How to keep your sales pipeline healthy
In this article, we will discuss key sales pipeline reporting and analysis techniques to keep your lead generation healthy. No matter the size of your business, these tips will help keep your sales pipeline active and streamlined.
Sales forecasting and budgeting
An accurate sales forecast is crucial for the budget of all departments. This is because all departments need a precise sales forecast for the correct budget to be allocated for mapping out costs/expenses. If it is not accurate, things can obviously go quite wrong. For example, if products are manufactured based on an incorrect sales forecast, then the product may have to cease if forecasting is incorrect. The sales forecast and budget need to be coordinated between departments, such as sales, advertising, production, finance, etc.
Creating a pipeline report
- Number of opportunities in the pipeline: The number of valuable leads in your pipeline directly correlates to whether or not you will meet your sales goals.
- The size of the opportunity: How much revenue does an opportunity bring in if it closes?
- What are the predicted close dates? Knowing when an opportunity is likely to close allows your team to forecast the expected revenue.
- An overview: Looking at your pipeline’s history over time should show you whether your pipeline is growing. If there is little or no growth, it would be worth investing more time to fill it with new opportunities.
How can you generate new qualified leads?
Every day, new ideas and tactics to generate leads are emerging. Both old and new methods are crucial for sales leaders in an age where digital marketing and social selling is so common. Knowing how to increase your sales pipeline through new technologies and traditional methods is the best way to stay on top of the market.
4 Top Tips to Improve your Lead Generation
1. Urge your sales reps to practise social selling. Regardless of the industry, the best way to get a potential customer to consider purchasing is to form a connection. Sales representatives should look at how they are interacting with a prospect. They should aim to be more active on social platforms and build a professional network. Try engaging with people interested in their field and join relevant discussion groups. By implementing more social selling, you will see sales teams more regularly exceeding their sales targets.
2. Use content like guides, ebooks, and white papers. Many organisations increase their number of qualified leads by networking and collecting prospects’ contact details. By providing these prospects with content like eBooks, guides and white papers, your marketing team can answer commonly asked questions to help move deals along quickly and smoothly.
3. Have an excellent cold outreach script. Providing your sales reps with good email outreach scripts can help streamline generating more leads. Using well-planned out email outreach scripts will achieve a higher number of meetings.
4. Use a data-driven sales strategy. Using third-party sales analytics tools can help you develop sales insights and create a reliable strategy. More accurate resource balancing, territory forecasting, and sales quotas are just a few of the benefits of this technique.
Every company has data, but instead of having it spread across multiple charts and spreadsheets, you want to centralise everything into something clear and concise. By having all of this information organised in a way that is easy to understand, you are giving yourself a major advantage over your competitors.
How to manage your sales pipeline for amazing performance
A key sales pipeline reporting and analysis technique is to have an excellent strategy and a clear set of rules. This prevents sales reps from making mistakes that could affect the accuracy of the CRM. Reinforcing these rules and methodologies ensures that your sales reps feel supported and understand what they need to do.
There are many ways that you can do this. Having a set of principles that your sales representatives can use will maintain engagement with prospects throughout the sales pipeline is key. The following three are good starting points.
3 keys to effective prospect engagement = Personalisation + Value + Call to Action.
Other ways to manage your sales pipeline include:
- Look at the prospect’s data in the CRM before engaging. How should the sales rep respond and how will this affect the pipeline?
- Measure everything and use the results to choose the best course of action.
- Have regular coaching sessions with your sales reps to review the conversion rate, closed-won/lost deals, and their sales activities.
- Make sure there is thorough training to help the sales team make the most out of the CRM, the sales pipeline software, and the pipeline itself.
Achieve Great Sales Pipeline reporting and analysis with these 5 tips
1. Always follow up. Leads that are engaged with regularly make 47% larger purchases than leads that have had little to no contact. Following up is just a simple way to increase revenue and keep customers happy.
2. Focus on the best leads. If you know certain leads are going to be more profitable than others, it makes sense to allocate your best resources to those leads. This makes sure they have the highest chance of converting into a sale.
3. Watch out for your key metrics and KPIs. Track your sales pipeline key performance indicators and align your work based on your top metrics so you are not missing out on the best leads.
4. Set up your sales process. Get your sales process polished and make sure that everyone on your team is following them. Keep updating them as you learn more to get the most optimised process.
5. Use a good CRM. By keeping everything in the same place and automating repetitive tasks the CRM saves a lot of time in the long run.
Now you should clearly understand how to keep your sales pipeline healthy through these best market practices. If you need any further help on sales pipeline reporting and analysis, we are happy to help.