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Best practices to grow your sales pipeline with CRM software

Interesting Statistics:

About 65% of CEOs say that their sales reps do a bad job of managing their sales pipelines – Breakfast with CXOs 1.0

This shows that there is massive room for improvement! CRM software plays an important role in pipeline management and growth.

What is the sales pipeline?

A sales pipeline is a set of stages that a prospect moves through, as they progress from a new lead to a paying customer. It shows the value, quantity of all deals in each stage of the sales funnel. These pipeline stages also differ from company to company.

Why is the sales pipeline important for businesses?

Do you know what is the biggest incentive for improving your pipeline? It’s revenue growth! Other major benefits are mentioned below

  • Improve your overall sales process
  • You can forecast how many deals salespeople are expected to close in a given week, month or year
  • Analyze the data and create different sales and marketing strategies to grow your business
  • Manage and allocate your resources accordingly to get more sales
  • Know how far you are from your revenue targets.

5 Best practices to grow your sales pipeline

1. Follow up with leads

Users today have more choices than ever before and with it, they need more help to choose any product or service. But, in reality, most salespeople give up after 2 calls – so make sure you always follow up. For your reference In 2007, it took just 3.68 sales calls to close a deal – today, it takes more than 8! 

Following up isn’t so simple. Omnibiz gives the best option for sales teams to follow up with leads. You can set a reminder and create a task that notifies you each time you need to follow up with a lead on a specific date or after a specific period of time. This way you can actively engage prospects and the chances of losing out the sale opportunity will reduce.

2. Focus on the leads which give the best results

To grow the sale pipeline it’s crucial to segment your leads at the beginning of the pipeline. If you sell to different types of leads in one way, you won’t get good results. So contacting all the leads, in the same way, is a time-consuming activity and it can affect the team productivity. Omnibiz CRM software make sure you concentrate your efforts on the best, most sales-ready, high-value leads.

CRM Software allows the team to filter the leads by value, last activity, type, source, product, status, date, description etc. By viewing your sales activities for each lead, you can identify which leads are the most engaged and which ones you should then focus on for better efficiency.

3. Nurture Leads

Not all the leads that enter into your CRM are ready to make a purchase decision. A lead is dead when they clearly state they’re not interested in your product at that moment due to pricing OR they are just exploring your services for the future, Another instance would be when you’ve spoken to them multiple times and they can’t be pushed through to the pipeline.

A lot of times, these prospects need more time and nurturing. About 80% of leads often require more in-depth information to help them understand if your product or service is right for their business.

Through lead nurturing,  you can revive the dead leads and grow your sale pipeline to achieve more revenue.

4. Focus on what is working

Being able to identify activities that drive sales is important for building a healthy pipeline. Likewise, keeping track of the impact and frequency of these activities are necessary for consistent revenue growth. Activities differ from business to business and some examples include:

  • Opening the email campaigns and newsletters
  • Visiting your website
  • Performing an activity or two in their accounts
  • Downloading a report.
  • Requesting a demo.
  • Completing a trial period.
  • etc..

Once you’ve identified these activities/behaviours that indicate a lead is serious about your product or service, add them to your pipeline. Once established, this data can be built upon for closing subsequent sales.

5. Use CRM software to manage your sales

Without a dedicated CRM, you simply won’t be able to grow your sales pipeline. In fact, CRM software has become such an integral part of sales that high performing sales teams now rank CRM software as the most important sales tool. Get started with a free trial

Summary

The 5 best practices we’ve presented will help you to manage and grow your sales pipeline rapidly. So focus more on regular followup with interested leads. Use the best CRM software which can give you insights to grow your pipeline.

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