You can’t help it; sometimes your sales pipeline keeps starting and stopping, starting and stopping, or even comes to a complete halt. Whether it’s the result of being too busy with your company’s overhead or operations, or not finding the strongest sales leads and, in turn, winding up with sales prospects that eventually fizzle out or become inactive. But rather than let your sales become a stagnant pool, follow these tips to ensure your pipeline is always flowing!
Tips for Keeping Your Sales Pipeline Full
1. Plan ahead. It doesn’t matter if your company doing great now and making plenty of sales; there will come a time when those sales will crawl to a halt unless you take precautionary measures to keep your pipeline full. Always be focusing on networking, marketing, and selling. Don’t ignore your former or current customers. They can be some of your best salespeople (via word-of-mouth referrals)!
2. Always be prospecting. It doesn’t matter if it’s the beginning of the month or the end of the month, you should always be seeking new prospects. Carve out time each day or week to spend time doing research, networking, looking for buying triggers, marketing, cold calling, etc. Being consistent with your prospecting is crucial. And if you don’t have the time to prospect yourself, hire someone to do it for you. Your organization’s livelihood relies on it.
3. Know your targets. Your targets include your key triggers and target customers. Your triggers will differ depending on your company’s products or services, market, and prospect persona. You’ll want to pay close attention to the triggers that most often lead to deals. The same applies to your prospect and target customer personas. For example, if you close more deals for your janitorial company with hospitals and nursing homes than restaurants, you know the former is your target. Keep track of which targets are working and which aren’t by periodically updating and reviewing your data in the CRM (customer relationship management) software you are using.
4. Review your pricing. Supply and demand means costs will rise and fall, so keeping your costs the same won’t do you or your business any favors. Review your pricing periodically and consider whether or not you are charging an appropriate amount for your products or services. It’s okay to lower prices if your business slows down, but make sure you let people know you are offering discounts rather than everyday low prices. Alternately, maximize your revenue when demand is high.
5. Never stop learning. Almost six out of every 10 salespeople says they won’t change their sales processes once they’ve figured out what works for them, according to a HubSpot Research report, which is a huge mistake. Prospects, buying processes, industry standards, and competitors all change quite regularly; which means what works one year may not work the next. Don’t get complacent! Stay current! Always be learning new techniques, reading books and articles on your industry and new sales strategies, and developing new skills.
Your sales are the lifeline of your company, so you always want to ensure you have no lag in revenue or sales. Keep your pipeline full, have skilled salespeople on staff, and a trusted sales manager leading the way and you your continuous sales will help you not have to worry about a roller coaster of profit and loss ever again.