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8 Steps of the Sales Processand why repeat business is more profitable than one-off sales.
Think about the steps you take to achieve an
order if you are starting from scratch: (This assumes a medium
to high value sale).
Those are the usual stages. How difficult is each one? Defining your market and locating a source of prospects is easy these days, there are so many sources of information available. But making contact with prospects is becoming harder. What happens when you try to make an appointment? First there is the 'secretary barrier' to get past. That can be most frustrating and it may take considerable ingenuity and persistence to succeed. Assuming that you do arrange an appointment. On your first visit, you will need to establish that your contact has decision-making authority and that there is a realistic prospect of coming to business. Should stages 5 and 6 go smoothly, when it comes to negotiation, this may be tough since the buyer is likely to be price-sensitive. Now contrast what we have reviewed with a typical 'repeat-business' sale.
Summary But repeat customers know you and are easy to get to visit, they accept your phone calls, have open discussion with you because they trust you and they are potentially less price sensitive. What's more they provide an opportunity for a long stream of business, sometimes known as the 'lifetime value of the customer' and may be a source of referrals. For all these reasons it is easier to grow a profitable business if you focus on repeat customers, rather than one-off sales. If you enjoyed this article, take a look at my book.
And if you are having trouble recruiting a good technical salesperson, this is essential reading -
How to Hire a Really Good Technical Sales Engineer
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More articles on better selling
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