The sales wheel is a term used to describe both a sales process and a 'go to market' plan.
Sales organisations, sales trainers, and consultants use a sales wheel to visualise the sales process. It helps to ensure that all aspects of the process are considered and that no steps are accidentally missed.
The basic sales process stages in a sales wheel are:
- Prospecting: Identifying potential customers and initiating contact with them.
- Qualifying: Assessing whether the potential customer is a good fit for the product or service being sold.
- Presentation: Providing the customer with information about the product or service and addressing any concerns or objections.
- Handling Objections: Listening to and addressing any concerns or objections that the customer may have about the product or service.
- Closing: Asking the customer to make a purchase and finalizing the sale.
Another type of Sales Wheel describes the stages in a "go to market" plan. This type of Sales Wheel is a visual representation of the steps involved in taking a product or service to market and is often used by startups and businesses to plan and execute their marketing and sales strategies.
Typically, the stages in a "go to market" sales wheel include:
- Market Segmentation: Dividing the target market into segments based on common characteristics, such as demographics, behaviour, or needs.
- Target Customer Definition: Identifying the specific customers within each market segment that the product or service is most likely to appeal to.
- Value Proposition Development: Defining the unique benefits of the product or service and how it solves the customer's needs.
- Channel Strategy: Deciding how to reach the target customers, such as through direct sales, indirect sales, or e-commerce.
- Sales Process Optimization: Defining and optimizing the steps involved in selling the product or service, including lead generation, qualification, presentation, and closing.
- Customer Acquisition: Acquiring customers through various marketing and sales tactics, such as advertising, events, partnerships, or referral programs.
- Customer Retention: Keeping customers engaged and satisfied, and developing strategies to retain them over time.
By following the stages outlined in the "go to market" Sales Wheel, businesses can develop a comprehensive plan for bringing their product or service to market and achieving success. This type of Sales Wheel helps organisations take into account all aspects of the marketing and sales process thereby increasing the likelihood of a successful outcome.
Article by Clive Miller
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