Research from Axis Point Performance Pipeline indicated that 63 percent of sales managers said that their organizations struggled to manage their revenues and clients’ opinions along the sales pipeline.
If you sell products or services that need an involved sales process that entails multiple selling stakeholders, the strategy you apply to manage each steps you can take to improve it your sales pipeline is of critical importance to your success. A structure that utilizes progress stages, notes, next actions, trigger points, and dependencies permits you to have a clear overview of everything you need to do.
5 ways to increase your sales pipeline management and increase revenue are listed below.
1) Update your CRM often.
The basis of profitable sales management is an up-to-date customer database. Without up-to-date details on your customers, it’s practically difficult to ascertain the present state of the individual sales pipeline and where each one is at in it.
Each deal has a unique life cycle, organizational dynamics, concerns, and other issues that need to be managed. There s no better method to collate all of this account data than via a customer relationship management platform. The saying is true: good data in, useful information out.
Don’t schedule your advertised time with your CRM, and don’t run reports within your CRM. Consider hiring a virtual sales assistant who can assist sales. My assistant has handled the heavy-duty lifting in utilizing Salesforce.
- Reviewing the records of all my one-on-one interactions with prospects.
- Fulfilling missing data for contacts.
- Updating fields.
- Running reports.
- Updating sales stages.
- Take call notes to add to profiles.
- Creating dashboards.
When I log in to my CRM, I instantly get access to data-driven analytics that allow me to manage their business as efficiently as I can.
2 Have a Clear Sales Process.
Research shows that B2-B companies that make use of a well-developed sales process have 18 percent more revenue growth than those that don’t. This is because it offers two essential benefits.
- Sales reps get a lot done because they don’t have to worry about what to do next.
- When your process is based on successful methods, it helps ensure that your sales team is following best practices.
Clearly understood procedures and make the stage the fundamental element for climbing, efficiency, and building a sales organization, and effective prospect management. Be mindful that your sales strategy will change as you discover more about what’s been and what’s not working.
3) Create a persistent follow-up cadence.
One of the more common blunders that salespeople make when they’re managing their pipeline is devoting most of their time to adding people to the top of their funnel and closing deals that are at the bottom. By failing to engage in conversations regarding the advantages and disadvantages associated with prospective products, companies lose out on customers who are in the consideration phase. Neglecting to handle Slow buyers reflects poorly on the businesses affected and leads to lost sales.
Research proves that it takes an average of five follow-up calls to reengage potential buyers after your initial sales pitch. You have to accept that decision-makers are busy and currently purchases are not their main concern – however, their learning speed does not indicate they don’t want your commodity.
If you leave your introductory dialogue with an agreement that they are a good fit, they will likely intend to do business with you if you continue following up with them.
I use the CRM dashboard to keep an eye on all of the essential information for each lead throughout a journey. The progress indicators, stages, triggers, next dates, action items, and records of every interaction are essential tools in helping me keep tabs on my pipeline.
4) Provide Value Throughout The Entire Sales Cycle.
To engage customers throughout the sales process, you must create value at every phase. By keeping up your content for each stage of the cycle, you can provide that value.
Here’s What You Need To Do.
Your first interactions with potential clients should include content that educates them about who you are, what your business provides, and why it’s important. The goal of your interactions with prospects shouldn’t be to sell; it should be to make them want to learn even more.
Below are the types of content you’ll be able to use.
- The latest articles
- Video tutorials
Once potential customers are interested, you need to convince them to select you over your competitors. Win them over by providing them the help they desire.
- Study Cases
- Your product’s fact sheets
- Videos showing a demo or a case study
The Bottom of The Funnel
By the time of this part of the sales process, your prospects have some final requirements. Now, all you need to do is give them one final incentive to purchase.
Here are several examples.
- Try it free
- Describe how you will meet their unique needs in a consultation
- Custom solutions cost estimate or discount on published prices
Work with your content librarians to make continual improvements to your library.
- Systematically examine trends in your pipeline.
When your customer relationship management (CRM) system is well organized, accurate information with updated information will be needed to maintain a high-performance management tool. At that point, you will be forced to regularly interact with the recorded details to find patterns, trends, and any relevant signals that can help you make the right company decisions regarding the actions that need to be taken with prospects.
Ask the following queries to identify primary trends.
- How long does it take prospects to move from one stage to another?
- Where do most prospects lose interest?
- How many leads do you convert to sales? Which stage has the highest conversion rate?
- What are the main sources of your leads?
As you review each of these queries, focus on both your weak points and what may have changed in your accounts. In both cases, consider what led to each piece of data and think about ways to enhance it.
You need a structured approach to sales pipeline management like a dashboard for a driver or a pilot. Otherwise, how will you have the information you need to make important decisions regarding where and to spend your time?