Sales pipeline management

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The ways companies have their sales reps track and report on their sales pipelines are sometimes interesting, sometimes ridiculous, nearly always subjective.

We’ve all had systems where percentages are used. 25%, 50%, etc. But can you really state that you’re 25% of the way to closing an account without asking your prospect, “At this point, would you say we’re about 25% of the way to closing this deal?” You can’t ask that. Because 25% is usually a hunch, a whim. It’s subjective.

But what if weren’t entirely? What if you gauged where you’re at with sales prospects on hard-and-fast, objective criteria? And what if, as you checked off that a prospect met that each criteria, you knew they were much closer to doing business with you? And what if you could know, without emotions or feelings getting in the way, whether you really had a shot at the business and when you would get it?

Makes sense doesn’t it? Better solution, wouldn’t you agree?

I’ve created a system that will debut this year to help sales professionals, managers, and executives more objectively evaluate where they’re at in the sales process with prospects. It will be free. If you want access to test, evaluate or implement it when ready, email me at brandon@salesteamtools.com. In the meantime, here are the the four keys to the concept:

1. You define the up to 15 criteria that demonstrate for you what a fully qualified account is (i.e., final decision-maker identified, budget approved, current software supports our solution, etc.).
2. Sort the list by when each piece of criteria is most likely to be discovered (early on, through more in-depth surveys or analysis, after your solutions and ideas have been presented).
3. Add criteria that, again, objectively assess how engaged your prospect is, judged by his or her actions.
4. Compartmentalize the criteria into no more than 3 steps, in between “initial contact” and “current customer.”

For managers and executives, the idea is to eliminate any “feel” the sales professional may have that may be overly optimistic in terms of likelihood of winning the sale or the timeline. For sales professionals, the idea is to be able to more effectively pinpoint whether you have enough going on in your pipeline to make your numbers over the next 30 days, 90 days, and six months.

Other thoughts to consider: your average sales cycle (how long it generally it takes from initial contact to close) and the “state” of the prospect with regard to the need for your product or service.

The system will be free because it builds off of the concepts from several sources: DEI Sales Training Systems and Steven Schiffman’s Getting to Closed, Miller Heiman’s Strategic Selling, David Allen’s Getting Things Done, and Ron Willingham’s Integrity Selling. Mind you, it doesn’t steal from these individuals or organizations. It builds off of and combines the thinking behind each of their proven, powerful systems.

Look for it by the third quarter. Until then, start giving thought to how you can streamline, and “objectify” your sales pipeline. Forget whims, hunches, and hopes. Go with what you know is happening and needs to happen.

professional selling, sales pipeline, sales funnel