To gain a solid understanding of the sales pipeline, its stages, and the tasks that need to be completed at each stage to drive a deal from lead to closing.
You will map out a typical sales pipeline process and list the corresponding tasks that need to be executed at each stage. Then, apply this structure to a mock sales scenario.
Here are the common stages in a sales pipeline. For each stage, list the tasks that need to be completed before moving on to the next.
– Research target market and ideal customer profiles (ICPs).
– Use tools (like LinkedIn, CRM, cold email campaigns) to gather leads.
– Prioritize leads based on quality and potential interest.
– Initial outreach: phone call, email, or social media message.
– Use discovery questions to assess need, timeline, and decision-making process.
– Identify key decision-makers.
– Qualify/disqualify prospects based on fit.
– Schedule and conduct a discovery call or meeting.
– Ask in-depth questions to uncover pain points and business challenges.
– Provide a high-level overview of your product/service benefits.
– Tailor your approach based on the prospect’s needs.
– Prepare a customized proposal or product demonstration.
– Highlight benefits, features, and how your solution meets their needs.
– Present pricing options and ROI (Return on Investment).
– Answer any immediate objections or questions.
– Identify and acknowledge objections (e.g., price, product fit).
– Offer solutions or compromises.
– Review terms of service and potential contract adjustments.
– Negotiate on pricing, timelines, or features if necessary.
– Obtain verbal or written agreement from the prospect.
– Send over the contract or purchase order (PO) for signature.
– Finalize the details (payment terms, delivery date, etc.).
– Send thank you note and onboarding information.
– Schedule follow-up calls or check-ins.
– Offer customer support or resources for a smooth onboarding.
– Request feedback on the experience.
– Nurture the relationship for upsell opportunities or referrals.
You are a sales representative for a software company that offers CRM solutions to small and medium-sized businesses. Your task is to map out the steps you would take to move a new lead from initial contact to closing the deal.
– At which stage did you face the most resistance or challenges?
– How did you address objections during the negotiation phase?
– What would you change in your approach to improve the outcome?
– How would you follow up after the sale to maintain a strong relationship with the customer?
This exercise will help you understand the structured flow of the sales process while allowing you to practice real-world tasks at each stage.