A healthy and robust sales pipeline plays a vital role in the success of any business.
However, according to Vantage Point, 63% of companies do a bad job when it comes to new business management.
The more transparency and control you have over your sales pipeline, the more revenue you’ll be driving into the business.
Research by Hubspot has shown there is a positive correlation between the amount of opportunities in a pipeline per month and revenue achieved.
Here are five ways to ensure your sales pipeline is being effectively managed.
Always follow up with prospects
Following up is one of the most important parts of keeping a healthy sales pipeline, but it’s seen as one of the most challenging areas for sales teams.
However, 95% of all converted leads are reached by the sixth follow-up attempt.
If these stats don’t shock you, then these might:
92% of the salespeople give up after the fourth call (LinkedIn).
High-growth companies report an average of 16 touch points per prospect within a 2-4 week timespan (Sales.Rocks).
The best number of follow-up emails to send is between two and three (Woodpecker).
92% of salespeople give up after no sales on the fourth call but 60% of customers say no four times before saying yes (source).
50% of buyers choose the organisation that responds first (source).
If your team isn’t following up on new business, they’re losing money.
The best way to ensure your team is following up on every single lead is by setting reminders every time your employees should check in with a prospect.
Make your follow-up foolproof with Clarity Software’s Activities and Reminders module. setting reminders to send follow-up emails or call prospective clients is a great way to ensure you’re staying in touch with your prospects.
Send accurate quotes and invoices every single time
Sending branded, accurate quotes and invoices is a great way to demonstrate your credibility to prospects, and ensures your team and your prospects are all on the same page.
However, if your team are quoting from an outdated price list, they may be undercharging and harming your company’s bottom line.
Earlier this year, the UK’s Consumer Prices Index (CPI) rose by 9.0% in the 12 months to April 2022, up from 7.0% in March (ONS).
As the cost of living and energy prices increase, businesses across the UK are amending their prices to reflect these changes. It’s critical that all of your team are quoting and invoicing correctly.
Our Price Management module is designed to make sure that out-of-date pricing and inaccurate costs are a thing of the past.
By centralising all of your price lists and third-party costs, you can produce accurate costs that are always maintained and up-to-date, and ensure your prospects are receiving accurate quotes each and every time.
Get a complete overview of pipeline metrics
One of the best ways to improve your sales pipeline is by understanding its key metrics.
When you have a clear view of the metrics, you can better manage the sales process from the moment you get an enquiry through to the product or service being delivered.
However, tracking sales through several different spreadsheets and software tools is time intensive and leaves room for error. It’s also difficult to keep your pipeline updated in real-time.
Clarity Software’s Sales Tracking and Management module gives you a clear view of the following metrics in a real-time dashboard:
The number of active deals
Your win/close ratio
The average lifecycle of a deal before it is closed
Your lost or dead deals ratio
The average size of the deals and more
When you track your sales results over time, you can make data-driven decisions in regards your sales process.
Companies with the best sales teams review their sales data regularly to ensure their process is optimised for efficiency and success.
Give your prospects content that will help them
Sales communications rely heavily on emails and phones, but going that extra mile and providing in-depth marketing material that dives into your product or service may set you apart from your competitors.
You should create informative content for each stage of the sales funnel and drip feed this accordingly.
For example, a prospect early on in the pipeline may find an FAQs landing page surrounding your product or service really useful, whereas a prospect who’s ready to convert may find an informational video that dives into functionality helpful.
When you get your sales and marketing teams to collaborate and work together, you can craft invaluable content that prospects actually want.
Pair this with Clarity Software’s Sales and Marketing module, you’ll have the information you need to target your marketing activity effectively, maximise your ROI and turn leads and opportunities into new business.
Keep your pipeline up to date
The sales pipeline is always changing, so it’s important to keep it up to date.
From the status of a deal and any supporting notes, to the status of a lead changing or a new prospect being added in, you need to ensure your pipeline is regularly updated so everyone has complete transparency.
Otherwise you risk a disorganised and messy pipeline, which may result in lost business.
With our customer relationship management module, your team can update customer communication which links to your sales and tracking module.
Update the status of a lead in our sales and tracking management module, and watch the reporting dashboard update in real-time.
Consistency plays a vital part in the success of a healthy sales pipeline, so it’s vital that your team are updating the sales pipeline regularly.
Speak to Clarity Software and find out how we can help your sales team work smarter, not harder.