There is a process of Sales - A scientific process - called as SPANCO.
(i) Suspects
(ii) Prospects
(iii) Approach
(iv) Negotiations
(v) Closing
(vi) Order
We have to find Prospects among suspects. Bringing in Prospects and approaching them is what is called as lead generation. When we approach for the first time, normally we will know whether the clients are interested and willing to buy. But normally after the first meetings, hardly any follow up is done. It is estimated that it is here that many of the leads are lost and fail to convert into sales. Hardly, 2-5 % of the sales that are closed happen because of the first meeting. As no follow up is done, the client also forgets about you.
If you are eager to convert more leads into sales, FOLLOWING UP is the most important factor. If some client asks for some time, you need to call them at that time so that he is reminded about you and your product. When follow ups are done, the client also knows that you are serious. It does help when you are in a market where buying is on recurring basis. Every day, Every month, Every Quarter OR Every Year. If you are in touch with the prospect round the year, a time may come when there are some problems with the existing suppliers or they need to develop some other products, etc. They will be ready for giving business to you.
There are also Negotiations happening, once the client decides to buy from you. You should be clear about your costings so that you are not at a Disadvantage. You should know your limit so that the moment something comes below your level, you quit. You can still be in touch with the client, though. After all, you know he requires things that you have.
(i) Suspects
(ii) Prospects
(iii) Approach
(iv) Negotiations
(v) Closing
(vi) Order
We have to find Prospects among suspects. Bringing in Prospects and approaching them is what is called as lead generation. When we approach for the first time, normally we will know whether the clients are interested and willing to buy. But normally after the first meetings, hardly any follow up is done. It is estimated that it is here that many of the leads are lost and fail to convert into sales. Hardly, 2-5 % of the sales that are closed happen because of the first meeting. As no follow up is done, the client also forgets about you.
If you are eager to convert more leads into sales, FOLLOWING UP is the most important factor. If some client asks for some time, you need to call them at that time so that he is reminded about you and your product. When follow ups are done, the client also knows that you are serious. It does help when you are in a market where buying is on recurring basis. Every day, Every month, Every Quarter OR Every Year. If you are in touch with the prospect round the year, a time may come when there are some problems with the existing suppliers or they need to develop some other products, etc. They will be ready for giving business to you.
There are also Negotiations happening, once the client decides to buy from you. You should be clear about your costings so that you are not at a Disadvantage. You should know your limit so that the moment something comes below your level, you quit. You can still be in touch with the client, though. After all, you know he requires things that you have.
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