How to Build a Better Sales Pipeline

 

The optimal approach will be different for every company, but most sales pipelines follow a similar framework.

Prospecting

This is an accounting of all your leads, and it builds the base of your sales funnel.

  • Tip: Track both inbound and outbound leads so that you can hone your marketing strategy based on the data.

Qualified

Your reps have defined the needs of these leads and ensured that your product or service meets them. (Leads who won’t benefit from your offerings are designated as unqualified.)

  • Tip: Always be selling. Your reps should be showing value at this stage, not just qualifying. They should be prepared to introduce case studies and back up their assertions with stats. If you address pain points early, the close will be easier.

Quote

This stage is also often designated as “proposal made.” You’ve talked details with the prospect and feel confident you can gain their business.

  • Tip: Send a well-crafted proposal that can be edited in real time. Make sure to set a follow-up call after giving a quote. Time kills all deals, so make it as easy as possible to get the documents edited and signed.

Closure

This is when negotiations start. Knowing that a deal is in this stage indicates your team needs to be prepping its closing strategy.

  • Tip: If you hit a snag during closure, get a C-suite member to step in to smooth over an issue. Team-based selling is a great antidote for stuck deals.

Won/Lost

You must track outcomes, win or lose.

  • Tip: Note why you won or lost so you can track what works and update your processes.

While this basic setup is often adequate, the optimal order of your pipeline stages, as well as the categories you choose to track, will depend on your business.

 How to Build a Better Sales Pipeline


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