Seven Stages of the Sales Cycle - For Timebanks

Timebanks can benefit from the enormous amount of research into human behaviour that has been performed by market researchers. The language used may not seem to be completely appropriate because it has come from a completely different area. We’ve retained it here because it is well established and can be easily used for any subsequent research or activity that you do.

  1. Prospecting
  2. Making Contact
  3. Qualifying the Lead
  4. Nurturing the Lead
  5. Making an Offer
  6. Handling Objections
  7. Closing the Sale

Prospecting - Finding your audience

For timebanks, the prospecting phase may consist of outreach communications, advertising, events, and web presence. Make it easy for people to be able to contact you. Provide one-touch tools for them to initiate a query.

Making Contact

This could mean your audience contacting you, via the website, email, or social feeds. If you are starting a timebank you will need to be proactive. Go out into the streets, go to events, say hello to people and trumpet your cause.

Qualifying the Lead

Not every timebank has entry requirements but those that do must determine whether a person can join the group. This may be as simple as asking for a photo ID. It could involve asking for references and checking their bona fides with their referees; or performing a background check, such as Ministry of Justice provides. These processes are designed to ensure that the entire group has a level of assurance that the people they’ll meet are genuine and trustworthy.

Nurturing the Lead

Not everyone will sign-up immediately, some people are shy or cautious and need more assurance before they will participate. Introduction days and training days provide an opportunity to spend time with one or a small group to build trust with your new members.

Making an Offer

A timebank has a lot to offer a new member. A timebank is a a treasure, after all. Something very tangible, which is easy for a new member to understand, is a gift of credit as a welcome gesture.

According what’s achievable within your community you may also provide welcome packs. These could be actual packs made of gifts from members or groups.

Handling Objections

Some people will need more help than others. They may experience technical difficulties, access issues, or social issues. Be prepared to help these people into the community.

Closing the Sale

During our research we have been told that establishing a successful trade as soon as possible is a good indicator of long term engagement. The longer it takes a new member to perform their first trade the less committed they are to your group. Obviously there can be many things at play but as a rule of thumb you want to get a new member trading as quickly as possible.