A sales cycle is the tactical way a team turns a prospect into a paying customer. It's like the map you follow from Point A (the prospect) to Point B (the sale).
Now, don't get it twisted with sales methods. Those are the frameworks for implementing sales cycles, and people often confuse the two.
A sales cycle typically includes five stages: prospect, connect, research, present, and close. It's like the ultimate recipe for cooking up a customer!
But why is a sales cycle so important, you may ask? Well, it helps sales managers identify leaks in the sales funnel
. In other words, it shows where potential customers lost interest in your products or services.
To get to the bottom of things, you can scrutinize every stage of the cycle - from finding leads to handling objections. And, you can examine stage-by-stage conversion rates
to see where leads are slipping away.
If you notice leads dropping off after a sales presentation, it might be time to brush up on your presentation skills or rework your message.
So, if you want to find out what's holding back your sales team, a sales cycle is just the ticket! It's like a microscope that helps you zoom in on your sales process
and uncover the weak spots.