First of all, it is very important to understand what exactly is “Sales Pipeline”. Sales Pipeline describes all the individual steps taken by salespeople from initial contact with a potential customer, or prospect, to qualifying that prospect into a lead, and further confirming that lead into a sales opportunity followed through the different stages until closed.
In this competitive world, a new company emerges every minute with almost the same product as yours. To survive this rat race and come up trumps, you will have to take various steps to improve the management of your sales pipeline. This is because if you are able to effectively manage your sales pipeline you’ll stay well organized and feel more in control of your sales figures.
If you are not sure how to do it, then here are 8 simple ways to increase your sales with effective sales pipeline management. Read On…
- Determine Your Mission And Goals: The mission to be accomplished by the salespeople should be clearly determined. Various aspects related to the selling process such as what to sell, whom to sell and how to sell should be taken care of. Once answer to these questions are arrived at, the various goals (Activity goals and Result goals) to be rendered by the salespeople should be chalked out. Activity goals include calls per day, proposals per month, referrals per call, etc. Result goals include sales per month, profit per sale, etc. The salespeople should be regularly guided and encouraged to accomplish these goals.
- Retain Your Customers : The sales team should try to retain the old customers by cross selling (selling a different product to existing customers) and up selling (selling something additional or more expensive). They should stay in touch with current customers too and keep enquiring about their needs. If the need of additional product or the same product arises, try to convince your customers to buy from you.(Here are some tips to Increase Sales From Existing Customers)
- Ask For Referrals : The sales reps should keep enquiring the existing customers whether they know anybody interested in the kind of business and product your company deals in. This will help you widen your market and also increase sales.
- Appreciate Your Sales Reps: Rewarding and appreciating your salespeople for closing deals helps as a motivation for them to work harder and more efficiently. You can give them incentives, take them out for lunch, appreciate them in front of colleagues, etc.
- Be Better Than Your Competitors : Keep a track of your competitor’s undertakings and try to provide something more than what they are offering. An additional discount, add on offers, better after- sale service, etc. will make the prospects / customers choose you over your competitors. Also, analyzing your competitor’s website gives you better idea about how you can give good offers than your competitors. (Here are some which can help you to get insights into your competitor’s website)
- Utilize All The Channels Possible: There are various channels available to contact prospects/customers. They include word of mouth, e-mailing, newsletters, telecalling, etc. It is a good practice to use multiple channels to contact the prospects/ customers.
- Track And Manage Your Sales Pipeline: Proper tracking of various undertakings of the sales reps involved in the sales pipeline should be maintained. A review of number of qualified leads in the pipeline, sales cycle length, total length to qualify a new prospect, etc. should be done. This will help ensure that the sales reps are working properly and will also give way for improvements if needed.
- Hold Events And Seminars : Hold various seminars and events promoting your product/services. Send invitees to clients / prospects and you can get a chance to interact with them and persuade them to do business with you.
Hope you multiply your sales using the above strategies to easily and effectively manage your sales pipeline. If you are aware of any more of such ways for managing the sales pipeline, do let us know !!