Keep Your Pipeline Full!
Keep Your Pipeline Full!
The key rule for determining if you have enough opportunity to achieve your quota is to measure the size of your pipeline. Successful sales reps maintain a minimum of 3 times their quota in their pipeline at all times. For example, a $100,000 per month sales quota should mean you maintain a pipeline value of $300,000 per month.
Combined with a disciplined sales process and consistent prospecting, a pipeline 3 times your quota will ensure a continuous flow of new leads and new opportunities closing.
So how do successful sales reps do it? Follows are responses based on a recent question I posed to top sales reps and managers regarding how they maintain a healthy pipeline.
Disciplined Sales process
Focus on the follow-up process. Most sales reps make the initial contact and close the easy deals. What distinguishes the top reps from the rest are those who follow-up when the appointment isn’t immediate.
I think an open mind in the sales process is key – really listening to the customer and their struggles and customizing a solution for them based on their needs.
Don’t lose site of the smaller sales. The problem with reps today is they lose sight of their customers that give them smaller sales throughout the year. They get lost in the shuffle of larger sales (since we love those big elephants). It's the small sale that gets us through those rough periods. While this is elementary, it is difficult to keep track when you have over 300 companies you deal with year round.
Be memorable. Make a hard commitment in each discussion for the next deliverable and meet it. Personally, I set most immediate action items to be done within 24 hours and deliver on it every time. Both the need and impression left are still active in the prospect’s mind. Delivering on the next step quickly makes a difference and sets an impression.
Consistent Prospecting
I think that discipline at the beginning of the sales cycle is key – cold calls, prospecting, networking, and reading. All of that requires discipline, motivation and enthusiasm.
Ask for referrals. Set a goal for yourself to secure a specific number of referrals each month. Dig deeper and penetrate your customer base.
Look for alternative contacts who can serve as inside coaches for you and connect with them quarterly. For instance, as a woman owned business, KLA is a certified diverse supplier. Supplier diversity staff are focused on increasing the amount of business their companies do with diverse suppliers. They are inside excellent coaches for new contacts and budgets.
Watch and read the news so you can use new ideas as a way to get attention. Get creative information to approach prospects and customers with a new idea.
Set weekly objectives for the number of new referrals, prospects, meetings, and proposals. New lead generation matters. Existing customers are critical but don’t lose focus on a weekly objective of meeting new qualified leads. They represent the future.
How closely do these tips align with your strategies? Visit the resources section of our website to download our PowerProspecting Sales Kit including e-tools to help you excel at prospecting.
Keep Your Pipeline Full - To learn more about this author, visit 's Website.
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It’s not uncommon to lose focus on your pipeline – or funnel – and consistently filling it with new opportunities. Reps often spend too much time on a few opportunities that are on the verge of closing at the bottom of the funnel, and don’t seek out new leads to fill the funnel. This creates a roller coaster ride in terms of performance and results in the eyes of a sales manager, and commissions in the pockets of a rep. Without enough opportunities, a rep runs the risk of missing their quota and their commissions.
The key rule for determining if you have enough opportunity to achieve your quota is to measure the size of your pipeline. Successful sales reps maintain a minimum of 3 times their quota in their pipeline at all times. For example, a $100,000 per month sales quota should mean you maintain a pipeline value of $300,000 per month.
Combined with a disciplined sales process and consistent prospecting, a pipeline 3 times your quota will ensure a continuous flow of new leads and new opportunities closing.
So how do successful sales reps do it? Follows are responses based on a recent question I posed to top sales reps and managers regarding how they maintain a healthy pipeline.
Disciplined Sales process
Focus on the follow-up process. Most sales reps make the initial contact and close the easy deals. What distinguishes the top reps from the rest are those who follow-up when the appointment isn’t immediate.
I think an open mind in the sales process is key – really listening to the customer and their struggles and customizing a solution for them based on their needs.
Don’t lose site of the smaller sales. The problem with reps today is they lose sight of their customers that give them smaller sales throughout the year. They get lost in the shuffle of larger sales (since we love those big elephants). It's the small sale that gets us through those rough periods. While this is elementary, it is difficult to keep track when you have over 300 companies you deal with year round.
Be memorable. Make a hard commitment in each discussion for the next deliverable and meet it. Personally, I set most immediate action items to be done within 24 hours and deliver on it every time. Both the need and impression left are still active in the prospect’s mind. Delivering on the next step quickly makes a difference and sets an impression.
Consistent Prospecting
I think that discipline at the beginning of the sales cycle is key – cold calls, prospecting, networking, and reading. All of that requires discipline, motivation and enthusiasm.
Ask for referrals. Set a goal for yourself to secure a specific number of referrals each month. Dig deeper and penetrate your customer base.
Look for alternative contacts who can serve as inside coaches for you and connect with them quarterly. For instance, as a woman owned business, KLA is a certified diverse supplier. Supplier diversity staff are focused on increasing the amount of business their companies do with diverse suppliers. They are inside excellent coaches for new contacts and budgets.
Watch and read the news so you can use new ideas as a way to get attention. Get creative information to approach prospects and customers with a new idea.
Set weekly objectives for the number of new referrals, prospects, meetings, and proposals. New lead generation matters. Existing customers are critical but don’t lose focus on a weekly objective of meeting new qualified leads. They represent the future.
How closely do these tips align with your strategies? Visit the resources section of our website to download our PowerProspecting Sales Kit including e-tools to help you excel at prospecting.
Keep Your Pipeline Full - To learn more about this author, visit 's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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