Posted in Marketing and Strategy Terms, Total Reads: 775
Definition: Sales Cycle
Sales cycle is a process which is a step-by-step method to make a sale. The cycle starts from the initial stage of prospecting for leads, second- set up of an appointment and qualifying the prospect, third – need assessment, fourth – presentation about the offered products or services, fifth – Addressing the prospect’s objections, sixth – closing the sale, seventh – Gaining referrals for further sales.
The steps mentioned above complete the entire sales cycle which needs to be followed in a scientific manner in order to complete a sale. The intensity and depth of understanding about one’s own products is more important to decide the prospects suitable for their service.
Once decided, it is also necessary to address the client’s needs and objections satisfactorily and patiently after the presentation at the appointment. Closing a sale is the toughest part as the permission from the concerned authority will always be delayed in most cases. Gaining referrals is important to future sales.