Discover the phases of sales cycle for Accounting with airSlate SignNow

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Approximately 13% of US employees work in  the sales industry, ing to an estimate.   Regardless of your level of knowledge  or inexperience, you may periodically   find it challenging to complete the potential  sales agreement. Because you'll be explaining   to the customer how your product or service is  better suited to meet their needs, you must be   knowledgeable about whatever it is that you're  selling. The seven steps of the sales process   are typically outlined in business and marketing  books, and they serve as the foundation for sales.   However, you must adjust it to fit the demands and  guidelines of your company's sales. As it is said,   you must master the rules before breaking them  creatively. Once you have mastered the sale's   process, you will be able to adapt it to any  situation by breaking it down into smaller   steps and creating new ones as needed. These  seven stages will assist you in identifying and   finding potential clients, closing deals, and—most  importantly—asking for feedback and follow-ups.   1. Prospecting Prospecting is the first stage of  the sales process. You locate potential customers   in this stage and assess whether they require your  goods or services and whether they can afford what   you have to offer. Qualifying is the process  of determining whether a customer needs your   goods or services and can afford it. Keep in  mind that finding one prospect at a company is   insufficient for modern sales: You should practice  multi-threading, or connecting with multiple   decision-makers on the purchasing side. 2.  preparation The following phase includes getting   ready for your first interaction with a potential  customer by conducting market research and   gathering all pertinent data about your good or  service. Create your sales presentation and adjust   it to the specific requirements of your potential  clients. The secret to setting yourself up for   success is preparation. Your ability to overcome  their objections and differentiate yourself from   the competition will depend on how well you  fully grasp your prospect and their needs.   3. Approach Next, initiate communication with  your client. The approach is what we call this.   Depending on the situation, this may take place in  person or over the phone. There are three common   approach methods. Premium approach: Presenting  your potential client with a gift at the   beginning of your interaction Question approach:  Asking a question to get the prospect interested   Product approach: Giving the prospect a sample or  a free trial to review and evaluate your service   4. Presentation During the presentation,  you actively showcase how your good or   service satisfies the demands of your potential  client. The word "presentation" makes you think   of PowerPoint and a sales pitch, but it doesn't  have to be that way. You should listen to what   your customer needs and then act and respond in  a way that meets those needs. 5. Dealing with   concerns Handling concerns is arguably the step  of the sales process that is most undervalued.   This is the time to pay attention to and  respond to the concerns of your prospect.   Additionally, it's where a lot of unsuccessful  salespeople give up on the deal—44% of them stop   after just one rejection, 22% after two, 14%  after three, and 12% after four—even though   80% of deals need at least five follow-ups to  close. Good salespeople can tell the difference   between good and great salespeople by handling  objections and resolving customer concerns.   6. Closing At the closing, you ask the client if  they want to move forward. You may want to try one   of these three closing methods, depending on your  line of work. Alternative choice close: Assuming   the sale and providing the prospect with two  options, where both options result in the sale.   For instance, "Will you be paying the entire fee  up front or in installments?" or "Will there be   a charge or cash?" Additional inducement final  Including a bonus to entice the prospect to buy,   like a free month of service or a discount 7.  Follow-up Your work is not finished once the   sale has been closed. In the follow-up phase, you  maintain contact with clients you have closed in   order to ask for referrals and potential repeat  business. Maintaining relationships is essential   because it costs six to seven times less to  keep current customers than to find new ones.   You can start customizing the fundamental  seven stages of the sales process now that   you are aware of them for your own product or  service and clientele. Eliminate processes that   are not necessary for your specific industry  and concentrate on your customers. You already   know the rules; get prepared to turn them in  ways that will make you more approachable to   customers and help you transition from  sales professional to sales artist.   Whatever approach you choose, keep these  principles in mind: Figuring out what the   customer's problem is What should you do now  that you have a product or service to sell?   Any person with an issue associated with your  area of expertise can potentially become a client.   To understand the unique goals, needs, and  pain points of each buyer, you must conduct   extensive discovery work. Create a client-focused  solution. Once you've identified the problems   that your products can help to solve, customize  your offerings to address those problems, and be   ready to demonstrate how your product actually  solves the problems that have been identified.   Be persistent Getting recurring business  doesn't just need following up after the   sale. As previously mentioned, the majority  of customers take their time before making   a purchase. You must overcome resistance and keep  trying. The seven-step sales process does not take   into account multiple approaches, presentations,  meetings, or phone calls where you deal with   objections in this situation. If it did, the  sales process might consist of 13 steps, 21 steps,   or... you get the idea. Stay in touch and schedule  regular correspondence with prospective, existing,   and past clients so you'll be more likely to find  them when they're ready to make a purchase. Once   you've customized the original seven phases in  the sales process to meet your consumers, document   your successes so you can follow the steps that  work best and onboard new salespeople quickly.