Sales Process 2021 Updated

In Magestore, Customer journey is devided into 2 main stages: From Lead to Deal; while to best serve customers, Business Consultant (BC) team follow 6 stages - known as Sales Process:

A. Lead:

  1. Marketing Qualify Leads:

At this stage, a Sales Development Representative (SDR) from BC team receive potential leads from Coffee (Marketing) team with the following raw information:

  • Company name, website, email
  • Industry
  • Scale (Revenue)
  • Country

The SDR's duty is to validate if the lead's information is correct and when to call them based on the customer's country and timezone to prepare for his/ her 1st touchpoint with the customer.

1. Research:

Before making a first call with the customer, the SDR must research these following information, making sure he/she has a good grasp of the customer's profile and company:

a. Company:
  • Vision/Goal: How Magestore solution supports the company's goal and aligns with their vision
  • Positioning/Mission: Understand company's products & services and match Magestore solution with their Mission and Position. Eg: high-quality product & experience; and to build rapport using those alignments.
  • History: Understand company's history to customize content in the 1st call and build rapport; the SDR can also ask in-depth questions to gain more insight into company's operation and business.

Note: the aforementioned pieces of information can be found on the customer's website - "About us" page.

  • Company size: No. of stores, revenue: to have an idea about customer's budget, market share, customer segments, competitors: if their competitors run a program that they don't have eg: loyalty program, convince the customer to use the same or leverage their own program. This information can be found on Ownler, Dnb, Google
  • Organizational Chart: Who is the decision maker, buyer, user of the project, who should BC focus on and pursuade. Can be found on "Our team" on customer website
  • Business (require knowledge and experience about customer's industry): main products, main category, key sales channel (online or offline) or products. This is to understand how Magestore solution can support them, and bring example that close with them. Eg:if the company focus on online sales, focusing on offline sales isn't suitable. An SDR should focus on their key products and sales channel instead.
  • Their Customer Feedbacks: Is there any complaint? Can Magestore solution resolve that complaint/ problem? This information can be found on Google, Customer's Facebook Page or any reviewing page
  • Industry trend (Advance): this requires an in-depth understanding about customer's industry by reading retail newspaper or google keyword "products + trends" Eg: furniture trend.
  • Similar account/company that Magestore has worked with: to showcase Magestore experience and gain trust from the customer. The SDR can research on BC internal CRM - Zoho.
b. Contact point: To understand who you're working with? Is that person an influencer or decision maker?
  • Their Role, Personal win and Decision making unit/Process: to estimate the lead time and come up with a tactic to win based on their personal win. This can be found on Linkedin or by asking about their experience with their company, understanding if this is a long term investment or not.
c. Customer journey:
  • By doing a research on a buying journey on their website (creating an account or placing an order,...), the SDR visualize and draft out a customer journey and experience to see at which point can Magestore optimize their process and suggest a solution accordingly.
  • Some info types are difficult to find: customers' revenue, company structure, customer estimated budget,... -> search on different website: Linkedin, DnB for customers' financial statements,...
  • Industry trend, competitors requires indepth knowledge -> keep yourself updated by reading retail-specialized newspaper daily (retail wire, google "[industry name] trend"...)

B. Deals:

2. Qualification - 1st conversation by SDR:

  • Confirm opportunities: whether Magestore solution is a good fit for the customer and should both party proceed to next steps.
  • Initiate the relationship between the customer & BC in charge
  • Set up the next Discovery call:
    • Learn in-depth analysis about customer requirements: involve the needed people
    • Magestore introduction

The purpose of this stage is to identify if the opportunity is qualified or not, and to understand: customer's general expectation & reason for looking for a new solution, their project timeline and to confirm the discovery meeting schedule with stakeholders involved.

  • Back and forth messages to set up the 1st talk -> use a personal calendar so the lead can book.
  • Unable to reach the lead -> try any channel that we can reach (phone, email, what'sapp, facebook, skype, company's phone, ...)
  • The lead is hesitant to talk -> always use the researched information to start the conversation to make it as personalized as possible. Especially, breaking the ice or warm-up sentences to build rapport with the lead is highly recommended in any conversation; use success case to trigger the lead's interest.
  • The contact point is unsure or unknown of the information -> ask for the right person and willing to schedule another meeting

3. Discovery - BC takes charge from this stage:

  • Brief introduction about Magestore (pitch file) with a custom content based on previous research and client's sharing
  • Reconfirm understanding about customer: customer's journey & customer IT ecosystem
  • In-depth analysis to identify customer's 3 levels pain: Technical (The Issue), Business (Financial Impact), Personal (Emotional Impact)
  • High level requirements with a breakdown requirement analysis by use case called FIT & GAP. During this step, there will be 2 intenal process might be involved:
    • Pre_sales process: if the customers requirements are rather complicated or covers a large scope (including either system/architecture/server, website, mobile app,... ) -> Create Slack presales- ... and invite a specific deliver team. You can also invite and related member, also invite Mike to any channel. Create Email of this Slack Channel and add to loop with all email discussion!
    • Estimation process: in case of there is a Gap between our Standard package and Customers'requirements.
  • The customer is unwilling or does not know how to answer -> ask simpler questions like multiple choices questions or yes/no questions, or proactively tell a story of another business case to trigger the customer
  • Too many information to be asked -> it's encouraged for the BC to go with the flow to make the conversation as natural as possible. However, prepare a checklist in advance, before ending the call, make sure to go through all the points in order to prepare for an effetive solution design phase afterwards. Thus, make sure to be an active listener and really understand their pains.
  • Difficult to qualify the 2nd & 3rd level of pain: Business and Personal -> build a real connection with the customer -> more willing to share; ask simpler questions (how important this project to you...) with example of similar context. BC can follow tips & guidelines at Handling 3 levels of pain

4. Proposal:

With all the infomation gathered in the aforementioned stages come the proposal meeting or Magestore solution showcase. A good mindset to approach this stage is "there is no "my product" or "default feature" or "our product can't do it, it needs to be customized". Every task is achievable, and BC should guide the customer to visualize how the solution may look like.

  • POV presentation: confirm the customer's pain and suggest the solution tackling the problems. A Standard POV should contain the following information:

    • Business Imperatives: 2 main pillars of any retail business: Increase sales/ revenue by increasing no. of orders, customers,..., and reduce cost by automating processes, reduce manual tasks,...
    • Challenges
    • Magestore Enablers: What MS has that solves the challenges (including proof of concept/solution)
    • Customers Benefits: detailed visualization - quantifying: increase sales by by %? reduce cost by %?...

Collaborate with the customer and delivery team to tailor the full solution for customer's business.

  • Demo the standard features and show the customer the solution's mechanism. If there is no gap, demo the full solution. If there is a gap, demo standard features and help customer to understand the Magestore concept. After the POV meeting, schedule estimation meeting with the delivery teams to design a solution for the customers.
  • Present full solution:
    • Adjust pov (include solution for Fit&Gap)
    • Quotation
    • Timeline: Mutual Success Plan (4D template) and Detailed implementation timeline
  • Output P6
  • Customer asks for more case studies -> Since it's related to the confidentiality, the BC can honestly share difficulties because of NDA with other customers, and ask to send more information later
  • It can be lengthy to go over all the points in the POV -> ask the customers if they're good with the agenda, only focus on the parts they're eager to see.
  • Too many gap of the solution -> approach the project with a solution-based approach: share the posibility of all gaps as how they can be achieved in both business and technical aspects, everything is doable.
  • The customer asks a uncomon flow -> ask the customer to describe the business flow and confirm the flow as it's fully understood, then discuss with the technical team later.
  • Avoid to do monologue. The simple interative questions would be "how are you handling this process right now?", "how do you think about this flow?" ...
  • Customer refuses to join a live Pitching and prefers sending the docs first -> Try to offer the live talk to the 2nd/3rd time as it's more informative and time-saving for both sides, the doc can be sent for deeper investigation later on. In case the customer insists on the docs, BC can be flexible then.
  • The customer seems to have concerns but does not share -> ask what might be the concern of their evalution team (this might be their boss/management board), which is easier to answer.
  • The solution includes a major part related to technical design and the customer team tends to ask technically -> ask the customer if any IT guys joining from their end before the meeting, include a developer to this meeting.
  • Don't hesiate to share the price/cost -> this should be done clearly and firmly. Even the customer keeps silent after the the price disclosed, ask the customer how the price sounds to them.

5. Evaluation:

At this stage, the customer evaluate pros and cons of Magestore Solution. BC can help them with their decision making process by sending them case studies, reports,... and maintain frequent communication with the customer to stay in touch.

  • MS solution pros and cons
  • Comparison with other providers(if any)

The output of this stage is to understand and make use of customer's P6

  • The customer does not show up in the meeting without any notice -> this normally happens because of the low trust or rapport, so the prior process should be reviewed and reflected. At this moment, the BC might have the follow-up with specific assumptio about this case until the break-up message. A technique could be used in advance here is to keep a to-be-confirmed point open in the step #4, which will be discussed in this meeting.
  • Not knowlegable enough of other solutions -> hold on the reasons that the customer's still concerned about those solutions as there must be a gap in that solution, which makes the customer face the fence and understand the priority of those factors. Then conduct more researches to provide customers with more information later.
  • Not being aware of other options that the customer is considering -> be straighforward, BC can consider asking if they are consider any other options in the meeting, most of the cases, they are willing to share
  • Evaluation may take longer than expected or customer is irresponsive after having all the info they're looking for -> following up persistently using different topics (either work or non-work related topics): wishes on their holiday, the customers' company news, send case studies,...

6. Negotiation:

The purpose of this stage is to together with the customer achieve a mutual win-win agreement on Pricing, Payment terms, Development Timeline and Terms and condition.

  • Avoid to be hesitant or unsure about any policy or confirmation
  • There is some points that both parties can not agreed with -> define what is truly critical or can be made up, then this can be discussed with team or escalated to the upper authorities in special cases.
  • Be firm on the rules but allow the room for flexibilitis. There should be pre-defined conditions for each exception.

7. Processing

Depending on the customer's business type, their payment processing timeline varies. BC should take their processing timeline into consideration when planning their monthly goal.

Notice: The sales is recorded only in one of the following cases:

  • BC received the Proof of payment (or receipt of transaction).
  • Magestore receives the amount in the bank account
  • The risk of the processing time -> proactively expect this based on the company type, which can be identified in the 2nd step (Analyzing) or ask the customer about this process in advance to set the right expectation.
  • Avoid being too rush -> be helpful and appreciated instead.

8. Close Won & Transfer Deal to Delivery Team:

At this stage, BC will send an official email from Magestore portal, introducing customer to Slack - their standard supporting channel and to the delivery team in charge. BC join the Slack group together with the customers and play the role of an account manager.

Normally, once the Sales Order gets paid, the solution development team will be noticed immediately and prepare to on-board the customer by following two process: