SPANCO is an abbreviation of 6 stages of a typical sales cycle which usually occurs during every sales process. This framework was given to the sales community by Xerox. Even though the stages of Sales Cycle in each industry may differ but the basic framework for most of the sales process would typically fit within SPANCO.
SPANCO stands for: S - Suspect P - Prospect A - Approach N - Negotiate C - Close O - OrderLet's go through each stage in detail:
In this stage, the tentative customers of products are identified and segmented into subgroups based on demography and fads. This target of potential customers are gathered from multiple sources like Directories, Mail Opt-in lists, Networking platforms, Referrals, etc. This may be cross-sell or upsell opportunity with existing customers. Based on this list, targetting marketing plan is designed to reach these potential customers.
In Euphoria CRM, there is provision for running Email campaign and SMS campaign to reach these potential customers.
On execution of planned marketing campaigns for various potential customer groups, some of the them will express their interest for the product. The people shown interest are the propect in the sales cycle. They are logged in the system and complete lead followup cycle followed.
Euphoria CRM provides tools to automatically capture the leads thru the campaign or manully log the leads.
The logged leads are the input for this stage. The approach for handling leads differ from organization to organization. During this stage, customer requirements are evaluated, customer meeting done, solutions proposed and quotation/proposal is shared with customer. Leads are quantified and classified based on vaious factors. Different contacts are idetified.
Euphoria CRM provides feature for customized lead life cycle depending on implementation. All the data generated during the lead life cycle is captured and leads are priortised and classified.
This is the two way process of discussion with customer and sales team. This is one of the most crucial stage of the sales cycle since this can either make or break sales deal. Here competitors are evaluated and how our proposal will best suite for the customer. This stage would decide whether the client would buy from you or not. This stage involves negotiation with the clients on the pricing aspect of the deal and its associated terms & conditions. During this stage, you should demonstrate the value of your product to be more than what the customer is going to pay.
Euphoria CRM provides feature for multiple revisions of proposals/quotes. Also sales team will continue to evaluate the lead from various risk factors and take suitable actions.
At this point of sales cycle, the customer would agree to the terms & conditions of the proposal. The "Lead" would be considered to be "Close" and will get converted in "Deal". At this stage the customer would issue the purchase order.
Euphoria CRM allows the process of converting lead for closure. The new deal will entail creation of new customers and all associated purchase order in the system.
In this point of sales cycle, Order fulfilment is done with delight of the customer. Account teams issues the invoice to customer. At the end of sales cycle, customer feedback is taken and suitable action taken to improvise the sales cycle.
Euphoria CRM provides integration with Tally for seamless invoice generation process.
This is just one sales cycle. Sales team maitain a better customer relationship by maintaining continuous communication customer using CRM. Maintaining a long term relationship with the client equips the sales team with Upsell and Cross-sell opportunity, thus increasing the Customer Life Time Value (CLTV) of that particular customer.