How to build a successful sales cycle in a service based business?
2022.05.10.
by Orsolya Jakots

Bringing perspective on B2B dimensions

 

Building a sales cycle is never easy, especially if it is your first time business and you do not know how to get going. 

We gathered some essential thoughts for you to keep in mind in case your service based business needs a solid foundation of the sales cycle.  We talk out of experience and all the information you will get means it has worked for us, we already implemented these ideas into our own projects and it remains to work efficiently. 

Here is the step-by-step guidance on how to build your own sales cycle as a start-up. 

Prospecting 

First step of the sales cycle is to start prospecting. It is very crucial to get to know your customer before starting to sell to them. You can even do research on your potential clients. Try to answer questions such as: 

  • Who are they?
  • What are their connections to my industry?
  • How could my service provide them value?

The more you know about their wishes is the better. Try to identify how a pain point was leveraged to sell the customer on the absolute need for the service. It is advised to create a document on your findings in an easy-to-understand format. 

Qualify & Assess needs

The objective here is to initiate a discovery call with the prospect to further understand if the service can solve the prospect?s challenges.

See and scout the possibility of a demo meeting with your client and their team or board.

A demo in this case is a representation of the service and it is usually held to clients who have intentions of contract agreement. 

Here is a tool that helps you to track these qualifications and needs before arranging a demo meeting to showcase your service. 

Service based Sales funnel  - Figure by Orsolya Jakots
Service based Sales funnel - Figure by Orsolya Jakots

BANT (Budget, Authority, Need, Timescale)

 

Using these keywords you can interpret the meaning behind these words and give them a deeper thought. As an example, does the customer have the budget available to them? Does the customer have the authority to buy? Does the customer have enough need (pain) to buy? Does the customer know when they are going to buy?

It provides a simple framework for qualifying prospects in a business-to-business (B2B) sales setting. An organization evaluates whether, and to what degree, a sales prospect meets each of the four criteria.

Creating a qualification framework can help better understand your customer?s pain. Generally checking these pinpoints fundamentally clarifies the black spots that might come along in other parts of the  process. 

It is advised that sellers look to have a fluid conversation where they are focused on helping the customers themselves towards qualification so customers do not feel they are being pushed through a scripted process. 

Demo

Here is when you and your team schedule a demo with your potential client and perhaps their team.  It is usually beneficial to prepare properly to these demo meetings and formulate a well made presentation within a convenient time period. 

Here are some practices to follow when preparing for a demo meeting. 

  • Research the prospects’ business and industry (who they are, what they are interested in, which industry etc.)
  • Personalize each presentation
  • Practice before every memo (try to rehearse with your team and have a rock solid script that you can stick to)
  • Have a Q&A in the end and listen, reply, and empathize with their challenges, answer concerns etc. 
  • Try to keep it in an acceptable time frame 

Contract terms & Negotiations 

This step comes in case the demo meeting went successfully and your client wishes to proceed further with the contract terms. This means they were satisfied with the showcased service that they experienced.  Further negotiations, technical calls, feature requests, contract terms are in line to be discussed. However, make sure you are thorough in this step as it quite differentiates in every company?s situation. 

Customer Service

Make sure you support your client after the set up process. Regardless of your service, it is always important to maintain customer service. Retaining customers is crucial in order to create loyalty from both sides. 

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