Explore the stages sales funnel for Product Management

How to create outlook signature

[Music] in this video we will be learning the six stages of the sales funnel [Music] now before i talk about the six stages of the sales funnel one important aspect that we need to be aware of is that most entrepreneurs know whether they have won the deal or they have not been able to win the deal and they are not able to trade track the stages of the funding there are six stages first note down what these six stages are number one it's called suspecting second is called prospecting third is called approach fourth is called negotiation fifth one is close and last but not the least the sixth one is called order let's understand each one of them separately first one suspecting is when i have all necessary information about the client who is a possible potential client that we have now every product will have a possibility of either a person or a company buying that product or service now what you need to do is to prepare a master list of all those possible opportunities at one single place my advice to each one of you would be that it should be one file one place and either it's an excel file or a database or a crm does not matter but important aspect is to make sure that it is at one single place what it does is it ensures that the focus of sales team and the entrepreneur is on that sheet and the quotation is wherever the attention goes energy flows so it's very critical that we put all our energy on the suspect list now what do you mean by prospect then now with these suspects the sales team needs to ensure that they fix up an appointment with these guys once the appointment is fixed the stage of funnel changes from suspect to prospect now never allow the sales team to change unless and until they have fixed the appointment what would be the measure the number of appointments then what is approach approach is that you have got into a conversation with the client you have opened the call you have explained who you are what's the purpose of the visit and you have started understanding the needs of the customer now you probe for need you probe for circumstances and understand the situation at that particular stage is called approach stage then what is negotiation once you understand the need obviously you will be able to propose and support the client in making the decision by suggesting how you can support the client it's important that you will only change from approach stage to negotiation when there is nothing left to do but to ask for the order now what is closed then close would be when you get the deal when you get the order you get a intimation in writing confirmation that you have got the deal and you are ready to proceed further and last but not the least and this is confusing because people think that close is where you close the deal and that's where the sales funneling should end but in large value projects you need to ensure that order to cash cycle is also there you need to implement the order there may be various stages where you will implement the order and it depends on the kind of services and solutions that you're providing i hope each one of you have understood what spanco is all about that's the first letter acronym for these six stages of the sales funnel so wish you all the best and happy fun [Music] you