No matter what your business offers, every sale follows a similar pattern. First, there’s awareness and education to qualify the lead, then there’s the traditional sales pitch that (hopefully) results in a purchase. And, the work continues even after the sale.
This pattern, known as a sales cycle, acts as a playbook to help you guide prospects toward a purchase. A sales cycle includes all of the necessary actions that it takes to convert a sale. From research to lead nurturing to transactions, each step in the sales cycle works toward retaining a loyal customer base while meeting profit goals.
Build it and they will come_ doesn’t always apply to sales. In order for customers to learn about your product, build a relationship with your brand, and make a purchase, several steps need to happen in a certain order.
While the process for every company can vary, most businesses follow these seven steps:
From conducting research to setting up meetings, the sales cycle is a major time investment. While you should never rush or pressure a prospect’s decision, there are certain things you can control that can make the process faster.
Here are three ways to speed up your sales cycle:
Improving your sales cycle doesn’t just mean closing more deals. You can also measure the success of your sales cycle by things like overall customer satisfaction, churn, retention, and the efficiency of your sales team.
Here are three ways to improve your sales cycle:
A sales cycle offers a standardized, repeatable process that anyone can follow. And, just like any process, having this kind of structure helps ensure everyone is on the same page and that leads can move through the funnel in the smoothest way possible. Defining this process also provides clarity and visibility into the sales process, identifying gaps and letting you better plan for the long term success of your business.
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