The sales cycle for most products and services is different, depending on what is being sold. However, some commonalities exist in most sales which are concluded successfully. Here are five common steps in the sales cycle, which you should recognize from your sales efforts:
Uncover customer needs
The first step in the sales process is to discover what your potential customer's needs, goals, or areas of opportunity are. While product and service knowledge are necessary, it is more important to understand where a customer is starting from. When you understand the customer's problems, it is more likely you will either be able to present the correct solution for them, or that you will remain top-of-mind when the time comes for the customer to search for your solution. This may mean being able to have solutions for unrelated, yet common problems of your customers, so that they will view you as the go-to resource for solving all their needs.
Develop a solution
If your firm does have a product or service which can help customers, then the next step is to find the one which does the best job of meeting their needs. This may include adding or removing certain features, making exceptions in guarantees or warranties, changing pricing terms, or other modifications which make your offering the best fit for a customer's needs. Remember, while you may know what a customer needs for their business, the customer still has to approve the solution offered, or no sale will be made.
Present the solution
Presenting the solution should be an easy part of the sales cycle, particularly if you have met with the customer early in the buying process, and been able to develop the right solution which fits their unique situation. However, if one of your competitors has gotten there first, then your task may include identifying why your solution is better than theirs. If you cannot do so credibly, it is much less likely that you will be successful in winning the sale.
Close gaps in understanding
With any solution you offer, there will be some confusion, misunderstanding, or simple disagreement for some customers. Perhaps these are objections, stalls to prevent a decision from being made, or other smokescreens which are designed to gain concessions in negotiations, or other temporary advantages. As a sales professional, you should be prepared with good answers to reassure your customers, and to handle these tactics. On the other hand, if your solution just is not a good fit, then you may need to go back to the first step in the cycle, and try the process again.
Implement the solution, and follow-up
A good solution implementation is where the sale is truly closed, as that is when the deal is completed. Yet, at the same time, many salespeople overlook the important step of following up with the customer, to fix any unresolved issues or concerns. Doing a good job during this stage of the sales cycle can have many benefits, such as subsequent testimonials and referrals, so it is vital that you perform well here.
Put simply, the sales cycle always includes the process of discovering customer needs, developing and then presenting a solution to those needs, eliminating any gaps in offering or understanding, and then implementing and following up well. When you include all five steps as part of your selling efforts, you will be seen as a sales professional who is worthy of making the sale.
