Kim is a driven and charismatic sales executive whose career has been peppered with moments of sheer triumph. Her persuasive skills and inherent charm seemed to work like magic, securing deal after deal and earning her recognition as a top performer.
However, Kim’s lack of a comprehensive sales cycle strategy would soon expose the fragility of her success. As competition intensified, Kim faced tougher challenges and longer sales cycles, and she began to realize the limitations of her approach.
Without a sales cycle strategy, Kim realized that successes would be intermittent due to rapid changes in the business environment. The lack of a solid sales cycle strategy would leave her vulnerable to adverse market conditions. Her short-term wins masked the urgency of creating a sustainable approach to sales. Kim’s awakening was a humbling experience that drove her to reassess her sales methods and learn more about sales cycles.
After further research and study, Kim crafted a comprehensive sales cycle that encompassed prospecting, qualifying leads, presenting solutions, analyzing strengths and weaknesses, handling objections and closing deals. Her reimagined approach focused on building lasting relationships and nurturing prospects through each stage of the sales process. She adapted her selling techniques to suit individual client needs, becoming a trusted advisor.
Clients appreciated her customized approach, and referrals began pouring in. The long-term strategy not only led to increased sales but cultivated a loyal customer base, ensuring a stable foundation for Kim’s career. Students of programs like the online Master of Business Administration (MBA) with a concentration in Sales Strategy from William Paterson University (WP) can leverage knowledge of the sales cycle and other sales strategies to benefit their organizations and careers.
The Sales Cycle Is a 7-Stage Process
The sales cycle includes activities that begin even before a customer is interested in the product and ends with generating referrals from customers after they complete their purchase. While it can vary from company to company, most businesses use a cycle that includes specific actions to obtain new customers and close sales with those customers.
The sales cycle differs between B2C consumer products— where transactions are quicker and more straightforward — and complex B2B sales, which involve longer sales cycles and intricate decision-making processes. The steps in the cycle are as follows:
- Identify leads: The process begins with identifying potential customers who fit the company’s target market profile, either through marketing efforts, referrals or other lead-generation methods. In this stage, it is important to qualify leads with the highest sales potential. This may be the toughest stage, with 61% of marketers and 34% of sales representatives ranking it as their number one challenge. In fact, 80% of new leads never translate into sales.
- Initiate contact: Once identified, the sales team initiates contact and engages with the leads through various communication channels, such as discovery calls, signup forms and emails, to establish a relationship and explore potential opportunities.
- Conduct market research: Understanding the needs, pain points and preferences of leads is crucial. In this stage, sales professionals conduct thorough research to validate hypotheses and gather information and insights about the prospects, using demographic and psychographic data.
- Present value propositions: Armed with insights, the sales team presents products to the prospects, showcasing how they address specific needs, solve problems and add value to their business or lives.
- Address pushback: During the presentation, prospects may raise concerns or objections. Skilled sales professionals address these objections empathetically, providing solutions and building trust.
- Close the deal: This stage involves securing the commitment of the prospect to move forward with the purchase, whether through a formal contract, agreement or other accepted methods. Continued pushback may require further refinement of the deal.
- Follow up: After the deal is closed, the sales process doesn’t end. Sales representatives stay in touch with customers, ensuring satisfaction, resolving post-purchase issues and fostering long-term relationships that can lead to repeat business and referrals.
Creating and Continually Improving a Sales Cycle Strategy Is Fundamental to Consistent Success
A well-defined sales cycle ensures no potential opportunity is overlooked, guiding sales representatives from lead generation to deal closure and beyond. Understanding and adapting to customers’ evolving needs, preferences and objections helps to minimize the sales cycle and generate revenue by maximizing opportunities to convert prospects into loyal customers.
Dedication to this process enhances efficiency and productivity, enabling sales teams to focus on high-potential leads, improve conversion rates and drive revenue growth. Consistency over time strengthens the brand reputation and establishes long-term relationships, leading to sustained success and increased opportunities for referrals and business expansion.
Master the Strategic Science of Marketing in a State-of-the-Art MBA Program
WP’s online MBA with a concentration in Sales Strategy program is a comprehensive leadership program that equips students with broad business insight and skills in the sales cycle, sales force organizational structures, and strategies to achieve revenue goals.
The program’s concentration courses titled Data Driven Decision Making and Sales Analytics; Strategic Sales Process, Planning and Design; Strategic Sales Leadership; and Marketing Strategy enable a diverse range of career options and specializations. Graduates are in high demand for their expertise in marketing strategies, analytical skills and ability to successfully execute strategic sales plans.
If you are ready to take the next step in your marketing and sales leadership career and position yourself for long-term success, this accelerated, AACSB-accredited program provides a proven and efficient path to your goals.
Learn more about WP’s online MBA with a concentration in Sales Strategy program.
