The Scoop on Sales Pipelines: Getting Qualified Leads
Businesses routinely seek innovative ways to increase sales. Stagnating sales could be the result of a poorly managed sales pipeline. It’s not so much the number of leads that are jammed into the sales pipeline, it’s the quality of these prospects and how well they are managed. Nowadays, sales pipelines are largely data driven. At its core, a sales pipeline presents a visual rendering of exactly where each prospect is vis-a-vis the sales process. The pipeline can assume a specific time duration, such as weekly, monthly, or annual targets. Sales representatives have specific quotas that they must fill, based on these pipelines.
A business with a 5% conversion rate from lead through to sale, can expect a sales pipeline worth $1 million to generate $50,000 in sales. Likewise, a business with a 10% conversion rate from lead through to sale, can expect a sales pipeline worth $1 million to generate $100,000 in sales. Sales managers routinely hold meetings with sales representatives to quantify and qualify elements within the sales pipeline, and how best to achieve their pre-stated objectives. Pipeline analysis is where it all begins. One of the ways to improve sales figures is by increasing your sales pipeline through enhanced lead generation. Lead generation is how businesses use marketing tactics and strategies to arouse consumer interest in products and services. Leads can be generated in any number of ways, including newsletters, link building, and powerful CRM systems.
How to Boost Leads and Enhance Your Sales Pipeline
Businesses that rely on their sales pipeline for their success tend to prioritize the quality of leads being fed into the sales pipeline. Without sales leads coming through the pipeline, the business will shutter operations. Dynamic sales pipelines rely on innovative techniques when it comes to lead generation. The ever-evolving landscape makes it difficult to rest on one’s laurels. A combination of traditional tactics and strategies, as well as new-age technologies needs to be introduced into the sales pipeline.
Among the many powerful tools available to SMEs are networking resources such as e-books, guides, and white papers. Other options include social selling via mutual connections. Sales representatives routinely engage with the public through social platforms like LinkedIn, Instagram, Twitter, and Facebook, et al. Relationship building forms the bedrock of trust between a company and its clientele. Pipelines that are running dry can always ‘rehydrate’ from an influx of fresh new leads, and that’s precisely why social selling is a priority.
Sales teams can also benefit from utilising lead tracking tools as part of the sales pipeline. The simpler the tools are to use, the more effective they can be. CRM systems can prove invaluable in this regard. For example, our pipedrive review underscores the importance of specific lead-tracking tools for sales teams. Sales representatives can easily interact with the CRM, allowing for seamless communications with leads. Other features can be integrated with these CRMs to better manage sales, from qualified status to customer status in the same software package. The objective of lead generation tools is quality over quantity, allowing for increased conversion rates.
Implementing Data Driven Strategies into The Sales Pipeline
Sales teams benefit from data-driven strategies. Unfortunately, much of the data that companies have in the form of analytics and statistics is ‘dry number crunching’ on disparate spreadsheets, charts, and graphs. To make it more visually appealing to sales team members, it is imperative that data is presented in the right format. Centralized data is ideal for providing actionable insights. At the end of the day, many of the leads that companies generate come through cold calling techniques. Sales representatives overwhelmingly face rejection from clientele. However, well-worded scripts can reduce rejection and answer many of the pertinent questions potential customers may have.
Ultimately, a sales pipeline is the lifeblood of an organisation. Without prospects making their way through the sales pipeline and being converted into customers, a business cannot function. It’s imperative that useful insights are gained through the sales pipeline, in order for growth to take place. At each stage along the way, it’s important to be able to take snapshots of the sales pipeline to determine how best to move things along and ensure that conversion rates and sales targets are hit. The cloak of invisibility that shrouds many aspects of the sales pipeline needs to be removed. Data insights can certainly provide greater visibility for sales and marketing departments.
Lead Generation Is a Win-Win for Everyone
As a critical component of the sales process, lead generation is but one of many aspects to consider. Leads lead to sales, and this grows your customer base. There are many ways to attract customers, all of which require engagement. It’s not just about numbers, it’s about qualifying leads to ensure that sales teams don’t waste time chasing their tails. Lead generation tools, tactics, and strategies will improve your business provided the process is managed correctly. The right customers need to be targeted, nurtured, and processed through the sales funnel. Any business that wishes to remain competitive in the market must focus on lead generation for improving ROI, increasing conversion rates, and finding new clients. Qualified leads are the gold standard, since they increase productivity and achieve a company’s objectives.