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Sales Pipeline Management - the 4 Important Questions

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Sales pipeline is a great indicator of a company’s health. It can literally show you the money (that you are going to make in the coming months). Manage your pipeline well and you'll stay well organized and feel more in control of your sales figures.

There are 4 key drivers to keep in mind in sales pipeline management:
- How many deals are you working on?
- How fast you are closing deals?
- How big is your deal, on average?
- How often do your deals make it to a successful close?

Published in: Business, Economy & Finance

Sales Pipeline Management - the 4 Important Questions

  1. 1. QUESTIONS OF SALES PIPELINE MANAGEMENT. 4 THE Four critical concepts we ought to be exploring to bring our sales process to the next level.
  2. 2. SALES PIPELINE MANAGEMENT IS A TRICK. REPEATABLE PROCESS.
  3. 3. CALL MATT TUESDAY 3 P.M. ACCOUNT ACC.PAY. $6K FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT SEND OFFER TO PATRICK NEXT WEEK EXPLORE THE SITUATION AT WASP MEDIA FIND MORE PROSPECTS IN MANUFACTURING SEND UPDATED PROPOSAL TO JEAN FROM IKEA CLOSE SEBAGO AIR ONE WEEK LEFT!! PREPARE KEYNOTE FOR THE NEXT WEB INVITE STEVEN FROM ANDERSON COOPER FOR COFFEE A - ATTENTION I - INTEREST D - DECISION A - ACTION A - ALWAYS B - BE C - CLOSING COFFEE IS FOR CLOSERS DAYS WITHOUT SMOKING - 42 CHECK UP ON THE DYNAMITE PARTNERS LEAD CEO GRUBBER & CO NEEDS A FAVOR COO REED CO. ASKED FOR A QUOTE HAVE JOHN DO YOUR WEEKLY NETWORKING AT TEHNOPOLIS ORDER MORE BUSINESS CARDS FROM TANK ENTERTAINTMENT MONDAY SKYPE CALL WITH CEO CONTACT JDF LEGAL WITH A CONCRETE PROPOSAL LEARN WHY NOBODY GOT BACK TO YOU FROM INITECH FIND TWO INTERNS TO UPDATE THE SITE THINK OF A NEW WAY TO APPROACH MICROCORP SCHEDULE THE NEXT WEEK’S SKYPE CALLS ON FRIDAY RESEARCH CRM’S!! WATCH YOUR MORNING KPI TEAM MEET- ING! FIND TWO INTERNS TO UPDATE THE SITE SEND OFFER TO PATRICK NEXT WEEK FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT HOW MANY NEW DEALS ARE YOU ADDING TO YOUR PIPELINE? THINK OF A NEW WAY TO APPROACH MICROCORP E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT CALL MATT TUESDAY 3 P.M. ACCOUNT ACC.PAY. $6K IKEA MEETING! EXPLORE THE SITUATION AT WASP MEDIA FIND TWO INTERNS TO UPDATE THE SITE FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 1 HOW OFTEN DO YOUR DEALS MAKE IT TO THE VERY END ? 4 HOW BIG IS YOUR AVERAGE DEAL? 3 HOW FAST ARE YOU CLOSING YOUR DEALS ? 2
  4. 4. CALL MATT TUESDAY 3 P.M. ACCOUNT ACC.PAY. $6K FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT SEND OFFER TO PATRICK NEXT WEEK EXPLORE THE SITUATION AT WASP MEDIA FIND MORE PROSPECTS IN MANUFACTURING SEND UPDATED PROPOSAL TO JEAN FROM IKEA CLOSE SEBAGO AIR ONE WEEK LEFT!! PREPARE KEYNOTE FOR THE NEXT WEB INVITE STEVEN FROM ANDERSON COOPER FOR COFFEE A - ATTENTION I - INTEREST D - DECISION A - ACTION A - ALWAYS B - BE C - CLOSING COFFEE IS FOR CLOSERS DAYS WITHOUT SMOKING - 42 CHECK UP ON THE DYNAMITE PARTNERS LEAD CEO GRUBBER & CO NEEDS A FAVOR COO REED CO. ASKED FOR A QUOTE HAVE JOHN DO YOUR WEEKLY NETWORKING AT TEHNOPOLIS ORDER MORE BUSINESS CARDS FROM TANK ENTERTAINTMENT MONDAY SKYPE CALL WITH CEO CONTACT JDF LEGAL WITH A CONCRETE PROPOSAL LEARN WHY NOBODY GOT BACK TO YOU FROM INITECH FIND TWO INTERNS TO UPDATE THE SITE THINK OF A NEW WAY TO APPROACH MICROCORP SCHEDULE THE NEXT WEEK’S SKYPE CALLS ON FRIDAY RESEARCH CRM’S!! WATCH YOUR MORNING KPI TEAM MEET- ING! FIND TWO INTERNS TO UPDATE THE SITE SEND OFFER TO PATRICK NEXT WEEK FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT HOW MANY NEW DEALS ARE YOU ADDING TO YOUR PIPELINE? THINK OF A NEW WAY TO APPROACH MICROCORP E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT CALL MATT TUESDAY 3 P.M. ACCOUNT ACC.PAY. $6K IKEA MEETING! EXPLORE THE SITUATION AT WASP MEDIA FIND TWO INTERNS TO UPDATE THE SITE FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 1
  5. 5. KEEP ON SHAKING NEW “APPLE TREES”. DO NOT LET YOUR PIPELINE DRY UP. SCOUT FOR PROSPECTS AT ALL TIMES.
  6. 6. GO BEFORE YOU’RE INVITED. IT TAKES ENORMOUS EFFORT TO CHANGE PEOPLE’S MINDS & HEARTS. GUIDE THEM INSTEAD. HELP THEM FORM THEIR INITIAL OPINIONS. DO IT EARLY.
  7. 7. LEADS QUALIFIED MEETINGS HELD PROPOSALS SENT TERMS AGREED Deals signed. CONTACT MADE MAYBE IT IS TIME TO EXPAND THE TEAM? DECIDE ON THE NUMBER OF NEW DEALS TO BE ADDED EACH PERIOD. AVERAGE # OF DEALS IN EACH STAGE
  8. 8. SET WEEKLY GOALS AND MAKE IT A HABIT TO STICK TO THEM. REMEMBER, ASK FOR REFERRALS. TRY AGAIN WITH OLD PROSPECTS. EXISTING CONTACTS + NEW JOBS = NEW OPPORTUNITIES. BE SYSTEMATIC ABOUT THE RANDOMNESS - READ THE NEWS, TALK TO NEW PEOPLE. LISTEN. ADD MORE DEALS 3 WAYS TO
  9. 9. HOW FAST ARE YOU CLOSING YOUR DEALS ? 2
  10. 10. LEADS QUALIFIED MEETINGS HELD PROPOSALS SENT TERMS AGREED Deals signed. CONTACT MADE AVERAGE # OF DAYS IN EACH STAGE CLOSER MOVE DEALS FROM STAGE TO STAGE FASTER TO BOOST SALES NUMBERS. TIME = MONEY.
  11. 11. RECOGNIZE LOST DEALS WHEN YOU SEE IT IS TAKING TOO LONG TO GET A DECISION. STEP-BY-STEP LEARN THE DECISION MAKING PROCESS OF COMPANIES THAT BUY FROM YOU. ASK WHAT YOU SHOULD DO TO TAKE THE DEAL FURTHER.
  12. 12. REDUCE WAITING TIME BE BOLD IN ASKING FOR SPECIFICS. “WHAT IS THAT YOU NEED TO CONSIDER BEFORE MAKING A DECISION?” “WHEN WOULD BE A GOOD TIME TO CALL YOU TO AGREE ON THE NEXT STEPS?” WORKING WITH THE RIGHT DECISION MAKER WILL SPEED THINGS UP.
  13. 13. HOW BIG IS YOUR AVERAGE DEAL? 3
  14. 14. LEADS QUALIFIED MEETINGS HELD PROPOSALS SENT TERMS AGREED Deals signed. CONTACT MADE AVERAGE $ SIZE OF DEALS IN EACH STAGE NW NE LET THE AVERAGE SIZE OF THE DEAL BE YOUR NORTH STAR. FOCUS ON THE VALUE OF YOUR SERVICE OR PRODUCT TO SELL MORE OF IT AT A HIGHER PRICE. BIGGER PROSPECTS ARE CLOSER TO YOU THAN YOU MIGHT THINK. ADD LARGER DEALS INTO YOUR PIPELINE.
  15. 15. WOULD YOU LIKE FRIES WITH THAT? ANNUALLY. COME UP WITH LOGICAL ADD-ONS AND BUNDLE MULTIPLE PRODUCTS OR SERVICES INTO BIGGER DEALS. MCDONALD’S MAKES $200 MILLION WITH THIS QUESTION
  16. 16. $WHAT IS YOUR MILLION DOLLAR QUESTION?
  17. 17. HOW OFTEN DO YOUR DEALS MAKE IT TO THE VERY END ? 4
  18. 18. LEADS QUALIFIED MEETINGS HELD PROPOSALS SENT TERMS AGREED Deals signed. CONTACT MADE AVERAGE % OF DEALS CONVERTED EACH STAGE PICK ONE TO WORK ON. MEASURE YOUR CONVERSION TO UNDERSTAND YOUR SALES SKILLS & IDENTIFY CHALLENGES. AVERAGE % LEAD-TO-CUSTOMER CONVERSION
  19. 19. HAVE A BESPOKE ATTITUDE. “WE FELT THAT EVEN WITH PREMIUM PRICING, YOUR SOLUTION HAD SHOWN US THAT YOU UNDERSTOOD OUR NEEDS BETTER THAN ANYONE ELSE ON THE MARKET.” THINK OF THIS SIMPLE CUSTOMER QUOTE, EVERY TIME YOU WANT TO INCREASE YOUR CONVERSION RATE.
  20. 20. CALL MATT TUESDAY 3 P.M. ACCOUNT ACC.PAY. $6K FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT SEND OFFER TO PATRICK NEXT WEEK EXPLORE THE SITUATION AT WASP MEDIA FIND MORE PROSPECTS IN MANUFACTURING SEND UPDATED PROPOSAL TO JEAN FROM IKEA CLOSE SEBAGO AIR ONE WEEK LEFT!! PREPARE KEYNOTE FOR THE NEXT WEB INVITE STEVEN FROM ANDERSON COOPER FOR COFFEE A - ATTENTION I - INTEREST D - DECISION A - ACTION A - ALWAYS B - BE C - CLOSING COFFEE IS FOR CLOSERS DAYS WITHOUT SMOKING - 42 CHECK UP ON THE DYNAMITE PARTNERS LEAD CEO GRUBBER & CO NEEDS A FAVOR COO REED CO. ASKED FOR A QUOTE HAVE JOHN DO YOUR WEEKLY NETWORKING AT TEHNOPOLIS ORDER MORE BUSINESS CARDS FROM TANK ENTERTAINTMENT MONDAY SKYPE CALL WITH CEO CONTACT JDF LEGAL WITH A CONCRETE PROPOSAL LEARN WHY NOBODY GOT BACK TO YOU FROM INITECH FIND TWO INTERNS TO UPDATE THE SITE THINK OF A NEW WAY TO APPROACH MICROCORP SCHEDULE THE NEXT WEEK’S SKYPE CALLS ON FRIDAY RESEARCH CRM’S!! WATCH YOUR MORNING KPI TEAM MEET- ING! FIND TWO INTERNS TO UPDATE THE SITE SEND OFFER TO PATRICK NEXT WEEK FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT HOW MANY NEW DEALS ARE YOU ADDING TO YOUR PIPELINE? THINK OF A NEW WAY TO APPROACH MICROCORP E-MAIL JOSHUA ABOUT POTENTIAL PROSPECT CALL MATT TUESDAY 3 P.M. ACCOUNT ACC.PAY. $6K IKEA MEETING! EXPLORE THE SITUATION AT WASP MEDIA FIND TWO INTERNS TO UPDATE THE SITE FOLLOW-UP WITH EDWARD N. MET AT SXSW 2013 1 HOW OFTEN DO YOUR DEALS MAKE IT TO THE VERY END ? 4 HOW BIG IS YOUR AVERAGE DEAL? 3 HOW FAST ARE YOU CLOSING YOUR DEALS ? 2
  21. 21. “ NO ASTERISKS ONLY SCOREBOARDS. THERE ARE IN THIS LIFE, — ARI GOLD ”
  22. 22. AVERAGE # OF OPEN DEALS AVERAGE % OF LEADS CONVERTED AVERAGE $ SIZE OF DEALS AVERAGE # OF DAYS DEAL’S IN PIPELINE MAKE SURE YOU KNOW YOUR ANNUAL SCORE.
  23. 23. AVERAGE # OF OPEN DEALS AVERAGE % OF LEADS CONVERTED AVERAGE $ SIZE OF DEALS AVERAGE # OF DAYS DEAL’S IN PIPELINE THEN DECIDE ON WHAT YOU WANT YOUR SCORE TO BE.
  24. 24. New welcome flash $5,000 WaytogoTransportation Tank Entertainment deal $0 Tank Entertainment E-newsletter $7,800 JDF Legal Inc SEO $23,000 WASP Media E-newsletter $12,000 Rider Invest New feature page $10,000 Dynamite Pictures New logo $0 Astor Holdings Homepage redesign $9,100 IKEA New flash for frontpage $12,000 Randy Zales Company Logo redesign $0 Catshill Flash banner $5,000 Thousand Islands E-newsletter design $8,000 Sebago Air Flash welcome video $25,000 Draper Fisher Jurvetson New e-brochure design $1,000 Neverland Invest FB campaign analysis $1,500 Reed Co SEO consulting $400 IKEA Logo redesign $49,000 McDonell Douglas Ltd New homepage $3,800 Gruber Associates Ltd New logo $22,000 INITECH New welcome video $2,400 JDF Legal Inc Web site maintenance $8,000 Microcorp Software New homepage $9,880 Reed Co In negotiation $17,880 2 deals In negotiation $17,880 2 deals Proposal presented $28,200 3 deals Proposal presented $28,200 3 deals Needs discovered $50,900 3 deals Needs discovered $50,900 3 deals Contact made $51,000 6 deals Contact made $51,000 6 deals Idea $66,900 8 deals Idea $66,900 8 deals Deals in pipeline Pipeline Deals Organizations People Products Statistics Settings Search Lewis Deal (You) DEALS MORE LESS TIME BIGGER DEALS HIGHER CONVERSION REVENUE & PROFIT + + + = BIGGER
  25. 25. STAY IN CONTROL OF YOUR SALES PIPELINE AT PIPEDRIVE.COM

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