In a perfect world of business you could pick up the phone or attend a meeting and walk away with a folder full of closed sales. What is the life cycle of a sale? They all vary, but there are some standards and steps that many sales calls and prospecting meetings go through until they reach the “sign on the bottom line” portion of a meeting.
As a business owner you will wear many hats. Unless you have a sales force behind you, one of the hats you will don will be “sales person.” Every business owner is a salesperson, but the extent of the amount of selling you need to make will vary.
If you imagined you’d be only focusing on your core competency, you need to step back and realize in order to work our core competency — you need to have a client.
In business, you are always selling if you want to thrive.
What Is The Life Cycle Of A Sale?
Take heed of these steps and work them into your daily routine. Marketing will be part of your business tasks until you can hire a sales team — even in that case though you still may be the one who jumps in and closes the deal.
- Always be prospecting. Meet people– in person or on line. Pick up the phone and call former colleagues. Ask for referrals. Where are your ideal clients gathering? Go there. Build relationships.
- Relationship building is the most important component of any sales cycle.
- Who is your ideal client and how does what you do or sell address their pain point? Keep that in focus when you’re talking with prospective clients.
- Listen. Listen. Listen. Don’t fall over yourself giving a pitch.
- Take notes. Wrap up the conversation in an email after the meeting is over.
- Tell the prospect you will be in touch — then follow through.
- Once the contract has been signed, the real work begins — give the client what he believes he is getting and more!
Rex Richard is a business coach who works with his clients from idea to fruition and beyond. Reach out to him if you’re struggling with any aspect of your business operations.