What Are the Stages of the Deal Lifecycle Process?

The deal lifestyle process depends on the product, company, the segment in which it operates, target audience, sales funnel, market behavior, and a number of other conditions. Check what the stages of the deal lifestyle process in the article below are.

The Deal as a Stage of the Sales Business Process

A deal is a part of the functionality of a CRM system, which is designed to record work with a client within a certain demand for goods and services. A deal is opened at the moment of identifying or creating a customer’s need for a certain clearly defined list of goods and services, i.e., at the moment of transition from a preliminary interest to a real need. In other words, a document (object). The deal is created to work on a specific order from a client at the stage of specifying the cost and exact volume of goods (list of services), date, payment terms, etc.

In addition, all current documents are attached to the transaction:

  • Commercial offers for goods and services are discussed within the framework of the transaction.
  • Contract and/or invoice factor.
  • Applications ID, agreements to contracts, etc.

The Technique Rules of the Deal Lifestyle Process

The stages of a deal form a sales funnel. The right level of detail allows you to solve several strategically important tasks at once: find bottlenecks – bottlenecks where deals fail, identify employees who do not push the client at certain key stages, calculate transaction conversions – get numerical business indicators. After all, you can only manage what you can measure.

Deal technique rules:

  • Strict sequence. Move from top to bottom through the stages.
  • You can’t skip steps. Each of them is a task and a guide to the next step – one cannot exist without the other.
  • Customization for the client. Consider the wishes and needs of the consumer.
  • Work for results. Each stage brings you closer to the goal – to get a lead or close a deal.

The Main Stages of the Deal Lifecycle Process

  • Acquaintance/Establishing contact

The stage consists of the initial interaction with the client. Some consider the so-called “small talk” – a conversation about the road, the client’s office, etc. to be the main thing at this stage. that is, establishing a more informal contact.

  • Identification of customer needs

One of the most important stages in any sales, but it is undeservedly forgotten by sales managers. The main task of the stage is to understand what the client wants and how he needs to offer what he wants.

  • Presentation

This is a story about the company, the product, and the formation of a specific offer to the client. Too many bad salespeople start their sales at this stage and then are surprised by the high bounce rate.

  • Work with objections

Objections are good! If they don’t, it’s bad. If we are told: “Great! Good suggestion, I think”, this usually means that there are objections, but they are not voiced to us. Before offering a solution, summarize the client’s wishes. Once again, show him that you listened to him and heard him. So it will be easier for him to trust you: after all, you understand what he needs!

  • Completion of the deal

This is the last of the main stages of the sale of goods by the manager. The best way to close the deal is when the client asks: “When can you deliver the goods to me?”.

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