Sales Lifecycle Management
WHAT IS SALES LIFECYCLE MANAGEMENT
Sales Lifecycle Management are the methodologies that an organization uses to manage clients, prospects, employees and vendors.
WHY SALES IS SO IMPORTANT?
The most important role in any company must always be revenue growth through customer acquisition. Everyone in the company must know this, or the company is destined to failure.
A lot of companies under invest in their sales efforts, approaching sales as an afterthought. The most successful companies have strong, well-paid sales forces backed by an excellent marketing department. These sales forces are professional and support the company by developing strong relationships with key customers.
Many companies under-invest in their sales effort, treating sales like an afterthought, to be handled after the managers solve all the manufacturing, distribution and financing issues. The best sales forces are professional, well-compensated, supported with a strong marketing effort and empowered to act, serving key client interests with marketing support, money and time. They have strong personal relationships with key customers, or they learn how to build them. This is at the very heart of what we do.
FUNCTIONS OF SALES LIFECYCLE MANAGEMENT
PROSPECTING AND CONNECTING – Prospecting is the very first step in the Sales Lifecycle Management process when the salesperson locates and qualifies prospects that could be potential buyers. Prospecting must happen on a daily basis, so that a salesperson is constantly generating new possibilities for their organization. The salesperson should already be prospecting in a specific vertical which eliminates any need to do copious amounts of research upfront.
QUALIFYING – The salesperson collaborates with prospect and asks qualifying questions to conduct fact finding in order to determine if there is a potential need. Upon meeting qualification criteria, the salesperson asks for a meeting with the prospect.
RESEARCHING – Once a meeting is set the sales person invests time doing research and analysis of the prospect.
PRESENTING – Making the presentation during the meeting. This is not a conversation or rapport building session. This is an opportunity to lead and educate the prospect on making the best decision. If you have done well on the presentations, then you have probably gained the respect and confidence of the customers, at which point it is time to ask for the close.
CLOSING – There are various type of closes but the reality is that if you did everything else right from the prospect stage to the presentation stage, then going for the close should be the easiest part. You should be able to ask for the money or ask for the close in any situation
Sales Lifecycle Management Process Engineering
Sales Lifecycle Management process engineering is the engineering of better sales processes. Sales process engineering involves the integration of functions across the entire organization.
FUNCTIONAL ROLES OF THE SALES LIFECYCLE MANAGEMENT PROCESS: WHO GETS INVOLVED AND WHO DOES WHAT
Operations – Sales lifecycle management, Sales forecasting methods, pipeline, product lifecycle management (PLM), management, design commission, commission designing, new market entry, market entry strategy, incentive planning, budgeting, request for proposals (RFP);
Marketing – Data entry, lead development, new market entry, budgeting, market entry strategy;
Inside sales – Prospecting and data entry, pipeline management, lead development, budgeting;
Outside sales – Networking, canvassing, speaking engagements, data entry, pipeline management, lead development, budgeting, proposals, request for proposals (RFP);
Accounting – Data entry, Order processing, budgeting;
Customer service and account management (cross-selling and up-selling), budgeting, relationship management, networking.
Get in touch
CRM Systems are just as much a part of the sales lifecycle management process as anything and they are extremely important. A CRM system allows an organization to manage and analyze data and interactions with customers, employees, and vendors throughout the entire sales lifecycle management process.
The top three reasons you need the right CRM system
- If you can’t access your data, it can’t help you generate revenue
- Regardless of whether an employee leaves or a natural disaster happens your data is centrally located in the cloud
- You need to be able to track statuses of sales projects and sales pipelines
- Process enablement and organization
- A CRM can give you metrics and a visual macro or micro view of your business
What We Do For You
Managing the complexity of the sales lifecycle management process takes more than one person, but it takes everyone in the company pitching in to help the company achieve its goals. We manage the functional and the technical aspects of the sales lifecycle management process. Once we have worked with you to define or refine strategy, then we take a complete look at your at what your current processes look like and if need be, we work with you to refine those processes and define new processes. After we have worked with you to create and form a final strategy and process, then we strategically position people across your company to ensure continuous delivery and growth.
As a part of our full service, Sales Lifecycle Management we integrate project bidding and channel partnerships. By integrating these approaches we ensure the highest level of efficiency and more ROI for your business.
Our Sales Lifecycle Management Solutions include: CRM integration, CRM implementation, lifecycle management, sales forecasting methods, plm, pipeline management, networking, commission designing, lead development, market entry strategy, incentive planning, budgeting, project bidding and channel partnerships.