Pipeline Management: 4 Ways to Increase Revenue Growth
The sales pipeline is a great visual representation of your team’s communication, leads, quotes and most importantly customers. What is so unique about this style of sales management is that you can clearly identify the areas that need improvement in your team’s sales process, allowing your revenue to reach its full potential. Follow the tips in this guide to reap the benefits of pipeline management.
Be Familiar with The Numbers
To create accurate targets it is important that the sales managers are familiar with the average amount of new leads per month per team member. Based on this average operations may be scaled up or down with the setting of new and improved lead generation targets. Likewise knowing when a deal is too large is also an important characteristic for team members to be aware of as unusually large opportunities rarely convert. If an opportunity appears to be three times greater than an average closed deal then they ought to be flagged up in one’s pipeline.
Slow and Steady Actually lose The Race
A deal which stalls before it’s closure will convert to a lower rate more than deals which progress quickly and smoothly. It is recommended that all team members assess their pipelines and flag up those opportunities which have stalled or showed little progress. Acting on them as soon as possible may result in a closed deal, or at least free up space for new leads.
Step into The Mind of The Customer
The sales pipeline mirrors the customer’s journey. Make sure your team members keep in mind while prospecting that a hiccup in the pipeline is likely to reflect a hiccup for the customer too and result in a failed lead generation.
Maintain Your Pipeline’s Health with Regular Meetings
Keeping all team members up to scratch and motivated by their lead targets is essential so that nobody loses focus on the sales process. Distinguishing specialist pipeline meetings, which have their own agenda, from regular office meetings will help keep everybody in the know about the health of the pipeline and gives each team member a chance to air their struggles or concerns.