2.01 Understand sales activities and show command of their nature and scope

1. 2.01 Understand sales activities and show command of their nature and scope Performance Indicator: Explain the impact of sales cycles

2. Definition • Sales cycle - The course of time between the initial contact being made with a customer, the identification of services or goods to be procured, the acceptance of the intended purchase, and the transaction that completes the sale.

3. Factors that affect the length of sales cycles • See article @ http://www.bizjournals.com/triad/stories/2001/08/13/smallb3.html • See videos @ • http://www.youtube.com/watch?v=ZmGVFIw0-Ss&feature=related • http://www.youtube.com/watch?v=e6EDZhkoFgo • http://www.youtube.com/watch/v=zQM1b_DxGCo • http://www.youtube.com/watch/v=QW07ekpbjYI • See video @ http://mystrategicplan.com/resources/how-length-of-sales-cycle-affects-sales-strategy-part-4-of-5/

4. Short sales cycles Advantages Disadvantages Fast-paced travel Frequent presentations • Customer takes fewer steps before deciding to purchase • Example: selling clothing • http://go4funding.com/Articles/Sales-Cycle.aspx

5. Long sales cycles Advantages Disadvantages Customer takes more steps before purchasing More complex contacts to keep organized More paperwork & correspondence Time management is key Example: selling a company • Marketing is targeted, short, and to the point • Customers have no issues with purchasing

6. Actions salespeople can take to shorten the sales cycle • Use testimonials • Use case studies • Use examples of the work you’ve done

7. Actions salespeople take that lengthen the sales cycle • Identify key points and sell to those • Prospecting • Selling = getting an appointment to discuss • Get the small wins to ensure a BIGGER win later on • Be informative and detail-driven • Ensure ease of potential clients ability to obtain information • www.thepedestalgroup.com/sales-cycle