The Sales Process represents a set of specific and clearly defined steps, meant to convert a prospect into a paying customer, resulting in revenue.
A sales process encompasses any and all sales activities and interactions between a company and potential customers, from the lead stage and up to the point they become a customer.
The sales process is comprised from five to eight steps, with the difference being the joining of a couple of steps into one. The eight steps of the sales process are the following:
- Getting ready (Preparation stage) – Understanding your product or service, analyzing competitor’s offering and market
- Researching – Assessing your target market
- Lead qualifying – Finding desirable leads that fit your parameters for potential customers
- Prospecting (Outreach stage) – Reaching out and engaging high value prospects
- Pitching (Presenting) – Showcasing the unique value proposition of your offering
- Objection handling – Counteracting objections and managing negotiations
- Closing – Submitting a finalized proposal and closing the deal
- Following up (Upselling, Cross-selling) – nurturing new customers, customer referral, beginning the upselling or cross-selling process