What is a sales pipeline? Literally understand that the sales pipeline or sales process, when done correctly, will help businesses increase 18% of revenue compared to the rest of the business.
The term sales pipeline is very popular overseas and for large enterprises, what about small to medium sized businesses? This article will show the concepts and how to make the most detailed sales pipeline for all businesses.
What is a sales pipeline?
A sales pipeline, also roughly understood as a sales pipeline or sales process, will help businesses track the entire phase transition of customers. Based on the sales pipeline, it is easy for salespeople to know what the next actions to take to close orders quickly.
Therefore, when looking at the sales pipeline, the manager will easily predict the expected revenue based on the number of transactions that the salesperson is expected to finish in a week, month or year and the expected customer conversions in the near future.
Benefits of the sales pipeline to businesses
If managers understand and apply the sales pipeline technique to the reality of the business activities of the business, many benefits will be gained, both for employees, for management and for the enterprise.
The first is the benefits of the sales pipeline to employees:
- There is a professional sales process to follow
- Evaluate the priority of care of each customer to make a work plan
- Easily track sales opportunity status to take measures to close sales at the right time
- Easily share information with colleagues and generate reports to send to leaders
Second is the benefit of the sales pipeline over the management level:
- Monitor the operations of sales staff with the correct steps in the sales process, thereby accurately assessing the performance of each person.
- Predict future revenue based on current data
- Develop a quick marketing, cross-sell / up-sales strategy
- Detect and quickly handle “bottlenecks” in the sales process
Third is the benefits of the sales pipeline for businesses:
- Standardize the sales process in the business
- Growth in leads and sales
- Optimizing the time and quality of the staff
Five indispensable stages in the sales pipeline for B2B business
Information from all sources agreed that the sales pipeline has five irreplaceable stages: Attracting leads (Contact), Nurturing leads (Qualification), Submit proposal (Proposal) , Negotiation (Meet) and finally the single closing (Close).
3.1. Attract potential customers (Contact)
This stage is usually performed by the marketing team within the business. However, as a salesman, they can also support marketing campaigns through email, blog, personal social media accounts to attract potential customers and most importantly, gather information. Contact their message so you can care and reach out.
You can see Find Potential Customers From Many Different Channels to know more about the way to attract potential customers
3.2. Nurturing potential customers (Qualification)
In this stage, businesses need to nurture potential customers and persuade them to continue on this journey. This is the stage where it is necessary to combine the strengths of the marketing and sales team.
While salespeople connect phones with potential customers, marketing needs to use multichannel to deliver content that is relevant and useful to them. Of course, this approach must be relevant and timely, thereby showing them that your products and services are necessary and will help them solve the problems they are having.
Let’s see 7 Amazingly Effective Lead Nurturing Tactics to nurture potential customers
3.3. Proposal submission
Most of the people that the business can access cannot unilaterally make purchasing decisions for the product / service, even if they are within the leadership of the business.
Therefore, present to them your proposal from there through them giving it to the rest of the decision-makers in the leadership of the business. Turn them into an expert who can speak for you with the rest of the decision makers and ask what documents or support you can provide to push them to the next stage of the Sales Pipeline.
After finding your offer appealing, the client will recommend a face-to-face meeting to clarify questions and negotiate for the best discount.
For a negotiation to be successful, the salesperson needs to know who they will be meeting, what their needs are, and actively work out a plan to solve their problems.
Good salespeople experience is figuring out exactly what potential customers want to buy. Because that’s a rare opportunity for you to sell or sell more products, or simply sign a longer term contract with the customer.
3.5. Single bolt (Close)
At this point, businesses can breathe a sigh of relief because they will almost certainly get sales from this customer. Sales staff just need to accurately record the needs of customers and agree on a price that both sides can accept.
However, it is not until here that the sales pipeline is completed. In theory, close is the last step of a sales process, but for customers to return to purchase or become free brand ambassadors for the business, sales staff should continue to include them. specific after-sale customer care process.
A sales pipeline can be compared to the beating heart of your business. That’s why its importance and value can hardly be overestimated.
This means that if you don’t manage your pipeline successfully, then you risk losing out on new customers and your business could suffer.
With more than 60% of sales managers saying that their company does a poor job of managing their sales pipeline, chances are you need to improve the way yours works, too.
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Thank you and Best Regard!
𝐋𝐞𝐚𝐝𝐞𝐞.𝐚𝐢 – 𝟐𝟒/𝟕 𝐒𝐮𝐩𝐩𝐨𝐫𝐭