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hi my name is Ken and winkler and you're watching sales fast-track in this video you're going to learn about the different stages of a sales funnel in other words we're going to go over exactly what it takes to bring a lead from the top of your funnel all the way through the bottom let's start off with a big sales funnel like this one here in different industries you'll likely have slightly different steps in your sales funnel but for our purposes we'll go through the nine stages that are present and the majority of business-to-business sales the first stage is pursuit during this step you are reaching out to your lead either by email phone call LinkedIn message or traditional mail the second stage is first contact this is when your lead response to your pursuit the goal during this stage is to determine if your contact is the decision-maker and schedule an in-person meeting next is the first meeting this is typically going to be a face-to-face meeting with your lead to determine if they really have a problem and if there's anything that you can do to help after the first face-to-face meeting the next stage is to schedule a fact-finding meeting at this point you might bring in a technical seller to help uncover their specific requirements and go over the details of your solutions capabilities you might need several fact-finding meetings to really get to the heart of your leads problems the next stage is to submit a draft proposal if you have gained the trust of an important influencer it may be a good idea to have him or her review your proposal to ensure it is compatible with the decision-makers needs after you have developed your final proposal you will officially submit it to your leads decision makers this will bring you to the next stage of the sales funnel negotiations if you have developed your proposal correctly this stage should be primarily about minor details like implementation start dates and ensuring a win-win situation once you and your lead have concluded negotiations you will get signatures for your official contract purchase order and vendor approval although at this point you have technically closed the deal your job is still not done the final stage of the sales funnel is to protect your sale if your lead was previously working with another vendor then that vendor will fight to keep your lead once they realize that they are about to lose the account the vendor will slash their prices and offer large discounts to convince your lead to stay because you know this will likely happen you can combat it by explaining the situation to your lead and gaining pre commitment to stay with your company by doing all of these stages correctly you will have successfully moved your lead all the way through your sales funnel now how do you know when to move your lead from one stage to the next during each step of the funnel you should be evaluating your lead using the sales formula for the first two you might use the multiplication formula to get a simple qualification on your lead but after that you can apply the addition formula to rate your lead and determine whether or not they're likely to close remember any score below 60 should be discarded to allow you to spend your valuable time on better leads we hope you learned something in this video and we'll catch you next time on sales fast-track [Music]