Every company needs to grow their businesses and that’s via bringing on new clients or developing exsisitng clients. However where busineses tend to struggle is grasping the sales pipeline and understanding the huge importance. Managing a pipeline isn’t just about following a process and entering all the details on a CRM. Its all about keeping on track of things and being able to review where you currently are within the sales cycles.
The key word to managing any pipeline successfully is Consistancy. The sales Pipeline has multiple stages such as and these may vary in terminology from one business to another.
Prospecting – Contact – Pitch & Propose – Objections – Negotiation – Closing – Rentention
Each of these are critical when building a successful pipeline and to gain best results you want a steady flow of prospects/leads per each section that move through on a daily/weekly basis remember to always top up as you go along this will guarantee that you constantly replacing what you have either won/lost.
From the sales analysis sourced from the National Sales Executive, Association reveals that 48% of sales people never follow up with a prospect, 25% of sales people make a second contact and stop, only 10% of sales people make more than three contacts, 2% of sales are made on the first contact and 80% of sales are made on the fifth to twelfth contact. That is to show you the need to improve the effectiveness of your sales cycle. Your sales pipeline as a rule of thumb be 3-4 times bigger than your sales quota, IE if you have a sales target of £100k you will need to build a prospective working pipeleine of £300-£400k. This will enable you to
Have you been tracking your sales records periodically? Are there lapses to improve on or methods to change? If yes, then there’s a need to improve efficiency on your sales cycle by ensuring your sales team stay on track on all sales, getting your business more organized by clearly defining responsibilities of each department for proper accountability. Also, help the team become more productive in sales and maintain focus on the goals. This will result in more accuracy in the forecast of sales and an increase in revenue.
The idea is to maintain an increasing flow in sales of your products and services without losing your customers or having bridges in communication. Therefore, consistency in improving these sales processes helps to achieve effectiveness and efficiency in your business. Get more information on how to build effectiveness on your sales cycle by contacting us.