You’ve designed and implemented a sales pipeline for 2020 — that’s great news! Get ready to close deals faster than ever before, see enhanced processes, make accurate predictions, improve accountability and manage your existing deals more effectively. But, it is crucial to remember that building a sales pipeline is just the beginning. For it to work, managing your sales pipeline is crucial. Like all processes in business, it only takes a short while to for your pipeline to get messy. With large teams, ever-changing business needs and regular changes to data, maintaining a healthy pipeline needs to be a priority. Let’s look at four helpful hacks to putting effective sales pipeline management at the heart of everything you do.
Make a habit of daily sales pipeline management
This might sound simple. But, how often do you start off doing something every day and then, slowly but surely, it becomes less and less frequent? You’re not alone! The only way to ensure something is kept up is to make a habit of it. Dedicate a few minutes every day to managing your pipeline. Update contact details, cleanse your data regularly, remove leads that are no longer engaged with your business, assign tasks and add any detailed notes. Consider asking yourself important questions or writing a list — have you logged all necessary info? Did you make a note of when to follow-up your prospects? Have you updated the information in your customer relationship management (CRM) software? The faster this becomes a typical part of your day, the more organized your pipeline will become.
Never stop prospecting
Implement a lead generation strategy to ensure the top of your pipeline is always full of engaged, relevant leads that are likely to convert. Identify your ideal buyers and your target audience. Know what job title your key decision-makers have, and the budget they’ll need to make a purchase. To keep your pipeline healthy and organized, it is crucial to clearly understand what makes a lead, and what doesn’t. Not every website visitor or social media follower is going to buy your product — that’s a given! But, with clear buyer personas, a robust segmentation strategy and high-quality, industry-specific marketing campaigns, you’ll be sure not to miss out on those that will. The better quality leads that enter your pipeline, the less time is wasted on poor prospects — and the more time your sales team can dedicate to converting hot leads.
Measure your sales velocity
Your pipeline is full of relevant, highly-engaged leads — and your team has made pipeline management a part of their day-to-day activity. This is a fantastic start! But, to make improvements to your pipeline, you need to ensure you are measuring success. Sales velocity is a popular and effective way of measuring you’re the quality of your pipeline. It entails identifying the number of opportunities your team has, the average deal size and your lead to customer conversion rate, multiplying them together, and dividing them by the length of your pipeline. Let’s say, for example, your business receives 200 opportunities per month and your average deal is $2,000. You have a conversion rate of 25%, and it takes an average of 30 days for your leads to convert to customers.
200 x 2000 x 0.25 ÷ 30 = $3,333.33
This is roughly the revenue you generate each day. To improve your sales velocity, choose which part you want to focus on improving. Increase the number of opportunities, improve your conversion rate, grow your average deal size, or reduce the length of your pipeline.
Download or sales velocity calculator here!
Introduce sales pipeline management software
Technology is crucial for B2B sales success. From automating processes and reducing human error to improving data quality and managing your pipeline, its benefits are endless. Customer relationship management software should be pivotal to your business strategy — essentially, it works like a shared hub of data, where all your teams can access the information they need to manage leads and convert them to high-value customers. A typical CRM will include a lead management function, as well as analytics, forecasting and more. Additionally, lead generation tools, marketing automation, scheduling technology and personalization software should be considered to enhance your pipeline and increase sales.
Lead Forensics is an innovative lead generation tool with a difference. The software works by tracking your B2B website, revealing the identity of your previously anonymous website visitors, and alerting users in real-time. Thanks to a global leading database of business IP addresses, Lead Forensics tells users the exact business visiting their website — plus, users will gain access to accurate contact details of key decision-makers and detailed user journeys for the ultimate insight. This provides teams with everything they need for the ultimate pitch. And, with prospecting tool Lead Manager, leads are prioritized and sent directly to your CRM. Discover a bounty of new leads and support every stage of your pipeline. Book your Lead Forensics demonstration today.