7 Steps Sales Process - Prospecting (First Step)

Sales is considered to be the oldest profession in world. There always has been debate whether Sales is a process or art. It can be easily observed if you follow a certain sales process, result will also be in the sync of that process however results may fluctuate sometimes by some degree because of external market forces.

Typical sales process can be divided in seven steps however depending upon business model, market and product domain this can also vary to certain extent.

Prospecting/ Planning: This is first step where sales person need to create a funnel of leads by using various methods like cold calling, networking, exhibitions, roadshows, emailers, direct mailers, directories etc. Prospecting has been lot easier now compare to 10-15 years back and we have seen lot of changes due to increased internet penetration Sales person can get many inputs by doing online research about their target market segment and can find an overview about Total Available market, serviceable market and Obtainable market.

Total Available Market (TAM): Maximum possible market available for the respective product or services.

Serviceable Available Market (SAM): SAM can be defined depending upon the organisation priorities and business model.

Serviceable and Obtainable Market (SOM): SOM can be defined keeping practical aspect of organisation business model.

It is evident that sales team efforts should be focused on “SOM” segment to generate leads and create a funnel of good prospects.

Next: Seven Steps Sales Process – Second Step: Qualification

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