Whether you are just starting out as a Service Bureau or have been in the industry for years your business can benefit from updating your sales process.
What is a Sales Process?
A sales process is a set of repeatable steps that a salesperson takes to take a prospective buyer from the early stage of awareness to a closed sale. While there are many different types of salespeople you could have on your team the sales process is a standard process they will all follow in one form or another.
Step 1: Prospecting
Prospecting is the first step in the sales process. It involves identifying potential customers, developing a database of prospects, and then communicating with leads with the goal of converting them into customers. This step can feel tedious but it can be made easier through automation software designed with tax professionals in mind.
Step 2: Preparation
Doing anything and everything possible to ensure that you understand who the potential client is, what they do, what is going on in their market and where they are looking to head. The expression “knowledge is power” is especially true in sales. A salesperson who seems knowledgeable in the field is far more likely to close a sale than one who only understands the product.
Step 3: Approach
During the approach stage of the selling process, you’ll make your first personal connection with your prospect. This step often involves providing prospects with a sample (or free trial) to evaluate what you have to offer.
Stage 4: Presentation
A sales presentation is a short presentation of your product to prospects or existing customers that aims to persuade them to make a purchase. Your presentation should highlight the qualities of your product or service that justify the value you have assigned to it. Presentations do not have to be overly long or information-dense but instead should be simple and easy to understand.
Step 5: Objections
A sales objection is any concern a prospective buyer raises in reference to a barrier obstructing their ability to buy from you. This is an explicit indication that you have to address more aspects of the buying process than you initially anticipated. Oftentimes this will be the price, perhaps the buyer is interested in your product or service but cannot afford the requested price at the moment. Objections will test the flexibility and skill of you and your sales team.
Step 6: Closing and Follow-Ups
Closing a sale occurs when the seller and buyer agree to the conditions of the sale and the buyer makes a firm commitment to the transaction either through a downpayment or a signature on a contract. Closing the sale should not be seen as a transactional event, but rather as the natural ending of the sales process.
Helpful Tips
MAKE WARM CALLS
It can be incredibly useful to warm up your prospects before making the initial contact.
BE A TRUSTED RESOURCE
To be successful as a salesperson, you have to do more than sell. You have to be your client’s go-to person and support them after you’ve closed the sale.
BECOME INDUSTRY LEADERS
Establish yourself as a leader or subject matter expert in the tax industry to gain credibility and trust before reaching out to new prospects.
FOLLOW-UP
Keep the prospect in the loop and follow up at each step of the deal. Whether you’re confirming a time for your next meeting or sending over additional resources, an email or call helps you build a relationship with your point of contact.
The sales process listed in this article will help your team get organized and stay consistent with software and service sales. Sales is vital for your Tax Service Bureau to succeed and should be something you routinely check in on with your team. Start by asking them questions like, “where are you in the sales process with this prospective client?” Using the resources Swift FP makes available to you and your team can improve your Service Bureau. Check out our previous blogs to find more helpful information and don’t hesitate to reach out to our representatives with any questions you may have.
