Sales Pipeline Best Practices
We’ve already presented – and revised – the general concepts of Sales Pipeline and Sales Pipeline Management. Today, we’re going through a few known – but sometimes taken for granted – Sales Pipeline Best Practices.
Sales Pipeline Best Practices (the old – but gold):
Know Thy Numbers:
Managing your Sales Pipeline is all about understanding the numbers and components of the sales funnel. Knowing the average sales amount, sales managers are able to better predict and create predictable revenue.
Execute Regular Pipeline Reviews:
The best way to increase Pipeline Velocity is by increasing the number of qualified and opportunities. This is actually due to the fact that the lead generation system can be scaled much easily. Increasing the win rate requires focusing on a variety of interrelated factors and activities that can be difficult to systemize and improve.
Focus on Small Improvements at Each Stage of the Funnel:
It is commonly observed that sales is a numbers game, and a team using a Predictable Revenue system have high volumes of leads in order to take advantage. This often causes reps to focus less on the quality opportunities. Don’t ever take this (or any of the others) Sales Pipeline Best Practices for granted – baby steps are the way to go when looking for improving, biting more than you can chew can be much more prejudicial than beneficial.
Keep Those Pipes Clean:
If the reps increase conversion rates by 5 percent in 2 macro funnel stages, there is a potential 50 percent increase in the number of won deals. Same is the case with a marketing funnel; a sales funnel must be optimized and measured. Evolution of the SaaS Sales Stack is making sales more like marketing each day.
Create a Formalized Pipeline Management Operations Manual:
You Create case studies of specific opportunities from open to close and give reps scripts and specific activities to accomplish at each stage of the funnel.
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