Sales Cycles - The Key to Growing Your Business - Part 1
When a business wants to grow it needs to be able to scale up: find more leads, support more customers, and onboard new employees. Trying to grow without being prepared to do so can be a one-step-forward-two-steps-back mistake.
One of the keys to being able to scale up are Sales Cycles, yet many business never take the time to map them out and strategize around them.
What is a Sales Cycle?
A Sales Cycle is a set of specific and repeatable steps for sales teams to follow to nurture prospects into leads and then into customers. The point of a sales cycle is to always know what you’re going to do next as part of a tried-and-true strategy. It’s also important to note that companies should have multiple Sales Cycles, one for each type of customer.
Why do you need a Sales Cycle?
Improving Conversion, Upselling, Cross-Selling and Repeat Business
Have you ever had a lead that was about to convert, but when you were preparing something for them, they disappear, or find a different solution? This is one of the main issues a well-designed sales cycle helps to solve. It will give your sales team the road map they need to navigate to maintain their leads’ attention and improve their conversion rate.
It’s important to not just think about how your Sales Cycle affects your business, but how it affects your customers as well. The Sales Cycle improves conversion by improving the customer experience. Customers should be able to get what they require to make a decision faster, therefore maintaining their attention and pushing them to a decision.
This gives companies the chance to build stronger customer relations, which can lead to discovering new opportunities and therefore upselling, cross-selling and repeat business become part of the cycle.
Continuation and Transparency
Businesses across the world work incredibly hard to build relationships with their customers, however, employees move on, new employees are brought in, mergers happen, etc. And if a proper Sales Cycle isn’t in place, the customer can suffer.
A Sales Cycle will allow new team members to know exactly where each customer is and what they have to do to give them a sense on continuation, even though they’re now dealing with a new person.
Your reps need to know where they are in the cycle and have to able to look through your CRM and reference any past meeting, email or phone call to be able to move them closer to a buying decision.
In Part 2 we will explore the proper steps in mapping your Sales Cycles out.