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Sales Funnel Stages

24 Minute Sales

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Unit Video

Unit Summary

The sales funnel stages include
  • Prospecting which is the initial identification of possible opportunities.
  • Qualifying or validating where we ensure that there is truly an opportunity in the account at this point of time and identify the key decision makers.
  • Proposing by which we propose a solution to address the client needs within a budget that they have.
  • Closing the deal which includes the final stages of negotiations.
  • Winning the project and handing it over the delivery team.

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Transcript

Hi. In this video, we will learn about the sales funnel and the various stages in it.
The sales funnel is the process of taking client opportunities through a qualification process towards a successful deal closure. It is essential in enterprise business to have a sales funnel since it provides the ability to forecast future revenue.
The sales funnel stages include:
  • Prospecting which is the initial identification of possible opportunities.
  • Qualifying or validating where we ensure that there is truly an opportunity in the account at this point of time and identify the key decision makers.
  • Proposing by which we propose a solution to address the client needs within a budget that they have.
  • Closing the deal which includes the final stages of negotiations.
  • Winning the project and handing it over the delivery team.
These 5 stages represent the sales roadmap for any business and should be reviewed on a daily basis by the responsible sales person!

Case Study

Mohamed has recently been recruited to head sales management in his company. His task is to produce over the next 6 months a total sales of $5 million dollars. In his first meeting with his new team, he asks them to come prepared with their sales funnel including expected deal size and stage of each opportunity. In adding up all the deal sizes of the team at the various stages of the funnel, he realizes that it totals $10 million dollars in expected sales if all the opportunities materialize. Taking the rule of thumb that about 30% of the opportunities would materialize, he realizes that his first priority is to have his team increase the total gross funnel to $15 million by prospecting for more opportunities and expanding existing opportunities. This would get him closer to closing his $5 million target with the 6 months.

Quotes

You don’t close a sale; you open a relationship if you want to build a long-term, successful enterprise. Patricia Fripp