application from potential buyers;
determination of need;
assessment of possibilities;
working with objections;
coordination of project kuwait phone number parameters;
economic justification;
signing of the contract and transition to the direct implementation of the project.
For any stage of the funnel, the head of the sales department defines a quality criterion that makes it possible to objectively assess the quality of work with a potential buyer.
Project Sales Funnel Stages and Metrics
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Practice shows that the following indicators are most relevant:
Application from potential clients – the number of projects accepted for work in comparison with their total number, share in percent (quantitative indicator).
Needs identification – the number of needs identified for each potential client that can be correlated with the competitive advantages of the product and the company (at least three, a qualitative indicator).
Assessment of possibilities – the number of solution options that are available to the company and also correspond to the client’s needs (at least three, a qualitative indicator).
Working with objections – yes or no (qualitative indicator).
Coordination of project parameters – discount amount, as a percentage (quantitative indicator).
Economic justification – it must be communicated to the client and accepted by him (qualitative indicator).
Signing of a contract and transition to direct project implementation – the share of signed contracts as a percentage of the total number of projects in the funnel, starting from the first stage (quantitative indicator).
The funnel may vary depending on the work with a specific business and differ from the standard template, but if it is built correctly, this dissimilarity is minimal, and the conversion reaches 40-50%. At the same time, contracts that were not concluded due to production restrictions are not taken into account. If the indicator is much lower, then there are problems in the work of the sales department, there is significant potential for growth.
A sales funnel is not a magic wand that will definitely close a deal. Each of its stages corresponds to a business process that includes specified forms of behavior. A correctly built funnel allows you to determine which of them require improvement.
Download a useful document on the topic:
Checklist: How to Achieve Your Goals in Negotiations with Clients
Frequently Asked Questions About Project Sales
Now you know what project sales are in simple terms. To be successful, it is necessary to promptly respond to customer requests, provide them with quality service, and constantly monitor the potential client's progress through the funnel.
There are many books on the topic of project sales that allow staff to improve the quality of interaction with customers and increase conversion. Below we will answer the most popular questions on the topic of project sales.
What aspects of project sales should you pay attention to first?
First of all, it is necessary to pay attention to the maximum individualization of the product, it should correspond to the needs of a specific, not an abstract client. The quality of communications is also important, which allows not only to establish contact, but also to obtain maximum information from each other. Another point is clear planning of the use of time and resources, which allows to avoid failure to meet the deadlines for the execution of the contract.
What is the main objective of project sales?
In the area of project B2B sales, the most important task is interaction between enterprises, the formation of stable information channels that allow for the establishment of partnerships. Within their framework, there is an exchange of technologies, experience, ideas, which allows for the selection of suitable suppliers and buyers.
Who is involved in project sales?
According to McKinsey&Company, today in business it is difficult to draw a clear line between responsibilities and functions. Within the framework of project sales, the interests of many participants converge - government agencies, sellers, buyers, investors, each of them uses their own methods and tools to achieve the goal.