Step by Step Guide to Building a strong sales pipeline from the scratch
Every Sales Manager is continuously looking at improved sales performances! And the key to a better performing sales team lies in its sales pipeline. And so, a strong sales pipeline is all about managing, improving, and processing the funnel. This requires reviewing your entire sales process, from customer contact to closing the deals and determining the value of deals. A Harvard Business Review survey concluded that “companies with effective pipeline management had an average growth rate of 5.3, a 15% increase. Even more, interestingly, companies that mastered three specific pipeline practices saw 28% higher revenue growth.” Thus having good pipeline management grows the potential money by refining the impending time and rate of sales conversions, to have a better snapshot of strengths and weaknesses in the sales administration process.
In this blog, we will have a look at how this robust sales pipeline can be prepared step by step.
Make a clear and intelligible sales process
The sales pipeline should cover all the stages structured around your sales process. This should encompass everything from leads that were targeted and contacted, to the proposals made, till the closure of the deal. The important stages must be outlined properly based on the nature of the business. The sales pipeline should also consider feedback from the related departments and customers’ decisions at different stages of the sales cycle. Reviewing and revising with the sales team to make sure that the set goals will be achieved, need to be incorporated at different phases of the sales cycle. This has to be implemented to make certain necessary tweaks timely and have more awareness of how the sales pipeline is working and make it work in different business and sales scenarios.
Work out the number of contacts required to achieve the targeted goal or targeted number of closures
A good sales lead management is intensely target oriented. Therefore, a business sales pipeline must reflect upon its target at every phase. At every stage, the number of opportunities to be contacted and the prospects required to hit the target must be defined. Below we are stating an example to elaborate how this calculation works when your past data states that only 10 percent of prospective contacts, convert into deals. . A sales head must be able to calculate and assign the number of contacts to be made to reach the targeted number. He must check how many contacts reached the proposal stage and how much should be spent by the sales agent on converting the proposals to deals and how much time be dedicated to concentrating on new prospects.
The figures will also be reflective of where the people have spent more time and whether this time is adding value to the business. This helps in placing these people in the right stages of the sales pipeline and spending the right amount of time on the right activities so as to meet the team target.
Spend time on pipeline management by reviewing the sales process or modifying the existing process in your sales cycle
Every business has its sales process defined till the closure of leads. Dedicate time and resources so that the cycle is carried out well. Managing sales pipeline fetches greater revenue. So discussions must not revolve around probabilities and deal sizes but upon the condition of your sellers’ pipelines. Discuss how more deals to successful closure, helping reps to build a plan and move deals.
If the process needs, review and enhancement. This can be done by clearly laying down the activities at each stage of your sales process. E.g. during the proposal stage, it can be budgeting and drafting the proposal to be sent to the client. And when more focus is laid precisely on each activity, there will be better control and visibility of the sales funnel.
Build and maintain a solid data bank
Databank of contacted prospects, customers who have agreed to receive proposals, and insider contacts provides valuable knowledge and a rigorous approach to data management. Apart from purchasing data, there are many gradual methods in every industry to start off a new client relationship. The databank can be organically built through the creation and promotion of related content. Emails, Cold calling, calls to action, networking, events, etc. are a few methods of doing this. Record and maintain the databank accurately through CRM or the company’s software. The Sales team should be able to access and modify it at each stage of the funnel.
Plan your calls and polish your pitch
Lay emphasis on preparing sales representatives to do what is expected of them. Training sales reps must be given targeted training to address sales conversions. They must be skilled to communicate well and there must be enough opportunities to upskill and train them so that they can ace the selling and pitching process. Sales heads need to demonstrate and add value to the selling process through this training, to push the targets and topline revenues. Through training, managers can ensure a sturdy selling pitch and confidence among sales staff in selling products’ USPs.
Get the best team on board
For a strong marketing pipeline, hire superlative talent.
Here we support bringing together the best of the talents with the best of the businesses for the smoother achievement of targets. Connect with us to find out how?