What is a Sales Pipeline?
- Famously known as ‘Sales Funnel’
- Pipelines are illustrated in the levels of the selling process as a horizontal bar, often as a funnel.
- It helps track various prospective buyers in varying phases of the purchasing process.
- This is an essential tool that will help you meet your sales objectives.
Why Should You Build a Sales Pipeline?
- It tells sellers what step of the purchasing process should come next.
- Makes their jobs easier and their workday far more effective.
- Provide leaders and company owners with the information they need to forecast revenue.
- It can help create a plan for long-term growth and develop strategic actions.
How To Get Started?
- Gather the list of your prospective buyer.
- People who want to buy from you.
- As detailed as possible
- Include all necessary contact information and how they got in touch with you
2. Organize your sales process.
- A step-by-step formula that shows the exact activities your team needs to do to close a deal.
3. Your target sales revenue
- How many deals do you need to add to your pipeline to meet your target revenue?
- By setting a target profit, you will be able to see how your pipeline will look.
4. Build a sales team.
- Everyone in your team will be using the same pipeline so make sure you have it as detailed as it could get.
- You can ask for a second opinion.
*What Are The Stages of a Sales Pipeline?
- Find prospective buyers who need the product or service that you’re selling.
- Your prospects vary depending on the products, the organization, and your clients.
- Lead generation and cold leads.
- List potential clients
QUALIFYING or RESEARCHING
- Find prospects who are the right fit for what you’re selling.
- You don’t want your team wasting their time on leads who won’t buy a single of your products.
Hot Leads vs Cold Leads
- Make some research and/or talk with a prospective client.
- Try answering these questions:
- Do they have a budget to buy what you’re selling?
- Do they need your product?
- Can they decide to buy on their own?
- Are they ready to buy?
- If the questions above answer to ‘yes’ then that’s a hot lead.
- Remember More work for cold leads.
- Use a CRM (Customer Relationship Management) to track progress and check prospects that have been clogging your pipeline for a long time.
- Create your script.
- Make the first contact.
- Either through a phone call, email, text, or social media.
BUILDING CUSTOMER RELATIONSHIP
- Aim for a retainer client.
- Email them from time to time but not to the point that you annoy them.
- Connect with them via social media and like their posts or leave a comment.
- Important to build trust and relationships with potential clients and retainer customers.
- Finalize the deal.
- Some buyers do not completely say ‘yes’ right away.
- If your customer doesn’t show right before closing a deal, send them a message saying maybe it’s not a good time and that you will reach out to them again on a specific date —> mark it as a cold lead.
- FOLLOWING UP (Cold leads)
- Check occasionally and see what they’re up to and try to know if they’re ready to buy your product.
- They might need your product now more than before.
How To Build Your Own Pipeline.
- List your potential buyers.
- Use a CRM or an excel sheet.
- Create your stages.
Do not create too many stages. It has the potential to waste your sales representative’s time.
- Specify and break broad stages into smaller stages.
- Keep your pipelines up to date.
- Improve your pipeline as you start the first stage.2