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SPANCO

SPANCO is a methodology that breaks down the sales process into clearly defined stages to monitor lead conversion. It defines stages from suspect to order completion and provides visibility into each lead's progress. Using key performance indicators, it allows companies to track sales figures and conversion rates to identify issues and improve sales performance. The SPANCO method needs to be adapted to each company's unique products, services, and sales processes.

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Vikas Tirmale
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205 views1 page

SPANCO

SPANCO is a methodology that breaks down the sales process into clearly defined stages to monitor lead conversion. It defines stages from suspect to order completion and provides visibility into each lead's progress. Using key performance indicators, it allows companies to track sales figures and conversion rates to identify issues and improve sales performance. The SPANCO method needs to be adapted to each company's unique products, services, and sales processes.

Uploaded by

Vikas Tirmale
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SPANCO

SPANCO Effective monitoring of the prospect to customer conversion process The selling process is a crucial factor for any business. Yet often, sales management is based on individual goodwill. Of course, goodwill is essential to achieving an objective, but it is not enough on its own. It has to be combined with the necessary factors for success, motivation, incentives, training, etc. not forgetting the methodology. In your company, like elsewhere, the sales process can be broken down into stages. Each of these stages is associated with a series of actions to be undertaken. By clearly identifying the stages in the sales process, you will be able to see the state of your portfolio of leads, so that at any moment, the salesperson (and their line management) can identify where and how to intervene in order to turn a lead into a customer. SPANCO stands for:
y y y y y y y

Suspect Definition of the target Prospect Identification of the lead Approach Analysis Evaluation and qualification of requirements, identification of the solution Negotiation Negotiation process Closing Finalization of the order Order Ongoing Account follow-up (up and cross-selling, etc.) Order management and sales monitoring

Although the SPANCO method offers visibility for each lead and progress at the various phases of the sales process, it also provides you with an ongoing vision of the rate of sales activity in your company. SPANCO enables you to display sales figures with KPIs (Key Performance Indicator as well as to generate, manage and convert leads into customers. Areas of difficulty which may arise in terms of the various phases will be clearly highlighted, so that corrective action will be all the more effective and thus improve the performance of your sales department. Depending on your companys position in the Added Value/Sales Method table, the sales process, your product and service lines, SPANCO has to be adapted in order to meet the specific requirements of your situation. Preferably, it should be integrated with your CRM.

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