Quite bluntly, sales professionals aren’t equipped to deal with the uncertainties associated with deal closures. Often, they prefer to ‘bat-as-it-may-come’. They simply believe that they are capable of achieving the requisite results from the available opportunities.
But the ability to leverage current opportunities can’t always be enough to meet their respective sales targets or keep the revenue clock ticking. For this, you need to have a systematic plan to ensure that you are having prospects to attend and opportunities to convert.
CRM helps you tackle this challenge by managing your prospects through three independent stages that lead to final deal closure. By setting-up and organizing different pre-sales stages, you could start taking the optimal approach for taking the prospect to the next stage.
CRM-based deal closure lets you critically analyze the need of each prospect to acquire specific insights. Further, these could be integrated into your ongoing chain of interactions.
Three Pre-requisite Stages of Customer Acquisition
The duty of a salesperson is not just to present the product and justify the prices. It isn’t even limited to presenting all the options.
In order to land sales deals, you are required to inspire the prospect into taking actions that align with the organizational objective. The prospect should be convinced that your product or service can fit and improve their current way of doing operations.
Malcom Galdwell pens it down succinctly as only he can.
For all of this, only 2% of the deals get closed with the first meeting.
This simply means that you cannot immediately convert your prospects into customers. You should put down a process that could manage and maximize your customer conversion.
In order to achieve this, you need to streamline prospects into a clearly discernible three-stage process. Even though it could be further divided and branched into intermediary steps, we are considering the three main stages that need to bind your process.
The three stages are
- Deal Proposal
- Prospect follow-up
- Deal Negotiation & Closure
According to the process flow, it can show be as given in the image given below.
Most struggling businesses don’t have a clear strategy to go through these three Pre-sales stages. Instead of tricking down of prospects from one stage to the next, they tend to get dispersed and lost. This means that you could possibly get stuck at dealing with prospects at a single stage of management.
By creating three stages of deal closures, you can focus on achieving specific targets with each prospect. It also lets productively communicate with your prospects, leading to increased conversion.
In the following analysis, we can see how a CRM could possibly augment and improve on these three stages.
1. Present Comprehensive Deal Proposals
At the initial stage, you would be required to present your quotations to your prospects. The key requisite here is to beat your competitors at sending customized quotes to your prospects.
By handling all quotation requests through a single platform, CRM lets you drive and arrange potential deals for all prospects.
This ensures that you could reach the prospect before the deluge of responses from competitors to increase your chances of establishing an initial connection. This can also ensure due consistency in your quotation creation, leveling individual biases and misconceptions.
2. Prospect follow-up
According to studies, 80% of sales opportunities fall through the cracks due to insufficient follow-up from the part of individual sales representatives. In the current state of sales, you simply cannot afford your sales deals to be snatched from your competitors.
By integrated CRM communications, you can manage the frequency and intent of your customer follow-ups. CRM collects and stores all prospect data to cloud servers. This ensures that all remains instantly accessible and manageable through a single interface. And this helps you to manage all future follow-ups through a single interface.
This helps you to maximize conversions through following-up prospects through a single interface.
3. Deal Negotiation
Salespeople frequently tend to believe that they could excel by simply being slick and smart at the negotiation table. You could have a much better chance of success through data-oriented deal negotiations.
By basing your decisions based on data, you could get a much better perspective of multiple factors affecting your customer decision.
Cloud-CRM Software also lets you access and manage your employees from a single point of contact. This lets you access and fill-in each employee review on its specific account of employee resources.
Even in a modern sales organization, the idea of structured and well-planned sales execution is still foreign to most sales professionals. Having access to the right sales process can immediately raise your stakes at landing the right deals.