Recap3:52 with Pasan Premaratne
Let's recap what we've learned about selling so far.
Let's recap what we've learned so far. 0:00 Sales involves everything that you need to do to convert potential customers into 0:03 buying ones by getting an agreement or a contract. 0:07 There are a few different kinds of sales types, 0:11 each with their own process and strategy. 0:13 There's B2B, or business to business sales, B2C, business to consumer, 0:16 B2G, business to government, and even consumer to consumer, or C2C. 0:22 In general, the sales process can be broken down into the following steps. 0:27 Prospecting or lead generation, where you make the initial contact with 0:33 a potential customer to build a set of leads. 0:37 A lead is a person who has indicated in some way, interest in 0:40 your company's product or service, most often by providing contact information. 0:44 Prospecting is a more immediate process where you engage in 0:50 activities that provide quicker results. 0:53 Prospecting works better when you need to fill up your sales pipeline to 0:56 hit your quarterly goals. 1:00 You need a more aggressive strategy. 1:02 You want to focus your efforts on small, identified niches of customers. 1:04 And you aren't concerned with brand awareness prior to engagement. 1:09 It also works when you're comfortable engaging directly with your customers and 1:12 convincing them directly on your value proposition. 1:18 It does not matter if you have qualified or warm leads to begin with. 1:21 With lead generation on the other hand, 1:27 you're primarily going to engage in activities that inform the customer, 1:29 increase brand awareness and position your offering at the top of 1:33 their minds when they are ready to engage in the sales funnel. 1:36 Lead generation works better when, you want to build awareness of your product or 1:40 service among your potential customer base before you reach out to them directly. 1:45 You're not in a rush to build leads, and can invest time into 1:50 activities that establish you as a thought leader, and increase your brand awareness. 1:53 You want to invest in a strategy that builds a constant flow of leads. 1:59 You want to engage with qualified leads that are warmer. 2:04 A qualified lead is someone who has both indicated that they are interested in your 2:07 product or service, and who has the ability to make a purchasing decision. 2:11 Once you have your leads, your next goal is to qualify these leads. 2:17 A qualified lead then is someone who is not only interested, but 2:21 has provided further information that allows us to 2:24 convert them to paying customers much easier. 2:27 Do they have a budget to make a purchase? 2:31 Are they a decision maker in the purchasing process? 2:33 Do they have a need for your product or service? 2:37 And have they specified a time frame during which they can make the purchase? 2:40 During this stage you will get in touch with the customer, not to make the sale, 2:45 but to gather information about the prospect that you can assess and 2:49 analyze to get a better understanding of their wants and needs. 2:53 When you have qualified leads and a good understanding of the customer's needs and 2:57 wants, you can then make a presentation based on the collection of information. 3:01 This is where you sell your product. 3:06 During the sales process you'll often come across roadblocks. 3:08 Your next step is to listen to customer objections and 3:12 respond to them without sounding defensive or pushy. 3:15 If you convince them to buy, 3:18 you get a commitment from the prospect who is now a buyer. 3:19 Once you have made the sale, 3:23 you follow up with the customer with post-sales services and support. 3:24 This is the sales process in a nutshell. 3:29 Like entrepreneurship, sales is more of an art. 3:31 You can't have a memorized scripted sales call and 3:35 expect things to go your way all the time. 3:38 What's most important, is your ability to listen and 3:40 to modify your sales presentation to highlight aspects of your product or 3:44 service that solves actual problems that the customer has. 3:48
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