the best ICP, you\u2019ll still need to qualify your individual prospects. Here\u2019s<\/a> an interview we did on how to qualify prospects\u00a0if you\u2019re curious, but in short, you\u2019ll want to look for four key factors:<\/p>\n