The sales pipeline has become a pivotal component of a business’ success. When executed properly, it can optimize conversions, focus on quality leads, and make their revenues more sustainable. But what does that look like? In its simplest form, the sales pipeline is defined as a set of stages a prospect journeys through as they progress from a lead to a customer (SalesBlink), and should look like this:
Prospect -> Qualify -> Call -> Proposal -> Close -> Retain
But, as we know in this “new normal” stage of the ongoing global pandemic, it’s really not that simple anymore. With hybrid working, various disruptions, and the evolving needs of consumers empowered by the demands of best-in-class customer service, the future sales pipeline looks nothing like it did in February of 2000. So, what does it look like, and how can sellers prepare themselves for the foggy road ahead?
Laying Down the Framework
According to Prospectly, the best way to arm your sales pipeline is with data, analysis, and an efficient CRM system. Ideally, your sales team will have a steady flow of incoming leads whom they know how to garner interest from. From there, it’s up to the CRM system to understand which of those leads are worth following through with to close the deal and retain the customer. However, what if there are cracks in that pipeline which are keeping you from maintaining this ideal scenario while stunting growth? With a data-driven approach to analyzing your pipeline you’ll be able to assess, address, and fix any leaks. Common indicators include average sales, cart abandonment, closing, and client retention rates.
Early Pipeline Strategies in a Hybrid, Digital-First World
The days of in-person sales pitches are all but gone as the world has turned to digital. In turn, generating leads has become a relatively tall task for sales team. The answer lies in meeting the prospects where they are: online.
Social selling is the strategy for getting quality leads and building a sustainable client pipeline. It contemplates using social platforms to prospect and engage with leads to build relationships. For instance, the base sales pipeline can be grown on LinkedIn or other social media. There, you can interact with leads, offer them value, and present your product. Notably, the excellent tactic is to develop a solid online presence and back you or company’s profile with expertise to be credible in the eyes of leads. Also, be mindful that there is no need to spend money on massive ad campaigns if you have a small niche or the right social selling strategy.
But it’s not as simple as posting “buy my product!” on a social media platform. It takes unique, insightful, and valuable content to get a prospect’s attention before you can persuade them to proceed with the purchase. Whether creating a lead magnet or trying to retain the customer, be sure to provide value and be specific. You should study the pain points the leads have and offer them solutions. The better your insights are, the more lead volume you will have.
And then, of course, there is the lack of interpersonal contact with prospects when you’re ready to move ahead in the pipeline – particularly for remote work sellers and prospects who aren’t quite comfortable with personal interactions, post-pandemic. While video calling platforms have filled numerous voids during the pandemic, the personal touch in sales is all but lost when a deal can’t be completed with a genuine smile and handshake. It then falls upon the seller to find unique ways to not only draw the prospect in but make them feel like they truly know the seller in a personal way.
Pipeline Latter Stages and Ultimate Growth
So, what will qualifying leads, closing sales, and retaining customers look like beyond 2022? Fortunately, not much has to change from the present. However, there are always best practices to keep in mind.
As you know, lead qualification is essential for the sales pipeline development. Thus, you need to set the criteria to determine the leads that will buy your products in the end. Quality leads derive from the right customer persona, proper research, and the right questions. Thus, make your team members work together on qualification to elaborate a stable system that will bring only those leads that will end up closing the deal.
According to Harvard Business Review, when it comes to the final stages of your sales pipeline, having a complicated system for lead qualification or building relationships for too long is not always the best option. Why? It requires time and effort, which you can spend on the new ones. Many things depend on your audience, niche, retention strategies, and product lifecycle. Yet, ensure that your sales cycle is short so that you can sell faster and get more new leads.
It goes without saying that attracting, nurturing, and the retention of leads depends on how you engage with them. As your goal is to develop relationships, it is crucial to offer your leads new information, start discussions, remind them of the content, invite them to events and educate them. If you keep providing value, the chances are high that your clientele will only grow – and if done right, help bring in new prospects by word of mouth.
While nobody can be entirely sure what the future will hold, 2022 has given sales teams a very tangible idea of what the future sales pipeline will look like. With the right data, analysis, strategies, content, and engagement, sellers will be able to adjust accordingly and help the pipeline grow, thus bringing in more clients and revenue. We’d love to hear about your sales pipeline, and how you’re addressing the ongoing challenges along the way. Got any stories, best practices, or helpful hints? Feel free to add them in the comments below!
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