Sales pipeline management is the root of your sales process and strategy. Without consistent and habitual pipeline analytics, it is very likely you and your team will miss the mark. Ensuring regular maintenance, team insights, and strategy implementation can set you up for success and ultimately lead to revenue growth.
According to Vantage Point, 72% of sales managers hold sales pipeline review meetings with their sales reps several times per month. Conversely, 63% of respondents say that their companies do a bad job managing their sales pipelines.
So, what’s the magic formula? We have 5 tricks that are sure to turn any mismanaged pipeline into a steady, predictable, and revenue-growing machine.
5 Tips to Turn Your Pipeline into Sales Generation
1. Measure, measure, measure.
If you are not analyzing data constantly, you may as well make random suggestions as to how much revenue generation there will be this year. You must have a deep relationship with your metrics to predict and hit your sales quota.
Be ready to measure your sales KPIs which could include completing x numbers of sales meetings, having x number of touchpoints with customers, the number of deals in your pipeline, the average size of deals in your pipeline, etc.
2. Focus on the best leads.
Any lead that seems to be moving in a positive direction can be exciting. But don’t let your reps get caught up in sparkling garbage. Make sure your team is focusing on the most high-value, sales-ready leads. By tracking your most engaged and valuable leads, your team can focus on those opportunities that are more likely to drive revenue growth.
3. Drop dead deals.
No matter how confident a rep feels about salvaging a lost opportunity, when it comes down to managing pipeline, drop that dead weight. If there are glaring roadblocks like a lack of communication or taking too long to move to the next stage, it’s time to say goodbye. Ridding themselves of that effort will show an immense improvement in the deals they chose to focus on.
4. Execute regular pipeline reviews.
In the end, as a leader, you are responsible for the team hitting their goals. If you just give them a strategy and let them loose without regular check-ins, do you think they will come to you at the end of the year with the perfect sales execution? (If you’re saying yes to yourself, we have some content you should check out.) Check the pipeline often. Meet with your managers to discuss scale, scope, and velocity. By keeping a handle on the process, you’re more likely to see an engaged team.
5. Give your prospects more content.
At Revegy, we talk about this all the time. How can we create more content that will connect with our prospects? Let’s show them that we understand their struggles, we offer real solutions, and that when they win – we win. Make sure to mix it up with writing, video, social, and interactive media because everyone engages with content a little differently. By showing your prospects that you are an authority on a subject that has been a pain point for them, they are more willing to trust you and work with you.
We have seen marked improvements at the end of a period, quarter, or year by implementing these small tweaks. It will help improve your forecasting, your team’s morale, and the confidence that executive leadership has in your sales organization. Most importantly, it will help you drive revenue growth.
In the end, it’s the combination of the people, processes, and technology you have in place that will make you successful. So, remember to invest quality time in those areas, and you’ll be sure to come out on top.