According to the Sales Management Association, more than half of executives recognize deficient sales pipeline management within their companies. Every company should utilize a sales pipeline to guide prospective customers through the many stages of product purchase. As such, it is important to remember a number of dos and don’ts that will help you successfully manage this crucial process at your firm.
Do define your sales pipeline
You need to clearly establish the sales pipeline that will help you manage the services specific to your company. Bring together your team and map out each buyer phase, ranging from pre-sale to post-sale. Making sure that each employee is on the same page will help ensure a successful pipeline for all potential clients.
Don’t neglect sales forecasting
Sales forecasting is a crucial part of managing your company’s sales pipeline, as it allows you to gain a unique perspective of the entire sales process. In addition, you will be able to assess potential challenges before you encounter them, which will help you better control your pipeline. Better organization will help you efficiently and successfully acquire your sales prospects.
Do follow your leads
Most consumers do not receive efficient or proper follow-up from companies vying for their business. It is important not only to follow your leads, but to complete this step early on in your pipeline. In fact, a 2011 Harvard Business Review study found that companies are six times more likely to acquire a lead if they respond to the client within an hour of initial contact.