Internet - The World Wide Web
Using the Web to Speed Up the Sales Cycle

Using the Web to Speed Up the Sales Cycle

The sales cycle can vary greatly across industries, but it can be roughly boiled down to a few basic parts. The first part of the sales cycle is the qualification of a sales lead. Many leads can come in but only some of them will be ready and willing to buy. The first step in the sales cycle is to determine which of these leads are qualified leads, based on a variety of factors that change from industry to industry.

Once the lead is qualified, the potential customer must be approached, and this is the second part of the cycle. Setting up an appointment, sending or e-mailing sales literature, and phone contact are all ways to approach the qualified lead.

After the initial approach and meeting, a review occurs in which your sales staff reviews the business methods and needs of the lead. Next, your sales staff presents the product to the lead, which usually takes the form of a formal proposal in a meeting or via a written proposal.

Once the customer is satisfied and has decided his or her course of action, the deal is closed and the sales cycle ends.

The biggest enemy to the sales cycle is time. Every step takes time, from the point where a lead is deemed qualified to the point at which the deal is finally closed. At any step during the process the customer can choose to terminate the relationship and move on, either to a competitor or simply because the products or services you are offering are no longer needed.

The best time to get a customer to buy is as close to the moment of qualification as possible, right after the customer decides that he or she wants something. In a product-oriented business this means taking advantage of customers’ impulse buys, and the Web does that very well. But in the larger corporate, service-oriented businesses the sales cycle is longer, posing more of a risk to closing the deal.

When the time comes to decide whether to put a large service-oriented business on the Web, the issues that need to be considered are far different. Not only must you add value and clarify the call to action, as in a small service-oriented business, but you also have to determine how your Web site can best speed up this sales cycle, cutting the time from the initial qualification to the final closing. For example, by using your Web site to deliver proposals, either through a secured area or electronic transmission of documents, you shorten the time it takes the customer to review your proposal. Even approaching the customer electronically (via e-mail) cuts down on the time from qualification to closing and keeps your customer interested in your service or product.

The goal of building a business Web site should be applying the Internet and all its benefits to your business in every way you can. Just because you are not selling a commodity or impulse product does not mean you should not have a presence on the World Wide Web. Through careful thought and planning you can create a Web presence for your business that will enhance your goals and your bottom line in hundreds of ways.

* Source - Everything Online Business Book
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