Webling successful Account professionals strategically manage their long-term sales cycle from start to finish. We resist the temptation to focus too much on one stage, such as closing sales.
Instead identifying each stage of the process and allocate time and resources so we can reach our sales goals consistently.
“Management of the long-term sales cycle is called "pipeline management" and involves identifying sales stages and what needs to be accomplished in each stage. Good pipeline management continually invests in activities that generate sales opportunities and follows each opportunity from the front end through completion and follow-up.”
Our focus is to effectively discover and develop sales opportunities within existing accounts and to develop new business (the front of the sales pipeline).
Benefits of good pipeline management
A mismanaged sales pipeline won't produce the results you want, whether you are a sales manager or an account executive. Good sales pipeline management, on the other hand, can give you the following benefits:
Long-term focus In many sales organizations, the pressure to produce revenue now — today, this week, this quarter — is so strong that it puts too much pressure and attention on the back end of the pipeline: closing the sale. By using good pipeline management techniques, you don't lose focus on the front end: prospecting for and developing opportunities.
Elimination of peaks and valleys A well-managed pipeline improves your sales forecasting and helps you reach sales goals more consistently.
Allocation of resources to strategic, profitable opportunities Instead of taking the "shoot anything that moves" approach, sales professionals plan their approach to keep qualified opportunities moving along the sales pipeline.
Better follow-through on sales opportunities Not following through in a timely manner is a pipeline leak — and a waste of precious resources. Managing the pipeline from start to finish seals those leaks.
The message is clear: You can't afford to neglect either end of the pipeline or to have leaks along the way.
Improving pipeline management
Good pipeline management conserves your selling resources and pays off in higher realized sales. Here are some ways you can improve pipeline management.
Balance your focus
Whether you are an account executive or a sales manager, you must balance your focus between long-term and short-term sales results. The pressure to make current daily, weekly, or monthly goals must not take undue attention away from seeking new opportunities and attending to every stage of the sales pipeline.
Apply discipline
Account/Sales professionals and their managers must keep an eye on the sales pipeline by establishing review points — points at which they review activities, probabilities, desired outcomes, and forecasting guidelines. Managers must establish clear standards for reviewing and evaluating the sales pipeline, and create plans for follow-up meetings and reviews.
Clarify expectations
The "management" part of sales pipeline management requires accountability, activity, and measurement of results. Sales professionals and sales managers need to know what to expect from each other. They must agree on how often and how detailed pipeline reviews must be and on how important these reviews are to the organization.
The following table shows a generic summary of possible pipeline stages with probabilities and desired outcomes.
Sales stage - Possible activities - Closing probability index - Goal
Creating interest
Customer research
Customer qualification
Prospecting calls
Database development
Message creation
Sales call planning
Goal = Customer agreeing to listen
Questioning
Exploring
Defining buying process
Listening
Goal = Qualified opportunity "Is there a compelling reason to move ahead?"
Qualifying Opportunity
Validating needs and issues
Assessing competition
Deciding bid/no-bid
Goal =Verbally agreeing to discuss solution
Needs-based selling
Preparing a "mutual" value proposition
Sales presentations
Sales proposals
Persuading
Goal =Clear reason (value) to buy from me/us "If I ... will you?"
Closing
Answering/addressing objections
Removing barriers
Establishing statement of work
Goal= Agreeing on solution Signed agreement/contract
Follow-up
Building on the relationship
Goal = Contracted/scheduled delivery plan
Manage risk
Sales managers will create bid/no-bid guidelines to help sales teams assess sales opportunities and minimize the risk of pursuing unprofitable opportunities.
Sales Process with in CRM
We use a sales pipeline rating technique called "Solution Selling" where we identify and qualify our prospects thru to Customers..
Leads
1. New
2. Identified Prospect (this is a good prospect for our business)
3. Qualified Prospect (we have identified they possibly have a need)
4. Sales Call Planning and execution (here we work out how we can “create value” for the prospect and help them see they have a need)
5. Qualified Lead (we have explored and defined a need exists)
6. Marketing & Presentation (preparing a mutual value proposition sales presentation)
7. Verbal agreement to discuss (possible opportunity decided bid /no bid)
8. On Hold
9. No Value
10. Lost
Opportunity (0% to 100%)
1. Qualifying Needs (Validating needs and issues Assessing competition)
2. Preparing Value proposition (preparing a mutual value proposition sales presentation)
3. Sales Presentation (needs qualified and Agreed to discuss solution)
4. Requirement Gathering
5. Generate ideas, strategies
6. BDM and PM develops proposal (Proposal delivered)
7. Refining Solution
8. Verbal approval
9. Formal approval
10. Job won
11. On Hold
12. Lost
Good management leads to success
Applying sound sales pipeline management techniques improves the accuracy of your sales forecasts and revenue projections. A sales pipeline that is well managed from beginning to end is critical to the success of any organization.
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