SPANCO Hacks

I just attended a seminar few days back which was hosted  by Dr. Vivek Bindra

He saliently explained the 6 stages of a sales cycle which I found it very useful, so thought to share it with you all, In case if you haven't heard you might find this useful 

 This framework was given to the sales community by Xerox. 

 PS - The stages of Sales cycle in each industry would differ but the basic framework for most of the sales process would typically fit within SPANCO,

   SPANCO Stands for

   S - Suspect

                                               

   P - Prospect

                                               

   A -Approach

                                               

   N -Negotiate

                                                

   C -Close

                                               

   O -Order

Let's Discuss each element in detail 

   

Stage-1 : SUSPECT - In this stage, a list of leads are identified who are suspected to be potential customers. But at this stage of Sales Cycle, it is not confirmed whether they are interested to buy the product offered by the Salesperson or not.

Stage-2 : PROSPECT- During this stage, a few prospects are identified out of the huge list of Suspects. These prospects are the potential customers who express their interest during the previous Suspecting stage. For. E.g. Consider that you are selling products  to a B2C. You have been cold calling every lead you had during Suspecting Stage. Let us suppose, out of 100 calls made, 20 leads were found to be interested and would like to meet further. Then those 20 leads are said to be your Prospects.

  

Stage-3 : APPROACH- During this stage, you go  to meet the clients identified during the Prospecting stage. This meeting can happen either Virtually using phone & video calls or Physically by meeting in person. In this stage, the sales person tries to identify the client's requirements, analyse them, perform lead qualification and based on that, tries to present a solution from their  offerings.

   

Stage-4 : NEGOTIATE -This is one of the most crucial stage of the sales cycle since this can either make or break your sales deal. This stage would decide whether the client would buy from you or not. This stage involves negotiation with the clients on the pricing aspect of the deal and its associated terms & conditions.

Stage-5 : CLOSE - At this point of sales cycle, the Client would agree to the terms & conditions of the deal or contract. The Deal would be considered to be "Close", when the customer would sign on the contract and would complete all the necessary formalities for issuing a purchase order to you.

Stage-6 :ORDER- This is the last stage of the sales cycle, wherein the Client would issue the purchase order and Order fulfillment is done. Once a Purchase Order is issued, the salesperson has to hand over the Purchase order to the concerned Operations Department or Fulfillment which would carry it forward. The client's responsibility is transferred to the Delivery Team. This marks the end of the sales cycle for that particular deal.

Moreover, this doesn't ends here successful sales team go beyond these and maintain customer relationship even after the order stage is finish significantly these helps to create brand loyalty, and increase Customer lifetime value 

Because at the end Retaining customer is must in today's VUCA World.