Nearly every company in the world maintains sales pipeline, however only few know how to build and manage the perfect sales pipeline in Europe. In a research from the Sales Management Association, we come to know that 63% of the companies believe that their sales pipeline in ineffective. In short, it is another way of saying that they keep in staring at their pipelines and have no effect or profit from it whatsoever. So, the question that rises here is that how can companies improve the effectiveness of sales pipeline. Here you will find a few steps and ways with the help of which you can successfully build a small business sales pipeline.
DEFINE THE SALES PROCESS
After comparing the effectiveness of the sales pipeline with successful businesses, we came to know that the sales teams that were most effective had clearly defined their sales process. This means that they had taken time to create the best and most credible sales process. They had a sales process that was defined in many stages and universally understood. If you have such a sales process then it rids you from guess work, which in turn saves time and increases effectiveness.
USE SUFFICIENT AMOUNT OF TIME
When it comes to running businesses then the principle is that time is money and this principle needs to be applied in every field of the business. According to a survey, it was revealed that the companies that were most successful spent at least 4 hours a month managing sales pipeline in Europe, this showed a 14% rise in revenue. However, many sales teams believe to spend a lot of time on sales pipeline management but they are not doing it correctly, they are instead wasting time. An easy way to find out whether you are wasting time or not is to see if you are spending time discussing close dates and probabilities or are you discussing the overall all health of the sales pipeline. If you are spending time discussing probabilities then unfortunately you are wasting time that won’t bring any good.
Sales pipeline management requires sales pipeline managers. That is the reason why your company should specially trained and should know every bit of technique or strategies required to manage pipelines. Around 61% of companies revealed that their sales managers did not receive proper training and you can see their success ratio.
These were a few things that you should know and do if you want to manage sales pipeline in Europe in the best way. If you want your company to flourish then following these simple steps can really change the future of the company. If you are a person who wants his company to generate more money then you really need to spend more time on sales pipeline management. You should have a credible sales process and should spend your time in the best manner to get the better outcome.