If you’re thinking of building a pipeline for your sales team, then you’ve come to the right place! In this blog post, we’ll show you the easiest way to get started.
Building a pipeline doesn’t have to be difficult – with our help, you’ll be up and running in no time.
Why is Building a Pipeline Important in Sales?
“I like to think of it as being able to gently convince, not force, a person or persons into a win-win scenario.” – Bo Bennet
A study by Harvard Business Review found that companies with a clearly defined sales pipeline saw an 18% increase in revenue.
Companies that master their sales pipelines can expect to see up to a 28% boost in their revenues.
The more focused your approach, the easier it will be for you to build strong relationships with your customers.
If you don’t have a sales pipeline in place, you could miss out on sales opportunities. This is because, without a pipeline, it’s difficult to target potential customers at the right time.
With proper management of your sales pipelines, your reps can spot the most promising opportunities and work on them.
Sales pipelines can come in handy for more than just day-to-day tasks. They can also help managers plan for the future.
- Shorten the sales cycle. A sales pipeline can tell you which parts of the sales process are taking up the most time. By analyzing this, you can look for ways to shorten the process through automation.
- Track your progress. Salespeople are often motivated by their accomplishments. A great way to motivate them is by providing them with access to reports. This allows them to see how they’re performing and to make adjustments accordingly.
- Identify accounts with potential. Sales pipelines allow you to distinguish your customers by how likely they are to convert. By tracking your interactions with them, you can allocate your time and resources appropriately.
- Predict revenue. A properly built sales pipeline can be extremely helpful in estimating future revenues. You can set goals that are more realistic thanks to insights from analyzing your sales process.
- Monitor team performance. With pipeline management software, you can track the progress of each of your sales reps. You can see who’s closest to meeting their quota and who needs more help.
- Discover resource gaps. A sales funnel helps you see where in the buying process your prospects are. This can help your sales team address any obstacles that may be preventing them from converting more leads into paying customers.
Sales Pipeline vs. Sales Funnel vs. Sales Forecast
Now that you’re familiar with what a sales pipeline is, it’s important to clarify what it isn’t. People often mistake a sales pipeline for a funnel or forecast.
All of these terms are different, but each has a slightly different meaning in the sales world.
While both terms are often interchanged, a sales pipeline and a sales funnel are two very different things.
A sales pipeline implies that the prospect will fall off after the qualifying stage. The sales funnel, on the other hand, suggests that they’ll continue to drop as the buying process progresses.
A sales funnel is a system that guides your leads to becoming your customers.
A sales forecast is the estimated number of opportunities that are likely to convert into actual revenue within a set period.
It can help businesses predict if they are likely to achieve their sales targets.
On the other hand, a sales pipeline is a visual representation of all the opportunities that your sales team is working on.
5 Steps to Build a Custom Sales Pipeline
Now that you have learned what a sales pipeline is, you can work on building a custom sales pipeline for your team.
1. Identify and Determine Prospective Buyers
Before you start building a sales pipeline, you need to figure out who your buyers are. Your ideal customer is someone who is facing a challenge that your product or service can resolve. To figure out who your potential buyers are, do market research and figure out what problems they are facing.
2. Calculate Opportunities for Each Stage
After setting the stage for your sales pipeline, you need to calculate how many opportunities you have at each stage. Make sure to take into consideration your conversion rate, average sale, and your sales cycles. Once you have these numbers, you can begin your process of generating new leads to fill your pipeline.
3. Define Sale Cycle Metrics
If you want to know how to grow your sales pipeline, you need to know what numbers you should be tracking. These could include things like the length of the funnel, the total amount of deals, and your expected close rate.
4. Find Out What Helps Conversions
Now that you’ve got your sales process mapped out, it’s time to figure out how the actions that you take will affect your sales pipeline. These key activities should be perfected to maximize the number of closed deals.
5. Create or Modify Your Sales Process
Once you’ve gained a full understanding of what a sales pipeline is, you can develop an easily repeatable and scaleable process.
How Do You Build a Strong Sales Pipeline?
There are a few key things you can do to build a strong pipeline.
1. First, focus on your target market and make sure you have a clear understanding of who your ideal customer is. This will help you create targeted marketing campaigns that will attract the right leads.
2. Second, create content that is helpful and informative for your target market. This content should be designed to educate your leads and help them move further down the sales pipeline.
3. Finally, stay in touch with your leads regularly through email, phone calls, or social media. Keep them updated on your latest products or services and offer special deals or discounts to encourage them to buy from you.
Building a pipeline is a great way to move your business forward. With our help, you can get started quickly and easily. Don’t let the process intimidate you – we’re here to help every step of the way. Contact us today to learn more about how we can help you build a successful sales pipeline for your business!