Sales are the key that allows any organization to generate revenue. They involve multiple processes, and organizations must always take initiatives to attract significant sales volume.
That said, in the current situation, customers are adopting a completely different purchasing method. They analyze what they want, the options, the prices, etc. They contact sellers directly at the "final decision and order". Most of these transactions takeplace online. Sellers therefore have very little control over the sales.
Companies then track users online, check their level of interest (how many videos this user has watched), offer campaigns 360-degree (messages in ads on the web, on Facebook, etc.) and provide them with enough informationto make them buy.
To boost its sales, Xerox gave its sales team a deadline to manage sales professionally and smoothly. To achieve this, the company developed a technique called SPANCO. The goal of this method is to help salespeople work more efficiently and effectively.
The acronym SPANCO
SPANCO is actually an acronym for the six stages of a sales typical that take place throughout the sales process. Specifically, these are:
- SUSPECT – Identify the target:
- PROSPECTING – Determining the source of the prospect
- APPROACH / EVALUATION – Assessment and certification of needs, as well as identification of solutions.
- NEGOTIATION – The negotiation process.
- CONCLUSION – The order is complete.
- ORDER – Monitoring of customers or accounts, as well as orders and cross-selling.
Step 1: Suspect
The goal is to identify the target audience and determine if there is a genuine need for the service or product. Salespeople must verify the feasibility of selling the product to the client. They must check who the relevant contacts within the company and the company's financial capacity to provide the service, etc.
Step 2: Prospecting
Here, salespeople must identify sales leads and assess the likelihood of converting those leads into a long-term customer relationship. Sales professionals must determine whether it's best to sell the product now or move on to the potential customer next.
Step 3 – Approach and evaluation
This is the stage where the salesperson must analyze the product to be sold to the customer, whether it's a high-end product or a basic version. The salesperson must contact the purchasing department, with the assistance of human resources the company's
Step 4 – Negotiate
During this stage, negotiation begins, focusing on various aspects such as features, price, and so on. The salesperson must also assess their own profit margin and determine which product would best benefit the customer. Therefore, they need to be familiar with the competition's offerings at this point. By showing the customer the total cost of ownership, for example, theimportance of price can be diminished in the customer's mind.
Step 5 – Conclusion
The order is finalized and all negotiations are complete at this stage. The seller must explain customer the terms and conditions of the agreement. Once the customer's consent is obtained, the agreement is concluded.
Step 6 – Purchase Order
The order is delivered to the customer in accordance with the payment terms. The form feedback to assess whether their expectations have been met. The purchasing department may also contact the customer in the case of repeat orders.
As you can see, this is a way to define thesales funnel and align activities to keep it healthy.
Note that Magileads allows you toautomate your prospecting by following the same process. With Magileads, your marketers generate qualified leads that your salespeople convert into customers.
