If you do not clearly understand the steps to complete a sale for your business, then your sales activities become a series of unrelated events that cannot be managed, improved or taught.
The foundation of your sales program is based on understanding:
Product market strategy: What product do you intend to sell to what target market? What is the split between new logo acquisition sales and growing share of wallet of current customers?
Go-to-Market plan: How do you intend to execute your product market strategy?
Sales process: The specific steps to complete a sale for your industry / business
There are somewhere between 4 and 7 key steps to complete any business-to-business sale (large or small). You need to map out these steps if you want to improve sales execution and scale your sales team.
We have provided the following generic sales process for your review. You can download this tool from www.inthefunnel.com and easily customize as needed for your business.
In the Funnel – Sales Process
Generate a Lead
Objective – To identify a qualified new business lead for your company
Objective – To develop a qualified sales opportunity for your company from a new business lead; To understand the business problem your Prospect is trying to solve; To understand the Prospect’s buying process (separate from your sales process). This includes understanding: Their decision Process, the buying influences involved in the decision, how they measure the business case or ROI to solve this problem – how they cost justify the investment.
Objective – To (better) understand what business problem the Prospect is trying to solve and the specific implications to their business of not solving this problem; To develop a solution and value proposition that is compelling to all buying influencers involved in the decision; To clarify for you and your Prospect: Why should they work with your company? Why now?
Objective – to present a solution that: Solves the Prospect’s business problem; Has a positive return on investment (or meets the hurdle rate for business cases in their firm); Is compelling to ALL buying influences involved.
Objective – to close a new sale for your company.
Make no mistake, mapping out the sales process for your business is the responsibility of executive / sales leadership NOT the sales team. Their job is to execute against the sales process once it is institutionalized.
If you do not understand the steps to complete a sale for your business (sales process), then your sales activities become a series of unrelated events that cannot be managed, improved or taught.