12 Tips for Building & Managing a Bigger Sales Pipeline

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Presentation from May 12, 2011 Webinar

Published in: Business, Technology

12 Tips for Building & Managing a Bigger Sales Pipeline

  1. 1. 12 Tips for Building and Managing a Bigger Sales Pipeline Matt Heinz President, Heinz Marketing Inc [email_address] @heinzmarketing
  2. 2. Why do you need this? Needs/Qualification Goal: Secure Presentation Presentation Goal: Establish decision date, send proposal Proposal Goal: BUY Approach Goal: Accelerate urgency, timeline to purchase Open/Attempted Goal: Get prospect on the phone Actively Working Goal: Qualify prospect as 30-60 day opportunity LEADS OPPORTUNITIES Lead becomes Active Opportunity
  3. 3. Why do you need a pipeline? <ul><li>Most leads aren’t sales ready </li></ul><ul><li>You can’t focus on everything </li></ul><ul><li>The right message at the right time </li></ul><ul><li>Maximum sales, minimum work </li></ul>
  4. 4. How to approach your pipeline <ul><li>It’s a pipeline (but your prospects shouldn’t know that) </li></ul><ul><li>Differentiate from your competitors </li></ul><ul><li>DO NOT SELL </li></ul><ul><li>Automate as much as you can </li></ul>
  5. 5. Keys to effective pipeline execution <ul><li>Use a lead management system </li></ul><ul><li>Clearly define lead & opportunity stages </li></ul><ul><li>Focus on great content </li></ul><ul><li>Make it easy for prospects to self-select and move forward </li></ul>
  6. 6. Prospect Engagement Funnel Active Sales Cycle Channels: CRM, 1:1 Goal: Sell New Customer Drip Marketing Channels: Email Newsletters, CRM System Goal: Drive Active Prospects Network / Open Community Channels: Twitter, Facebook, Blog, LinkedIn Goal: Drive Registration Network-exclusive access to content Value-added special offers Discovery events White papers, top ten tips, etc. Testimonials, Success Stories Profile-Specific Messages New product/service offers Referral & Tell-a-Friend Offers Network / Community Invites New Opportunity Alerts 1:1 with Existing Customer In-Market Events Next Step Accelerator Ideas Customer Targets (based on persona profiles)
  7. 7. Differentiating “sales ready” leads <ul><li>Ask the right questions </li></ul><ul><li>Look for buying signals </li></ul><ul><li>Identify pain points and needs </li></ul><ul><li>Quantify problems </li></ul>
  8. 8. Leads & Opportunities
  9. 9. Calculating what you need Assumptions Product A ASP $ 15,000 Product B ASP $ 50,000 Opp/Close % 33.0% Lead/Opp % 10.0% Product A CPL $ 15 Product B CPL $ 35 Q1 2010 Q2 2010 Q3 2010 Q4 2010 TOTALS Product A Sales # 50 56 63 69 238 Product B Sales # 8 9 10 11 38 Total Sales # 58 65 73 80 276 Product A Sales $ $ 742,500 $ 841,500 $ 940,500 $1,039,500 $ 3,564,000 Product B Sales $ $ 412,500 $ 453,750 $ 495,000 $ 536,250 $ 1,897,500 Total Sales $ $1,155,000 $1,295,250 $1,435,500 $1,575,750 $ 5,461,500 Product A Pipeline # 150 170 190 210 Product B Pipeline # 25 28 30 33 Total Pipeline # 175 198 220 243 Product A Pipeline $ $2,250,000 $2,550,000 $2,850,000 $3,150,000 Product B Pipeline $ $1,250,000 $1,375,000 $1,500,000 $1,625,000 Total Pipeline $ $3,500,000 $3,925,000 $4,350,000 $4,775,000 Product A Leads 1500 1700 1900 2100 Product B Leads 250 275 300 325 Total Leads 1750 1975 2200 2425 8350 Product A Lead Budget $ 22,500 $ 25,500 $ 28,500 $ 31,500 Product B Lead Budget $ 8,750 $ 9,625 $ 10,500 $ 11,375 Total Lead Budget $ 31,250 $ 35,125 $ 39,000 $ 42,875 $ 148,250
  10. 10. 9 alternatives to cold calling <ul><li>Referrals (who, when, how) </li></ul><ul><li>Check back with past customers </li></ul><ul><li>Watch the social Web for buying signals </li></ul><ul><li>Participate in customer communities </li></ul><ul><li>Work with referral partners </li></ul><ul><li>Upsell current customers </li></ul><ul><li>Hire an appointment setter </li></ul><ul><li>Answer questions </li></ul><ul><li>Join the comment conversations on blogs </li></ul>
  11. 11. When prospects go dark… <ul><li>Try a different channel </li></ul><ul><li>Try a different contact </li></ul><ul><li>Share something unrelated </li></ul><ul><li>Try a different angle </li></ul><ul><li>Engage their influencers </li></ul><ul><li>Move on </li></ul>
  12. 12. Choosing a CRM system <ul><li>Choose your system LAST </li></ul><ul><li>Start with: </li></ul><ul><ul><li>Prospect definition </li></ul></ul><ul><ul><li>Process </li></ul></ul><ul><ul><li>Lead/opportunity stages </li></ul></ul><ul><ul><li>Owners & responsibilities </li></ul></ul>
  13. 13. Questions?

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