What is a “formal sales process”?Why is having a standard sales process flow important to your company? With a formal sales process in place, salespeople are 50% more likely to meet quota, based on a survey by the TAS Group. It’s been proven that a formal, repeatable process is one of the “5 Factors of Sales Success”:
- Formal Processes
- Product Knowledge
- Sales Skill Set
Successful salespeople will stick with you longer. In one study, we learned that having the feeling of success breeds loyalty and reduces staff turnover by 39%.
In spite of the obvious advantages of having a formal sales process flow; out of 1,275 B2B companies surveyed by Sales Performance Optimization Study, less than half have a formal sales process. Reflect on your company: do you have a formal sales process plan in place? Are you missing out on new business?
To see what we mean by a formal process, evaluate your current sales practices against our basic 10-Step Sales Process. From there, you will have the foundation to make a decisionon whether your processes are “formal” and if not, some weak areas to focus on immediately.
The 10-Step “Basic” Sales Process–
After given a qualified lead
- Research the prospect’s organization
- Develop a “Coach” who will offer additional understanding into the prospect’s needs and desires
- Request that the “Coach” help you with the initial contact
- For bigger sales opportunities, complete a formal business capture checklist to understand the customer in detail, and develop the appropriate marketing messages (our checklist is 20 items)
- Build rapport in the first meeting with the prospect by talking about their professional passions
- Inquire about their business issues
- Discuss how your company can help satisfy their issues
- Provide appropriate supplemental material about your organization
- Follow-up with a handwritten thank-you note
- Follow-up with the prospect as many times as necessary to close the sale
You know you have the right-fit sales process when a steady flow of target-hitting sales results from your team’s efforts. To get your sales-team on the right track, contact us at 202.742.6639 or visit our schedule to see when the next sales training session is in your area. Sales & Marketing Process Workshops are two days in length and are for executive and management teams.