Innovative SEO: Inbound Marketing Blog

3 ways to double your sales pipeline

You may have heard many times about sales pipelines, but do you know exactly what your company’s sales pipeline should comprise of? – it is about taking your prospective customer through the whole sales process, from a simple lead generation to nurturing it, negotiating, and closing the deal at the right cost. So you might be skeptical about why it is so much essential to manage sales pipelines. And the answer lies in what Harvard business reviews say- “companies that reported having ineffective pipeline management had an average growth rate of 4.6; and companies with effective pipeline management had an average growth rate of 5.3, a 15% increase.”

Before going ahead, ensure you do not mix up the sales funnel with the sales pipeline. The sales pipeline is how you visualize your sales process, which is quite different from the sales funnel, which is about envisioning a buyer’s journey from his perspective. So, for example, when a sales funnel refers to the conversion rates, the sales pipeline focuses more on the whole journey and steps essential to reach the sale.

Sales Pipeline

But why a sales pipeline is so much significant?

• The sales pipeline is a visualization of your whole sales process, which does not let your sales team deviate from the plans.
• Sales representatives can divide the various steps of the pipeline into tiny, achievable jobs with the aid of automation and workflow technologies. And so, the chances of forgetting any task turn nil.
• The sales pipeline also protects you from losing a lead unapproached.
• Utilizing sales pipeline technology makes it much simpler for businesses to ensure accuracy with better sales strategies, increased rep responsibility, and more insight into the sales cycle.
• It doesn’t let the sales plan slip through the cracks.

What metrics do you track in a sales pipeline?

A sales pipeline will not only help you to streamline the sales process but will also assist you in measuring the whole process. For example, tracking the sales pipeline will tell you the best lead sources, effective sales techniques, performing sales representatives, etc.

• Lead conversion rate
• Average deal size
• Number of deals in the pipeline
• Close rate
• Time to close
• Sales cycle length
• Win rate
• Sales quota attainment
• Sales funnel velocity
• Activity metrics (e.g., number of calls, emails, demos)

(These metrics provide insight into the efficiency and effectiveness of the sales process and can help identify areas for improvement.)

How to increase your sales pipeline?

1. Leverage lead generation :

   Focus on finding new potential customers through various methods such as Inbound marketing, email marketing, and social media marketing. Also, do remember that B2B sales are very competitive, and if you fall in this category, approaching your prospects first can give you an edge over the competitor.

   • Lead qualification

     Ensure that the leads you generate are high-quality and likely to convert by using lead scoring and other methods to evaluate their fit and interest.

   • Increase MQL to SQL conversion:

     Improving inbound lead quality is a key factor in increasing the conversion rate of marketing qualified leads (MQLs) to sales qualified leads (SQLs). 3 hacks that you can implement today are,

     • Capture the intent beyond contact details:

       Once the user fills out the form with contact details, try to capture their intent using progressive forms. This intent helps you in lead scoring and gives a better view of the client’s need to the sales team and thus helping in qualifying better over other leads.

     • Use buyer’s journey mapping:

       Understanding the steps a potential customer goes through, will help you create content that addresses their needs and pain points at each stage. This will improve the quality of your inbound leads as they will be more likely to be engaged and interested in your offerings.

   • Use the existing customer base:

     Many times, existing customers remain untapped, but do not forget that referrals and recommendations work magically, especially in B2B marketing. Research suggests– Where 92% of buyers trust referrals, though 83% of happy clients are ready to give referrals, only 29% would provide it if not asked for it. So, having a client success team and leading nurture programs helps you to improve your sales pipeline.

2. Harness the power of networking

   Whether face-to-face or via social media, reaching out to your audience and being vocal about your services in response to their needs is crucial.

   • Social Media:

     Starting from targeting your prospects and knowing more about them to gather relevant insights, you can collect all this information using social media power.

   • Networking:

     Attend industry events and reach out to your professional network to build relationships and generate referrals.

   • Collaboration:

     Partner with complementary businesses to cross-sell and refer customers to each other.

   • Upsell and cross-sell:

     Encourage customers to purchase additional products or services related to their original purchase.

3. Optimize your sales process:

   Streamline your sales process to make it more efficient and effective, and regularly review and update it based on feedback from your sales team and customers.

   • Keep monitoring your pipeline:

     The sales pipeline is an ever-changing entity that needs to be monitored weekly. That will give you an idea of how everything is working and what changes you may need to make.

   • Provide excellent customer service:

     Building solid relationships with your customers can increase their likelihood of making repeat purchases and referring others to your business.

   • Increase sales team productivity:

     Invest in tools and training for your sales team to help them sell more effectively, such as sales enablement tools, customer relationship management (CRM) software, and sales training programs. By giving your sales team the resources they need to succeed, you can help double your sales pipeline.

You or your employees may find sales pipeline building stressful, but if it is created using proper guidance, as given above, it can be less stressful and more rewarding. Revisit the lost opportunities, contact your prospects and existing clients, talk about your brand on social media channels, and keep an eye on your sales pipeline even after creating it. Remember, building a sales pipeline is just the beginning; keeping track of it and steering it in the right direction is equally vital in your journey of growing your sales.

Though every company has its own success formula, would you care to share your success story which is working for you? I would love to celebrate you with your success story on my blog, with my readers. Feel free to connect with me to share your awesomeness. More power to you and your customers.