SALES LIFE CYCLE & Traits of sales person

Foundations of Sales and Business
Development

Sales Cycle & Sales Process
• The terms “sales cycle sales process are similar, but there’s one important difference. A sales cycle
is the “what” and a sales process is the “how.” A sales cycle describes the steps from lead to
nurture to close and a sales process describes your methodology and strategy for getting there
effectively.

Leads to Prospects
to Customers…
• A sales cycle goes from leads to
prospects to customers, and
along the way, we earn the right
to keep talking, listening, and
selling.
• We have to take it one step at a
time and do those steps in the
right order.

Stage no.1: LEAD
• The cycle starts with a lead, which is often nothing more than contact information of
someone who might be interested in the salesperson’s product.
• To follow up on the lead, the salesperson might phone or drop by to see the person
identified in the lead. This stage of the sales process is called the approach.
• (Prior to the approach the salesperson may engage in preapproach planning and
research.)
• During the approach, the salesperson introduces himself or herself and his or her
company to the buyer. If the buyer shows interest, the salesperson then moves to the
next step in the sales process.

Stage no.2 : Suspects
• A suspect is a person or organization that has an interest in an offering, but
it is too early to tell what or if they are going to buy.
• They’ve agreed to meet with the salesperson and will possibly listen to
the sales script or participate in a needs-identification process.
• During the needs-identification stage, the salesperson is trying to qualify
the account as a prospect.

Stage no 3 : Prospects
• Qualifying a prospect is a process of asking questions to determine
whether the buyer is likely to become a customer.
• A prospect is someone with the budget, authority, need, and time
(BANT) to make a purchase.
• In other words, the person has the money to make the purchase and the
authority to do so; the person also needs the type of product the
salesperson is selling and is going to buy such a product soon.

Stage No.4 : Customer
• Once the purchase has been made, the lead becomes the Customer & the
sales cycle is complete.
• If the relationship between the company and the buyer is one that will be
ongoing, the buyer is considered one of the salesperson’s “accounts.”

Total Revenue
Generated by
sales person
Average
revenue
generated per
customer..
How many
suspects in the
pipeline ?
Total no of
prospects in the
pipeline…
Conversion
ratios
Average
revenue
generated per
sales call ..

Metrics Used by Salespeople
• The key metric, or measure, salespeople are evaluated on are the revenues
they generate.
• Sometimes the average revenue generated per customer and the average
revenue generated per sales call are measured to determine if a
salesperson is pursuing customers that are the most lucrative.
• How many prospects and suspects a salesperson has in the pipeline are
two other measures. The more potential buyers there are in the pipeline,
the more revenue a salesperson is likely to generate.

Characteristics of successful sales
professionals
• https://www.indeed.com/career-advice/resumes-cover-letters/sales-qualities

The 14 traits of successful salespeople
• 1. They care about the customer’s interests.
“Your customers want to know you … understand their
challenges, dreams and goals and have carefully considered why
your solution makes sense ― and they want to be sure you have
their best interests at heart. They have to be sure you care [more]
about their mission and the greater good than your numbers.”
― Karin Hurt, founder and CEO of Let’s Grow Leaders

2. They’re confident.
• “If you don’t believe in your product, you aren’t going to make
a customer believe in your product. If you can confidently
explain how your product or service is going to solve a problem
for the customer, then you’ve got the customer in the palm of
your hand.” ― Megan Ingenbrandt, social media assistant at
General Floor

3. They’re always on.
• “A good salesperson … is always aware of her circumstances
and surroundings, can see how her product or service might
positively impact her environment and will be prepared to
present and make a sale at any moment.” ― Judy Crockett, retail
management consultant and owner of Interactive Marketing &
Communication

4. They’re subtle.
• “Great salespeople never look like they are selling anything.
They are educating, instilling faith and confidence. They are
quietly and invisibly demonstrating why customers should
believe in them and, in turn, buy from them.” ― Mark Stevens,
CEO of Almost Science

5. They’re resilient.
• “Top sales achievers have a unique ability to cope with difficulty,
to negotiate obstacles, to optimize performance in the face of
adversity. They take rejection as a personal challenge to
succeed with the next customer.” ― Jim Steele, president and
chief revenue officer of Yext

6. They’re extroverted.
• “An extrovert is generally sociable, gets energized by spending
time with other people, likes to talk and start conversations and
makes friends easily. They also tend to have many interests.
This allows a salesperson to be willing to meet people, enjoy
the interaction and talk about many things. The more subjects
they can converse about, the better they’re able to connect with
the customer.” ― Dominick Hankle, Ph.D. and associate professor
of psychology at Regent University

7. They’re good listeners.
• “You have to listen to the customer’s pain point before you start
selling your product or service. Great salespeople sell solutions
to problems and they do that by understanding and listening to
the customer.” ― Timothy Tolan, CEO and managing partner of
The Tolan Group (Sanford Rose Associates)

8. They’re multitaskers.
• “Multitasking is just a natural occurrence in any sales
environment. You have sales you’re trying to close, leads you’re
nurturing and following up on and potential leads calling or
emailing for more information. A great multitasker can keep
everything sorted, conducting multiple trains on a one-train
track and this leads to efficiency which, in turn, leads to better
performance.” ― Coco Quillen, chief operating officer and director
of operations at Davinci Virtual Office Solutions

9. They provide insight.
• “In today’s marketplace, most customers are much better
informed and educated before reaching out to a vendor. Simply
providing specs and product data isn’t enough. A sales
professional with a consultative mindset identifies customer
needs and seeks to tailor custom solutions that fit those
needs.” ― Rudy Joggerst, digital marketing manager at Janek
Performance Group

10. They’re persistent.
• “Persistence, when done respectfully and consistently, breaks
through. It reminds [customers] that you are there with a
solution to their problems. It gives them multiple chances to
connect. And though it may take half a dozen times to get a
response, land that meeting or open a discussion, they will
thank you in the end.” ―Michael Mehlberg, co-founder of Modern
da Vinci

11. They’re honest.
• “A successful salesperson will not fib to close a deal, because he
or she knows that you’ve not only burned that bridge but all of
the potential other bridges that lead from your contact to their
contacts. Better to miss out on a deal and maintain your
honesty, integrity and network.” ― Ollie Smith, founder of
EnergySeek

12. They’re focused.
• “The reps that achieve the best numbers quarter after quarter
all have one thing in common: focus. They don’t get distracted
by instant messenger or email and they aren’t worried about
office gossip. They understand what they need to do to be
successful and set goals for themselves to achieve that success.
They act with purpose in their day-to-day lives and apply deep
focus to all aspects of their work.” ― John-Henry Scherck,
principal consultant at Growth Plays

13. They’re optimistic and upbeat.
• “Top salespeople … tend to be upbeat and radiate a sense of
humor, fun and general positivity. While grounded in reality,
they focus on what they can control, stay on course with
optimism about what they can achieve and [don’t] let the rest
drag them down.” ― Mike Kunkle, vice president of sales
effectiveness services at SPARXiQ

14. They have a broad worldview and cultural understanding.
.
• “Timing, decision criteria, financial justifications, formality and
even the expectations for support during and after a
transaction may be quite different [in other markets], so
international sales success takes empathy as well as patience.
Additionally, in many markets around the world,
business is based on relationships, which takes longer to
develop when working with international customers.” ― Ed
Marsh, founder and principal of Consilium Global Business
Advisors

* 8 Types of Sales Professionals *…
• https://hbr.org/video/4715266385001/the-8-types-of-salespeople

Understand sales strategies from everyday examples..
1. Personalized Recommendations (e.g., Amazon)
• Strategy: Amazon uses customer data to recommend products based on
previous purchases, searches, and browsing habits.
• How It Works: By suggesting items that align with a customer's interests,
Amazon increases the likelihood of repeat purchases. This creates a more
personalized shopping experience, making customers feel understood and
valued, leading to higher sales.

2. Discounts and Promotions (e.g., Grocery Stores)
• Strategy: Grocery stores often use "buy one, get one free" offers, loyalty
discounts, or seasonal sales to encourage purchases.
• How It Works: These promotions create a sense of urgency or value for the
customer, enticing them to buy more than they originally planned. It's an
effective way to increase the average sale size.

3. Subscription Models (e.g., Netflix, Spotify)
• Strategy: Subscription services use recurring payments (monthly or yearly)
to keep customers continuously engaged with their platform.
• How It Works: This model ensures consistent revenue and reduces the
likelihood of customers canceling after a single purchase. It also taps into the
idea of "set-and-forget," where customers may continue paying without
considering canceling because they feel they are getting value over time.

4. Free Trials (e.g., Software Trials like Adobe or Dropbox)
• Strategy: Offering a free trial allows customers to experience the product or
service for a limited time, encouraging them to commit to a paid version.
• How It Works: Free trials lower the barrier to entry for customers who are
hesitant to spend money upfront. Once they experience the value, they may
feel more inclined to subscribe or make a purchase.

5. Urgency and Scarcity Tactics (e.g., Flash Sales or Limited-Time
Offers)
• Strategy: E-commerce sites like Amazon, eBay, or fashion retailers often
create urgency through countdown timers or stock alerts like "Only 3 left in
stock!"
• How It Works: This tactic taps into FOMO (fear of missing out).
Customers feel a sense of urgency to buy now to avoid losing out on the
deal, which can lead to impulsive purchases

6. Customer Loyalty Programs (e.g., Starbucks Rewards)
• Strategy: Loyalty programs reward repeat customers with discounts, free
products, or exclusive offers.
• How It Works: Starbucks encourages customers to keep returning by
offering points for every purchase, which can be redeemed for free items or
discounts. This incentivizes repeat business and turns casual customers into
loyal advocates.

7. Social Proof (e.g., Amazon Reviews)
• Strategy: Many companies use customer reviews and ratings as a form of
social proof to build trust in their products or services.
• How It Works: Positive reviews from other customers can persuade a
potential buyer to make a purchase. This form of validation helps customers
feel more confident about their buying decisions, leading to higher
conversion rates.

8. Bundling (e.g., McDonald's Meal Deals)
• Strategy: Companies bundle products together, such as meal combos,
software suites, or electronics packages, to increase the perceived value and
encourage customers to purchase more items.
• How It Works: Bundling products together at a discounted rate encourages
customers to buy more than they initially intended, often increasing the
overall revenue per customer.

9. Cross-Selling and Upselling (e.g., Amazon’s “Frequently
Bought Together”)
• Strategy: Retailers suggest complementary products or more expensive
alternatives to encourage customers to increase their purchase size.
• How It Works: When customers are shown related items or upgraded
versions of what they are looking at, it entices them to spend more or try
something they hadn’t planned on buying. For example, when buying a
laptop, Amazon might suggest a carrying case or extended warranty.

10. Customer Service and Follow-Up (e.g., Amazons' Exceptional
Customer Service)
• Strategy: Companies provide outstanding customer service and proactive
follow-ups to enhance the customer experience and resolve any issues
quickly.
• How It Works: A great experience with customer service builds trust and
can lead to positive word-of-mouth and repeat business. For example,
Amazon offers free returns, making customers more comfortable with their
purchases and likely to return.

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