Building a Successful B2B Sales Pipeline
What do you need to be successful in the B2B world? Simple answer, sales. And how does one get those sales? Another simple answer, a sales pipeline. You’re going to need a sales pipeline with hot leads for your sales team to do their job. Your job is to fill the pipeline with strong leads and opportunities – generating leads online seems to be the method most used today. And with technology today, it makes it much easier for you to find and nurture leads for a conversion. But first, you need to build a sales pipeline.
The first thing your sales team needs to do is to establish a sales process. By building your funnel into 3 stages – who, when, and what – you can help the process tremendously. The stages of the sales funnel provide you with landmarks for each dimension. Without a clear structured pipeline, you won’t be able to answer important questions such as: will we meet our quota or what are our predictions for next quarter? You won’t be able to build any capable sales process and in turn won’t have any predictable revenues. It will take some time to build an organized sales process, but the effort will be worth it when you see how your revenue grows!
Once you have your sales process in place, you will notice that the tasks at the top of your funnel are very different from those at the bottom of the funnel. If you’re experienced you will know that not one person can handle the funnel tasks in its entirety. The best solution is to establish several positions; each one will handle a specific area of the funnel. Make sure you have fully defined what your needs are for each area of the funnel so that you hire the right people and equip them with the right skills, tools and procedures.
As potential clients undertake the buyer journey, they will be seeking information to simplify their buying decision and move to the next phase. They have three main sources:
- sales team
- content provided by the organization via various channels
- reviews of the providers’ clients
At each stage of a buying process, a customer needs to receive the data relevant to that stage. Supplying relevant information about your company and its products or services will help your potential buyers to choose you among many other providers.
When you’re monitoring the number of buyers at each stage of the funnel, you can calculate the conversion rates between the phases. Taking the time to gather and evaluate the data will allow you to see where your teams have done great and also see what areas are weak. With this information you will know where the process is solid and working and where you need to evaluate, modify and update it. Ultimately, you will have created a well oiled machine.
Having a successful B2B pipeline can be a labor-intensive endeavour; but with the proper knowledge, process, and team – you can be successful. Give us a call if you need help with your sales pipeline, we’re happy to help!