Landing a sale requires a methodological approach. It’s like guiding a steady stream of water down a narrowing pipe. According to pipedrive.com, “the sales pipeline is a systematic and visual approach to selling a product or service…it shows exactly where the money is in the sales process.” The following metrics are typically used to gauge the success of a sales pipeline:
- Number of deals
- Average size of a deal
- Close ratio (number of deals won to number of deals not won)
- How long it takes before a deal is won
Conquering the sales pipeline means successfully mastering each of these metrics. The number of deals you get at the beginning of the pipeline will never equate to the number of deals won at the end of the pipeline. These strategies can help you manage the 4 key sales pipeline metrics.
Use Existing Data
Your sales team knows the trend of number of deals your company has acquired thus far. This trend should inform future sales initiatives. For instance, if its customary for your sales team to get 10 deals each month, striving for 30 deals would be foolish. Listen to the data.
Keep the Momentum
Enthusiasm should be consistent throughout the pipeline. The same zeal that as used to strike a deal is the same zeal that should be used to close it. Carefully consider the elements that will keep your deal moving forward. Possible questions to ask include:
- Do you need to offer a demo of the product?
- Do you need to send a proposal?
- Do you need to align the product with that client’s specific needs?
The key is to understand what needs to be done to keep the ball rolling.
Develop a Routine that Works
It’s important to keep the top end of the sales pipeline alive. Each member of your sales team needs to develop a personalized routine for constantly seeking sales. The more sales prospects you have, the more people you’ll have coming through the other end of the pipeline.
Make a Unique Sales Pipeline
All companies are different. A sales pipeline must be based on your company’s existing structure and sales process. A sample pipeline is shown below.
How your sales pipeline looks depends on how you acquire customers and the process that follows they show interest. Work with your sales and marketing team to agree on a sales pipeline suitable for your business.
Get more paying customers with an effective sales pipeline. The strategies outlined in this article will help you create the right framework to make your sales pipeline work. Do all that you can to make the changes necessary for success.