Lesson 3: Sales Cycle & Roles Flashcards
What is a sales cycle?
Its a framework that helps in managing & analyzing the process of converting leads into loyal customers
What are the steps in the sales cycle?
- Qualify leads
- Discover their needs
- Present a solution
- Negotiate & close
- Building the relationship
Qualify Leads
Assess potential customer’s needs & purchasing ability
What does it mean to discover their needs
Understand their specific problem that the product can solve
Present a solution
Tailor / tell how the product/ service can solve their needs
Negotiate & close
Address product/ tech objections, agree on terms & finalize the deal
Building the relationship
Make sure customers are satisfied to build long-lasting connections for the future
What is the Importance in sales process?
- Strategic alignment
- Efficiency
- Effectiveness
- Measurement
Strategic alignment
Align sales activities with customer buying processes
Efficiency
Focuses on leads likely to convert
Effectiveness
Customizes sales pitches & demonstrations
Measurement & Improvement
Evaluates & optimizes sales performance
What are some key things to know when qualifiying leads?
- Budget (can they afford it)
- Authoriative buyer (are speaking to someone with purchasing power)
- Need (need for the product/service)
- Timing (do they need it right now)
What does BANT stand for ?
Budget, Authority, Need, Timing
Sales engineer are usually involved in ______________ & ______________ process of the sale cycles
“Discover needs” & “Present a solution”
When discovering their needs should be asking ___________
good/impactful questions (questionm that can make them realize problems they didnt even know they had (probe them)
How do you qualify a lead (besides using BANT)
- identify the target market
- Determine specific needs & pain points
- Asses budget & decision-making authority
- Filter & prioritize high-potential leads
How do you discover their needs?
- Engage with customer through effective communication (actively listening)
- Ask probing questions to uncover hidden needs
- Listen actively & empathize with customer challenges
- Align product/ service offerings to those specific needs
(The questions you ask are always more important than what you have to say)
How do you present a solution? (Our main role)
- Customize solution based on identified customer needs
- Highlight key benefits & features that addresses specific problems or desires
- Utilize demos to illustrate the solution
- Address potential objections or concerns proactively
(Know how handle technical objections (know where to get the answers, from blog, ppl, etc)
How do you negotiate & close (our work leads to this)
- Address & overcome any remaining objections or concerns
- Negotiate terms, including price, delivery, & support
- Summarize the solution & value offered
- Gain commitment & close the deal with clear next steps
How do you build relationships? (customer success group)
- Provide exceptional post-sale support & service
- Monitor customer satifications & address any concerns promptly
- Engage regularly through follow-ups, feedbacks, updates
What is the abbreviation used to qualify leads?
BANT (what does it mean?)
What are the criteria for increases lead scoring? (if a prospect is high potential or low to convert)
- Opened an email from you
- Requested information
- Visited your website
What are the criteria for decreases lead scoring?
- Didn’t open email from you
- Has not heard of your company or product
- Not having challenge that your product addresses
Some questions in lead scoring hold more weight than other, give an example
Like it doesn’t matter if they opened an email from you if they dont have the problems your product solves
What are characteristics of a cold lead?
- Doesn’t know your business
- Doesn’t ask to be contacted
- Isn’t likely to make a purchase
What are characteristic of a warm lead?
- Already knows your business
- Has expresses interest
- Is more likely to make a purchase
What is the role of your business development representative (BDR)?
Outbound lead prospecting
What are the role of your sales development representative (SDR)?
Inbound lead qualification
What are BDR specific functions/jobs roles?
- Identify business opportunities
- Brainstorm on how to find new leads
- Come up with creative ways to find leads
- Turn cold leads into warm leads
- Create new relationships
What are the roles of an SE?
- Technical expertise (acts as the technical expert sales solution)
- Demonstrations (conducts tailored products demonstrations)
- Solution design (crafts solutions based on customer requirements)
- Technical objections (Addresses & resolves customer concerns)
What should you say when you don’t know an answer to a question?
Say something like “Thats a great question, I dont want to give you the wrong answer, so at the end of this call, I’ll follow up with my AE (or whoever it is) & I’ll send you an email with a response to your question”
What are the role of an SE related to collaborations & relationship building?
- Synergy with sales teams
- Communication with product teams
- Building trust with customers
Synergy with sales teams
Working closely with sales representations to ensure aligned objectives
Communication with product teams
Liaising with internal teams for product information & support
Building trust with customers
Fostering long-term relationship through trust & credibility
What are the different sales strategies?
- Understanding customer needs
- Building relationships
- Solution selling
- Upselling & cross-selling
Understanding customer needs
- Focus on identifying & understanding customer needs to provide tailored solutions
- Technique: Active listening, asking open-ended questions & empathy
Building Relationships
- Long term success depends on strong relationships with consumers
- Techniques: Regular communicates, follow ups & personalized service
Solution selling
- Aligning products/services to solve specific customer problems
- Technique: Identifying pain points, proposing tailored solutions, demonstrating ROI
Upselling & Cross-Selling
- Introducing additional products/ service that complements what the customer already has
- Techniques: Highlighting the benefits & showing how they fit into the customer’s existing ecosystem
