"SPANCO" The Key for successful Sales

Sales is the Key for every organization for its revenue generation. It involve multiple processes and the organizations always takes initiatives to attract good amount of sales.Sales has many stages which has been termed as SPANCO, defined by the company XEROX.

Stages involved in a selling process ie SPANCO:

1. Suspect (Define the target market)
2. Prospect (Identify leads)
3. Approach (Reach the customer) & Analyze them too
4. Negotiation (Negotiate the offer)
5. Closing (Finalize the order)
6. Order Management (follow-up the account)

1. Suspect - This is the identification of the customer and seeing whether there is an actual need for the service or product. The sales professionals need to see the actual feasibility of selling the product to the customer. They need to check who are the contact persons within the company and monetary capabilities of the firm to avail the service so on and so forth.

2. Prospect - Here the sales people have to identify the sales lead and look at the chances of converting that lead into a long term relationship with the customer. The sales professionals have to see whether they should sell the product or move on to the next prospective client .

3. Approach- This step initiates the touch point of the sales process where the sales person has to analyse what product is to be sold to the customer whether the high end product or the no frills version of the product . The sales person has to make contact with the purchase department and this will be assisted through the HR department within the company .

4. Negotiation- During this stage the bargaining starts on the various aspects such as features , pricing etc. The sales person also has to evaluate his own profit margin as what product would help the customer so sales person should know about the competitor’s products by this time. By showing the total life cycle costing to the customer the importance of the premium being charged can be reduced in the mind of the customer.

5. Closure- The order gets finalized and all negotiations get completed by this stage .The sales person needs to explain to the customer all terms and conditions of the deal and after obtaining consent from the customer the deal is complete.

6. Order- The order gets delivered to the customer as per the payment terms . The feedback form is taken from the customer so to assess whether the customer expectations have been met or not . The purchase department also can contact the customer in case of repeat orders .