Sales Cycle

This course is about strategic target selling for software solution.  

Software LifeCycle

Software Solution Selling

Author :   Paul Lim Puay Chit

© 2016 Paul Lim Puay Chit -  ALL RIGHTS RESERVED. do not copy the contents without permission from the author                      

Characteristics Of A Software Sale

 

  • Sell it as a Solution – Not a Product
  • Must be properly managed
  • Must be delivered and it must work
  • Always identify gaps and risks

 

Characteristics Of A Good Sales Person

 

  • Understand your products and services
  • Understand industry needs
  • Drive sales of your products and services.
  • Achieve and then exceed your assigned
    sales quota.
  • Represent the company to the marketplace
    in a professional manner.
  • Never ‘bad-mouth’ your competitors
  • Identify ‘key decision/influencers’ – manage them
  • Be Prepared to walk-away - cut losses

A Good Sales Person

 

Prospecting:

Be A Hunter

Do Campaign

Be Persistent : Follow all leads

Qualification/Initial Contact:

Affordability

Scope

Time-line

Strategic Considerations – key decision makers

Software Selling Life-Cycle

 

Identify Requirements/Budget 

Determine percentage of fit

Identify ‘Sweet Spot’

Why us ? Come out with 3 reasons

 

Demo/Presentation

Readiness – who is attending ?

Assume that it is your last chance

Rehearsals - anticipate difficult questions

Back-up plan

 

Software Selling Life-Cycle

 

Deal Negotiation

Know your final base line

Prepare for last minute requests

Be Prepared to walk away

 

Contract/Close Deal

Double-triple check your quotation/contract

Check your assumptions

 

Software Selling Life-Cycle

 

Hand-Over to Delivery Team

Proper hand-over in terms of identified special requirements

Work with Project Manager to derive project team structure, focus on key users

Attend Kick-off and Closing meeting

Visit customers – look for recurring sales and opportunities

Structured Sales Approach

 

  • Use a simple CRM package
    • Keep track of all leads, opportunities and campaign
    • Keep a minimum number of prospects according to the sales life cycle
    • Gives a better and realistic prediction on sales opportunities
  • Opportunistic Versus Target
    • Gradual move from opportunistic to target selling
    • Sales value proposition between Opportunistic and Strategic
  • Campaign
    • Deliberate effort to achieve a planned target audience
    • Measurement of success
  • Account Management
    • Are we visiting our good customers ?
    • Look for lead generation from our customer base – it is always easy to sell through referral

The Magic Number - Based on Life-Cycle Phases

Size of the prospects list 

-    depends on the product type 

-    price sensitivity

-    seasonal considerations

 

 

The Magic Number - Based on Actual Time-Frame

Prospects Over Time

Magic Number 20 Must always be maintained

Target Selling

  • Higher profit margin
  • Strong focus on industry knowledge
  • Predictable and controllable sales pipeline

 

Question 1  :   When do you walk away from the prospects

  • User Requirements are only available in next release of software
  • Prospect has no budget
  • You do not like the customer
  • You heard that the main customer representative will be fired soon