(888) 893-2165“Always be closing” is anything but correct. This mindset may have been logical in 1992 when the phrase was introduced to pop culture by the Glengarry Glen Ross film, but thanks to digital sales transformation, we now have more to work with.
New tech allows salespeople to accurately prospect and keep an updated CRM. Tools like Salesforce, Hubspot, and Outreach help with sales pipeline management, forecasting, and retention—but salespeople can’t neglect the prospecting portion of the job.
Reps often spend their energy, time, and focus on closing. This ABC mindset presents a challenge because it can result in a slim sales pipeline in the months to come. If sales reps put the same effort into qualifying leads and building relationships as they do into closing, they would have a better chance at hitting quota month-over-month instead of being a one-hit-wonder.
“More than 40% of salespeople say prospecting is the most challenging part of the sales process”
–Spotio
Sales Pipelines
What is the difference in a pipeline, funnel, and forecast?
A sales pipeline is the reflection of the buyers’ journey at your company. Essentially, it’s a visualization of where prospects are in the sales process (some variation of awareness, consideration, and decision). A sales forecast is an estimate of the opportunities within the pipeline that will be closed in a specific time period. Forecasts show salespeople and managers how close they are to hitting quota and highlights the weak links in the pipeline.
Lastly, a sales funnel is used to understand each section of the sales process and the buyer journey. Mangers look at the sales funnel as an overlay of your sales pipeline to see where prospects are dropping off. Examining the funnel allows leadership to adjust training, products, and anything else that could impact a weak point in the funnel.
Why do you need a full pipeline?
Depending on your sales cycle, prospects can sometimes take months to sign. You’ll likely need this time to build a relationship with the prospect. Sure, anyone can make quota for a month, but the sign of a well-rounded salesperson is hitting quota consecutively. Mastering consistency first is pivotal.
How do you build and develop a pipeline?
Most sales orgs have demand generation or SDR teams teeing up marketing qualified leads for you. In addition to those efforts, outbound is essential. Every successful sales rep should spend time on the hunt. Make sure that you’re aligned with your marketing and sales leadership teams on what your organization’s ideal client profile looks like and go from there. Here’s an action plan that you can make your own:
- Make a list of ideal prospects
-Using tools like LinkedIn Sales Navigator and ZoomInfo makes it easy to manage - Where are you most likely to connect with them? Where are they spending their time?
-LinkedIn, Industry Events, their inbox! - Make two lists. One with prospects who already use a product like yours, and another with prospects who are adjusting to the market and will be first time users.
- Create a cadence & execute
-JumpCrew finds that our sweet spot for outbound is around 15 touches (calls, emails, texts, social messages) over the span of a 30 day period.
Qualifying Leads
What is a qualified lead?
At JumpCrew, we spend our time working to convert a lead to an opportunity. We use the BANT methodology in order to do this.
Budget – does the prospect have the budget needed for your product/services
Authority – is this prospect the decision-maker?
Need – does this prospect have a need for your product/services?
Timeline – what’s the timeframe in which they will make a decision?
It’s crucial to have a list of questions dedicated to each qualification criteria that you can run your prospects through. The more emphasis you can make on really working hard to understand what their challenges and pain points are to present solutions, the better.
Reps spend so much time “abc’ing” that they freak at the end of the month. If they spent more time qualifying leads, they would have a dependable sales pipeline to work with. When salespeople close unqualified leads, it never ends well for the client or the company. Instead, expectations are all over the place and the client almost never sees the true value of the deal.
“67% of lost sales are a result of sales reps not properly qualifying potential customers before taking them through the full sales process.”
-Spotio
Building Relationships
Sales reps have to listen to their prospects and learn what their true needs are. Building relationships with prospects helps keep an accurate sales pipeline and a solid network to lean on. Consistently good quarters start with your network and what you did in the previous quarter.
“Nurtured leads make purchases that are 47% larger than non-nurtured leads”
-Annuitas
Outside of your sales pipeline, customer relationships can make or break a company’s quarter as well. According to TalkDesk, over 90% of customers who are dissatisfied with your customer experience switch companies instead of telling their POC. Basically, as customers get smarter, they know they have options. If a relationship isn’t established, expect eventual churn.
“A fully engaged customer exhibits 51% higher revenue and sales than actively disengaged customers.”
-Gallup
Do you need help getting your sales pipeline running? We help C-suite leaders and directors of B2B companies build revenue the intelligent way. Book a meeting with us today.
