Know your sales velocity
Sales velocity is a helpful sales pipeline metric that helps businesses measure the effectiveness of their pipeline. It is a simple equation that requires four numbers to work out — the number of opportunities in your pipeline, your average deal size, your conversion-rate, and the length of your pipeline
Sales velocity = number of opportunities x average deal size ($) x conversion-rate (%)
÷ pipeline length (days)
The result you get is your sales velocity — this is roughly the revenue you generate every day. To increase your sales velocity and, in turn, grow your revenue, work on improving one of the numbers at a time. Increase your top-of-the-funnel opportunities, grow your average deal size, boost your conversion-rate, or reduce the length of your pipeline.
Expand your market
By increasing the number of leads you add to your sales pipeline, you increase the amount of opportunities you have to generate business revenue. So, why not identify markets that could benefit from your products and services that you haven’t yet targeted?
Conduct research and look for gaps in the market — consider new demographics, locations or sectors and tailor your marketing and sales approach to meet their needs.
Undertake a segmentation strategy to spot smaller industry segments you could reach out to, update your content marketing materials, add relevant case studies and dedicated landing pages to your site and create targeted digital ads.
Reach out to old contacts
Like expanding your marketing, getting in touch with leads that never closed the deal can help broaden your opportunities. There is an art to getting it right. If the lead explicitly said they weren’t interested, then you could be wasting your time.
But if it simply wasn’t the right time, it’s always worth another try. Check your old notes and ensure data is up-to-date, ask lots of questions to gage what has changed in their business, provide them with updates to the product or service since you last spoke, and share valuable content to remind them why they were once interested.
Maximize on upselling and cross-selling
Growing revenue isn’t just about adding more leads to your pipeline. In fact, identifying opportunities to maximize your existing customer relationships and bottom-of-the-funnel prospects is a great way to drive more revenue.
According to Invespcro, it costs as much as five times more to attract a new customer than it does to keep an existing one. Focus on customer retention marketing, selling product ‘bundles’ that work well together, as well as upgrades, so that every customer gets the best out of your business.
Develop customer loyalty schemes, send regular communications, offer help and support, and remain the obvious choice for your customers.
Prioritize your conversion rate
Measuring a sales funnel is a great way to work on improving your conversion-rate between each stage of the sales pipeline. The top of your funnel is the awareness stage, where your brand is getting noticed.
The middle is the consideration stage, where qualification and nurture takes place. And, the bottom of the funnel is where leads turn into customers. This is a visual reputation of your pipeline conversion-rate.
Your business will have more opportunities, or leads, at the top of the funnel than at the bottom. And, your goal should be to increase the number of opportunities that convert into customers.
Diversify Product or Service Offerings
Diversifying your product or service line can open up new revenue streams. By introducing complementary products or services, you cater to a broader audience and meet varying customer needs.
Start by analyzing market trends and customer feedback. What are they asking for? What adjacent needs can you fulfill? By expanding your offerings, you not only attract new customers but also provide existing ones with more reasons to spend.
Strengthen Customer Relationships
Building strong, lasting relationships with your customers can lead to repeat business and referrals. Prioritize excellent customer service and post-purchase support. Consider implementing loyalty programs or exclusive offers for returning customers.
By making your customers feel valued and appreciated, they’re more likely to come back and recommend your business to others.
Optimize Pricing Strategy
Your pricing strategy can significantly impact your revenue. Periodically review and adjust your prices based on market demand, competitor actions, and perceived value.
Consider introducing tiered pricing, bundling, or promotional offers. A well-thought-out pricing strategy can enhance perceived value and drive higher sales volumes.
Invest in Training and Development
Empowering your team with the right skills and knowledge can lead to increased sales and efficiency. Regular training ensures that your team is up-to-date with industry trends, sales techniques, and product knowledge.
A well-trained team can identify customer needs better, handle objections, and close deals more effectively.
Leverage Partnerships and Collaborations
Forming strategic partnerships can help you tap into new customer bases without the heavy lifting of starting from scratch. By collaborating with businesses that offer complementary products or services, you can co-market or bundle offerings, providing mutual value.
Such partnerships can lead to joint ventures, affiliate marketing, or even referral programs, all of which can significantly boost your revenue.
According to The State of IT report by Spiceworks, 52% of organizations are investing in new technology for business growth. Embracing technology is an investment — but when it comes to growing revenue, it’s all about your ROI.
Including the right tools in your strategy from the outset can make all the difference to your pipeline. Whether it’s to align teams, manage data more effectively, automate, improve or streamline processes, innovative technology is a must.
From Customer Relationship Management (CRM) software and customer service automation, to website personalization and lead generation software — there is a perfect tool to help your business generate more revenue.
Lead Forensics is an innovative lead generation software that transforms B2B sales and marketing. Thanks to a global leading database of business IP addresses, it works by revealing the identities of your previously anonymous website visitors and notifying you in real-time.
Plus, users are provided with the contact details of key decision-makers from those organizations, as well as detailed website visitor journeys. This way, your teams have everything they need to reach the right person at the right time, and conduct the ultimate follow-up. Discover a bounty of new leads directly through your B2B website and book your free Lead Forensics demonstration today!