Managing your sales pipeline effectively is a sure-fire way to ensure success for your business, however according to Vantage Point whilst 72% of sales managers hold sales pipeline review meetings, 63% say that their companies do a bad job of managing their sales pipelines.
A strong sales pipeline won’t build itself overnight, but if well managed it will be worth your time and energy.
When developing your sales pipeline, it is essential that you have a definitive sales process. A few basic steps to follow when implementing a sales pipeline are:
- Clearly outline the stages your sales process will follow
- Define the number of leads that you require to reach your sales target, from that work out your average conversion rate which will then allow you to outline how many leads you need to generate to enter this process
- Analyse what all of the converting leads have in common – how were they generated and converted which includes the activities of your marketing team, the actions your sales reps take and the feedback from your prospects.
Implisit analysed the sales pipelines of hundreds of companies and found that the average length from lead to close is 102 days – this is broken into the average time from lead to opportunity being 84 days and opportunity to close being 18 days. This will of course vary from business to business but demonstrates the need to continuously manage and feed your sales pipeline in order to make the most out of it.
So, who is managing your sales pipeline and how are you doing this?
This may be down to a dedicated Business Development Manager or it may be a whole sales team focused on selling, building relationships and developing pipelines. It’s a big task and needs experienced individuals to be carried out as successfully as possible.
We find that creating a multi-touchpoint experience for prospects improves pipeline management and ultimately conversion. Yes of course we are advocates of lead generation via telephone, but our expertise stretches across the whole sales cycle taking prospects on a journey. This incorporates touchpoints such as email, social media, lead generation, follow-up pipeline calls, and even inside sales closing calls.
Could your pipeline improve your sales? Let’s talk, call: 01392 796 702 or email: firstname.lastname@example.org.