Sales Pipeline Management:
Crucial for Business Success
Do you know which sale is your next?
Do you know how to attain your next sale?
Do you have a system for your sales process?
Sales Pipeline Management is what guides every sales person’s actions. It’s a very simple concept that generates outstanding results if worked diligently.
Each day this past week, I’ve heard people speaking about how they need to keep their sales process moving along.
I was impressed to learn how many Business Owners are thinking about sales pipeline management – even if they don’t know it by this name. Why? It matters -a great deal! It impacts their success and the business’s profitability.
Let’s remember that we oversimplify business concepts in this blog. This way more people will apply these concepts and techniques to their business.
Sales Pipeline Management Defined: “A term used in sales to describe the opportunities that a sales professional is working on. Each item in the pipeline represents an opportunity.” (Courtesy of salesdictionary.com) Additionally, management is about planning, organizing, leading, and controlling the sales opportunities in this case.
So what does this two part definition really mean? Sales opportunities need to be managed. When they are, we call this a Sales Pipeline.
Every sales opportunity needs assistance from you or your team to assure the opportunity is being managed until it is fulfilled or released. If you manage your pipeline you’ll secure more sales.
So how do you manage your sales pipeline?
Everyday, look at it and see which sales opportunities are closest to being a “closed” sale. Is there something you can do to help move it closer to fulfilled? If so, take action today. Is it a phone call or mailing? It’s always some type of communication expressing your concern.
If it isn’t an appropriate time yet for that specific sales opportunity to move closer to closed, look at the next one. Is there something you could do to assist it? Yes? Take action. No? Go to the next opportunity. Repeat until all our managed.
NOTE: Your next sales action will ALWAYS be with the deal that is closest to being closed. AKA: Payday!
QUESTION: Have you created your sales pipeline?
If not, you should make one! There’s a variety of ways to do this. You could work with poster board and sticky notes with the name of each sales opportunity. You could make a spreadsheet or use a white board. Whatever you prefer and seams to work well for your sales process.
TIP: It really doesn’t matter how your sales pipeline looks. What matters is that you are working it daily!
When I was recruiting, I looked at my pipeline a minimum of 3 times a day. More if things were shifting quickly.
Today I look at it once a day to strategize. Then another time later in the work day for additional insights.
Have fun making your sales pipeline or managing it to a profitable status!
Feel free to leave a comment or question regarding Sales Pipeline Management to improve YOUR Business Performance. I’ll be happy to respond.
THANKS FOR ALLOWING ME TO HELP YOU IMPROVE YOUR BUSINESS!
Are you ready to build a more successful or profitable business?
Call Maggie (262) 716.7750 for YOUR No-cost Consultation
p.s. Need some inspiration? Wisconsin Business Owners is meeting this Friday, May 27th in the Milwaukee area. Please join us to grow your business!
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