According to Salesforce, how many businesses don’t convert their marketing leads?
Shockingly, the answer is higher than you’d expect, especially when you consider that only 56% of businesses have a system or tool in place to qualify marketing leads. I believe that’s a low number considering how simple a sales pipeline can be.
Do check out SPANCOP or Sales Funnel Shape for more information.
Regarding above, the answer to above is 4 – a whopping 69%.
The benefits of having a sales pipeline.
Having a sales pipeline isn’t just there to file away and mark under ‘done’. It’s not just another item to cross off your to-do list and put in a drawer. It’s a real, purposeful tool that done correctly can help you in a multitude of ways. Let’s find out the different ways you can benefit from having your own sales pipeline.
Look forward to the future and plan your next steps
Your sales pipeline can be really helpful to look in front of you and to plan your next steps. By seeing what you have in the sales pipeline at different stages you can really understand your business and your sales better. For example, if your sales pipeline is middle heavy, you can see really quickly that leads are getting stuck in the negotiate or close stage without moving forward which will help you to ask yourself some really useful questions. Why aren’t they putting in an order? What is it about my product or service that doesn’t match their expectations? Are they put off by the price? Or are they put off by the perceived lack of after care? Or maybe you need to expand and take on extra staff to help with the closing stage of the buying process? When you implement a sales pipeline, you can begin to see where your self-development or staff development needs to be, as well as targets for the future.
Consider what has happened so far and learn from it
Sales pipelines aren’t just for looking forwards, they are really valuable for looking at into the past whether that is the last 6 months or the past 12 months. You can use whatever time scale is appropriate for your business to look at what happened with your sales. Did a lot of leads come in but few conversions into orders? Or did you have lots of leads but very few of these follow-up with meetings showing genuine interest? The shape of your sales pipeline and the status of each stage will really help you to delve deeper and discover what are your (or your team’s) strengths and weaknesses. It could be a case of checking that the marketing is bringing in genuine leads that are interested or that there is a clear understanding of your clients pain points and how your product meets those needs.
Use your sales pipeline to set targets
Some people like to work forwards and some like to work backwards when setting targets. Whichever way you prefer your sales pipeline can really be beneficial because you can work out the sales income and revenue that you’d like to achieve and use this to understand how many sales you need to make, how many days you need to work, how much each sale needs to be worth, and so on. Your forecasts for your sales and business plan will be more accurate. You can set targets based on how you will reach your sales income and revenue. These targets will give you real focus on when planning your week ahead on a Sunday evening or Monday morning and drive your ambition to meet your goals. You can’t meet targets that you can’t see!
Sales training opportunities for your business.
It’s a New Year and a new opportunity to learn, so take advantage of the sales mindset products and grow your business quickly and effectively by gaining more sales. This year I’ve already created and scheduled 9 Sales Mindset Live Events throughout 2020 giving you more availability to find a course that’s right for you.