We all know building a quality client pipeline takes time and perseverance. When asked in a recent study what is the most challenging part of the sales process, it was no surprise that 80% answered prospecting and pipeline building was the most difficult.
Here are our top tips for creating and maintaining your client pipeline.
Today more than ever, people have a multitude of choices when it comes to advertising. The best salespeople make sure to follow up with leads to land the sale. Research shows most sales individuals give up after two outreaches to a client. Do not stop there! Make that third, fourth and fifth call if you need to.
Focus on Good Leads
This will come with time, but knowing which companies are good prospects and which are not is key to landing quality sales. You can identify good-fit customers while prospecting by asking the right sales questions to all your leads and prospects. If you need help with knowing what to ask, check out our course “Conducting the Needs Assessment.”
Drop the Bad Leads
Letting go can be hard, especially if you have invested a good amount of time trying to build a rapport with the potential client. We believe a lead is dead when the client has clearly stated they are not interested in what you have to offer, when they are no longer reachable by phone, in person or email, or if you have come to a hard stop in the pipeline process.
Continually Monitor Your Pipeline
In sales, your pipeline is a living and breathing document that changes all the time. If you are not properly monitoring your stages, things easily fall through the cracks.
On a daily/weekly basis, review:
- The number of prospects on your list.
- Where each person stands in the process?
- What is your average close ratio?
- How long, on average, does it take for you to close deals?
At first, tracking this process might take a little time. But in the long run, it will help you know how healthy your pipeline really is and what you will need to do to be successful.
Update Your Pipeline Regularly
Something that is working this year might not work next. That is why it is important to always take the time and review what is working with your pipeline and what is not. Make sure that you are always adding new leads and ensure your leads are moving through your pipeline process. To make sure that your pipeline does not get disorganized or chaotic, keep details up to date on every single lead and add regular notes. Yes, this does mean you will have to spend some time on admin duties, but if you use this time wisely to will help you remove dead leads and update contact information, it is time well spent.
Need additional ways to build on your pipeline? Check out our blog “Gathering Prospect Info.” Or watch the following videos: “Sales Prospecting: The Sales Pipeline” and “Working Virtually: Networking in a Virtual World.”