There’s never a bad time to understand your current pipeline health, asking whether your processes are effective in achieving the best result.
Neglecting to regularly audit your pipeline is dangerous, as the preferences of B2B buyers continuously evolve. Your sales team can only secure consistent success by maintaining a continued awareness of pipeline health to instantly identify possible problems. How can you build the ultimate sales process without an understanding of which areas need to be improved?
There are three simple stages you can work through to understand the health of your sales pipeline. Start by calculating conversion rates between each stage of your pipeline journey. It’s common to achieve lower conversion rates at the early stages, such as between leads generated and lead qualified. However, as your pipeline progresses, your pool of opportunity should remain mostly consistent. A healthy sales pipeline should ensure exceptionally high conversion rates between its latter stages.
Next, you need to question the relationship between revenue gained and units sold. This offers insight into your average order value, the bandwidth of your team and how well prepared your pipeline is for the future. A healthy pipeline will balance a relationship between lead quality and quantity. It will manage leads offering your business a high revenue return, whilst ensuring there are enough opportunities in the pipeline to keep your team active when a potential deal falls through.
Finally, you need to question the point at which a lead is removed from the pipeline. Undoubtedly, your team will face stagnating opportunities that have expressed interest, and then go silent. Ensure your pipeline doesn’t get clogged with these dead-end leads, keeping your team focused and your processes efficient. You can always add removed lead data back into your pipeline later.
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