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What is a sales pipeline, and why should you care?

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What is a sales pipeline, and why should you care?

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Insights included:

The 6 steps of a killer sales pipeline
Sales pipeline lead scoring
How to keep prospects progressing through the sales pipeline
7 top tips for ongoing success

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What is a sales pipeline, and why should you care?

  1. 1. What is a sales pipeline, and why should you care?
  2. 2. What is a sales pipeline? Definition: ‘The sales pipeline represents your sales process consisting of all the sales steps you need to take in order to sell your product to your customer.’
  3. 3. Sales pipelines can become complicated due to: Multiple sales steps The varying needs of a prospect Timelines The ever-changing probability of closing
  4. 4. CLEANING YOUR SALES PIPELINE Too many stages in your sales pipeline is time-consuming, difficult to manage and opportunities can be missed. Too few, and the sales cycle can feel too urgent and pushy to prospects. The optimum number of steps in your sales pipeline should be 6.
  5. 5. THE SIX STEPS OF THE PERFECT SALES PIPE Initial contact Someone has shown interest in your business from either a phone call or a form completion on your website. 1
  6. 6. THE SIX STEPS OF THE PERFECT SALES PIPE Marketing qualification The prospect has shown enough interest in your business and is within your target market, so can be passed on to sales for further qualification. 2
  7. 7. THE SIX STEPS OF THE PERFECT SALES PIPE Sales qualification There is definitely a need for your product or service, your product or service is a fit for their company and would like to meet you wto discuss in more detail. 3
  8. 8. THE SIX STEPS OF THE PERFECT SALES PIPE Meeting Outline all the capabilities of your product or service for the prospect and work to solve their challenges; discuss the finer details including pricing, implementation and quantity. 4
  9. 9. THE SIX STEPS OF THE PERFECT SALES PIPE Proposal/order form Send the prospect a proposal outlining why you’re the full package and why it’s good value. This stage is where you can get the best indication for their probability of closing. 5
  10. 10. THE SIX STEPS OF THE PERFECT SALES PIPE Closed sale The prospect has become a customer. Remember to check in with them, show you care about their satisfaction and open conversations to cross, up and switch-sell opportunities. 6
  11. 11. BE A SALES SUPERHERO READ OUR FREE GUIDE Why your customers are killing your business www.sales-i.com READ NOW
  12. 12. WHY IS THE SALES PIPELINE SO IMPORTANT? A well constructed and maintained pipeline directly impacts how much business you close. Therefore, neglect your pipeline and risk the money you take home in your pay packet. It’s that simple.
  13. 13. HOW DOES SCORING A SALES PIPELINE WORK? Each action in your pipeline will be weighted differently to show the probability of a prospect becoming a customer. A scored sales pipeline gives you a clear view of your sales projections for your current and future months. Knowing your best prospects will direct your sales efforts.
  14. 14. HOW DOES SCORING A SALES PIPELINE WORK? If yours is lower, you need to overhaul your follow-up procedure. On average a prospect who is sent a proposal will be 60%60% more likely to become a customer.
  15. 15. 0% 10% 60%30% 100% TYPICAL PROGRESSION Initialcontact M arketing/sales qualification M eeting Proposal/ orderform C losed sale
  16. 16. RATIO Aim to have 3 times more active opportunities in your sales pipeline than your actual sales target and keep them entering the pipeline. Sales guru S. Anthony Lannarino states, “It’s an enormous mistake to stop prospecting because your pipeline is healthy right now.”
  17. 17. PIPELINE PROGRESSION Opportunities rarely progress without action. To push prospects through your sales pipeline you need to: Do follow-up calls Create and send personalized marketing Deliver product demonstrations At every stage of the pipeline.
  18. 18. 7 top tips for a successful sales pipeline: 1 Automate what you can, e.g follow-up reminders 2 Define your stages clearly so you can associate sales activities with them easily 3 Take your time with the sale as all prospects buy at varying times 4 Estimate your close date so that you can better forecast against your targets
  19. 19. 5 Capture as much information possible about your prospect to deliver a relevant, personalized service 6 Use technology such as CRM, marketing automation or business intelligence to manage and maintain your pipeline 7 Analyze every step to see where you can make improvements and increase conversion
  20. 20. THANKS FOR READING! CONTINUE LEARNING Download one of our Free eBooks Read articles in our blog Get in-depth with one of our features and more at www.sales-i.com

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