Managing your sales pipeline
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The document outlines a workshop focused on defining a sales pipeline and improving sales performance through effective lead management and CRM utilization. Key topics include the importance of qualifying leads, understanding average order value, generating leads, and enhancing conversion rates. Action planning is encouraged to systematize the sales process and monitor key metrics.
Managing your sales pipeline
- 1. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Sales Pipeline Management
- 2. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Agenda • Business surgery • Workshop – Defining your sales pipeline • Action planning
- 3. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Workshop Context MARKETING SALES OPERATIONS MONEY SYSTEMISATION AND RESILIENCE BUSINESS PLANNING VALUE BUSINESS DIRECTION PEOPLE
- 4. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Learning Objectives • To help you define your own sales pipeline and performance metrics • To explain how a CRM can help you achieve more sales
- 5. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk The Sales Pipeline Marketing Leads Qualification MORE BETTER BIGGER Conversion
- 6. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Sales pipeline • Your sales pipeline is the series of steps by which you transform a lead into a sale • You will qualify opportunities at various stages of the pipeline • You may lose opportunities at various stages of the pipeline • The number of opportunities will decrease as they move through the pipeline • The ratio of leads to sales and your average sale value should form the basis of your sales plan • Sales is largely about getting sufficient quantity of the right quality leads
- 7. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Sales pipeline
- 8. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Managing leads • Each of your leads will originate from some form of marketing • You should record where each lead comes from and what happens to it • It is the start of your marketing database • You need to understand how much leads cost in order to make decisions about future marketing
- 9. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Generating more leads • Target a niche market • Make your proposition compelling • Contact existing or previous clients with a new offer • Contact previous “No sales” with a new offer • Build your database • Carry out a promotion audit • Test and measure your marketing then adjust to maximise return
- 10. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Average Order Value • You should know your average order value (AOV). This is a KPI for your business, with major impact on turnover • Income = Volume of sales * AOV • You should have strategies and actions in place to increase your average order value • Order value should be recorded against the original lead to calculate return on marketing
- 11. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Increasing Average Order Value • Up-sell • Cross-sell • Extend life • Bundle and integrate • Price-point offers • Volume offers • Innovate & differentiate • Turn capex into opex eg leasing, HP
- 12. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Improving Conversion Rates • Better qualification • Better sales techniques – Anticipate objections and take them on – Guarantees – Better rapport – Situation Problem Implication USP • Proper sales targets • Follow up quotes/proposals
- 13. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Qualifying leads • Qualifying leads early saves you time • Typical qualification criteria – Are you talking to decision maker(s) – Do they have the budget? – Do they have a compelling reason to buy now? – Is the sale large enough and profitable enough? – Is the probability of winning high enough? – Can we actually do the job – and do it well?
- 14. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk CRM Companies Contacts Opportunities Activities
- 15. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk CRM • Custom fields or tags – “Source”, “Height” • Custom stages – Match your sales pipeline • Reporting – Customise, export to Excel • Automated marketing – Triggers and sequences • Links – Emailer, event system, finance system
- 16. Copyright ©Nick Bettes Consulting www.nickbettes.co.uk Action Planning • Suggestions – Formalise your sales pipeline process – Formalise your lead qualification process – Record and track number of leads, AOV and conversion ratios – Implement and use a CRM