Maximizing Sales Pipeline Success: A Comprehensive GuideLESSON #11: Evaluate Your Sales Pipeline Progress
CONGRATULATIONS! YOU'RE NEARING THE COMPLETION OF THE SALES PIPELINE ACADEMY
By now, you've gained a solid understanding of what a sales pipeline is and have acquired a set of invaluable tools and techniques to optimize your sales pipeline's performance. Before you dive into closing deals, we have one final tool to equip you with: tracking your progress.
THE SIGNIFICANCE OF TRACKING YOUR PROGRESS
Tracking your sales pipeline activities is essential for your success. If you consistently surpass your sales targets, you might question the need for pipeline tracking, but it might be time to raise your expectations. On the other hand, if there's room for improvement, implementing tracking can prove immensely beneficial. With effective tracking, you can pinpoint areas that require attention, uncover hidden potential, and address any issues before they become insurmountable.
WHAT SHOULD YOU KEEP AN EYE ON?
Recall the four key levers we discussed: the number of deals in your pipeline, deal sizes, your success rate, and the speed of deal closures. These four aspects are crucial to track. However, attempting to track too many variables simultaneously can dilute the value of the information. It's advisable to focus on one to three metrics at any given time. Begin by monitoring the aspects that have the most substantial impact on your sales outcomes, such as tracking the daily or weekly addition of new deals if your pipeline lacks sufficient prospects.
In certain scenarios, tracking the number of meetings or demonstrations and the quantity of new deals added are vital, particularly for rapidly growing companies. Other types of businesses may prioritize tracking repeat sales or the extent of upselling.
ACCURATE TRACKING METHODS
When tracking your pipeline, precision is paramount. Define your tracking parameters clearly to enhance the effectiveness of your efforts. For instance:
- Product demonstrations: Determine whether these include only new prospects or if
follow-upmeetings also qualify.
- Does a call leading to a callback for the following week count as one call?
EFFECTIVE PROGRESS TRACKING TECHNIQUES
In small teams or when working solo, you have flexibility in how you track progress. Keeping a record of your activities on a spreadsheet or using simple visual aids, such as marking Xs on a whiteboard, can suffice.
As your business expands, consider adopting sales pipeline software equipped with
PUTTING THE SALES PIPELINE ACADEMY INTO ACTION
Congratulations! You've successfully completed this course and are well-prepared to achieve remarkable sales success. You now possess a comprehensive understanding of sales pipelines, from inputting deals to advancing them through the pipeline and closing them promptly. You also know where to concentrate your efforts and how to meticulously track your progress.
We appreciate your dedication in reading this guide. If you have any questions, suggestions, or comments, please don't hesitate to reach out. Additionally, if you found this content valuable, consider sharing it with a friend or colleague. Every hardworking sales associate, sales manager, or entrepreneur can benefit from effective, cost-free advice, right? There is only one step left to master all the best subtleties of sales. Go to the last lesson!
Determine which of the four pipeline metrics is most critical to your success and initiate tracking.
Set a reminder for 90 days from now to evaluate the progress of your tracking efforts. This evaluation will guide your decision to stick with the current metric or explore alternative options for improvement.