How to Beat the Odds

Have the odds of your success in sales increased or decreased? Do you know that the economy has nothing to do with the true answer? Read this from SalesDog.com:

How to Keep Your Pipeline Full
by Kendra Lee

Learn how top sales reps keep their pipeline full so they always have a new flow of leads to work and deals to close.

It's not uncommon for sales professionals to lose focus on their sales pipeline and fail to keep it consistently filled with new opportunities. Sellers often spend too much time on those few opportunities that are on the verge of closing at the bottom of the funnel, rather than seeking out new leads to keep the funnel full. This neglect creates a roller coaster ride in terms of performance and results in the eyes of a sales manager, and commissions in the pockets of a rep. Without enough opportunities, reps run the risk of missing their quota and their commissions.

The standard for determining if you have enough opportunity to achieve your quota is to measure the size of your pipeline. Successful sales reps maintain a minimum of three times their quota in their pipeline at all times. For example, a $100,000 per month sales quota should mean you maintain a pipeline value of $300,000 per month.

Combined with a disciplined sales process and consistent prospecting, a pipeline three times your quota will ensure a continuous flow of new leads and new opportunities closing.

So how do successful sellers do it? I recently posed that question to some top sales reps and managers. Here is what I learned about how they maintain a healthy pipeline.

Disciplined sales process
Top reps maintain a full pipeline by focusing on the follow-up process. Most sales reps make the initial contact and close the easy deals. What distinguishes the top reps from the rest are those who follow-up when the appointment isn't immediate.

Keeping an open mind in the sales process is also key. This means really listening to the customer and their struggles and customizing a solution for them based on their needs.

Top salespeople don't lose site of the smaller sales. The problem with many reps today is they forget the customers that give them smaller sales throughout the year. These lesser deals get lost in the shuffle of larger sales (since we love those big elephants). Yet, it's the small sale that gets us through the rough periods. While this is elementary, it is difficult to keep track when you have over 300 companies you deal with year round.

To be success you must be memorable. Make a hard commitment to your prospect in each discussion for the next deliverable and meet it. Personally, I set most immediate action items to be done within 24 hours and deliver on it every time. Both the need and impression left are still active in the prospect's mind. Delivering on the next step quickly makes a difference and sets an impression.

Consistent prospecting
Discipline at the beginning of the sales cycle is key - cold calls, prospecting, networking, and reading. All of that requires discipline, motivation and enthusiasm.

Remember to ask for referrals. Set a goal for yourself to secure a specific number of referrals each month. Dig deeper and penetrate your customer base.

Look for alternative contacts who can serve as inside coaches for you. Connect with these advocates quarterly. For example, as a woman-owned business, my company is a certified diverse supplier. Supplier diversity staff are focused on increasing the amount of business their companies do with diverse suppliers. They are inside excellent coaches for new contacts and budgets.

Watch and read the news so you can use new ideas as a way to get attention. You'll find creative information you can use to approach prospects and customers with fresh ideas.

Set weekly objectives for the number of new referrals, prospects, meetings, and proposals.

New lead generation matters. Existing customers are critical but don't lose focus on your weekly objective of meeting new qualified leads. They represent your future.

Kendra Lee is author of "Selling Against the Goal" and president of KLA Group. Specializing in the IT industry, KLA Group helps companies rapidly penetrate new markets, break into new accounts and shorten time to revenue with new products in the Small & Medium Business (SMB) segment. Download her PowerProspecting Sales Kit including e-tools to help you excel at prospecting at www.klagroup.com/resources/tools.cfm. Contact the company at 303.741.6636 or info@klagroup.com or visit www.klagroup.com.

Sphere: Related Content