“Sales Process” most often refers to the repeatable set of steps your sales team takes with a prospect to move them from an early stage to a closed sale. Many of the articles I have read on this topic refer to the Sales Funnel and the Sales Process as the same thing. However, my view of the two is somewhat different.
From my vantage point, you should have a clearly defined Sales Process for prospects and existing clients. Why? Because the sequence of events, hand-offs, deliverables and timeframes may be different for prospects vs. clients. These key differences should be understood by you and your sales team in moving prospects to clients, staying in-touch and building those long-term business relationships.
The “Sales Funnel” on the other hand, reflects all of the active sales projects that result from the various interactions with both prospects and clients.
Our BLF ELITE Mastermind group has been working on the areas of Sales Process and Funnel Management for the past two months. And I want to share some thoughts with you from our work in the hope that it will help you build more effective sales processes for your business.
Sales Funnel … Is opportunity driven. The Sales Funnel provides a visual snap shot of all of the active sales opportunities that you are working on, and their various stages of completion from warm lead to Customer Acceptance. It is also the virtual “lifeline” for your business to both new and existing customers in driving sales revenues. Continue reading…