Sales Pipeline Definition
A sales pipeline is a process, generally a diagram of stages, which map out sales leads from prospect to sale. Understanding your sales pipeline is important since it has the power to increase your company’s efficiency in closing more leads. You can use your sales pipeline to process and sort out leads into the correct divisions based on their rank and arrive at an objective gauge of the progress that a particular aspect of your business is making.
How to Build a Sales Pipeline
1) Find your prospects
Spread awareness by connecting with people who have already expressed interest in what you have to offer. Find out who your ideal clients are. Start connecting with them in places like social media and online forums. If your business is still new and doesn’t have a ton of information online, you can use Triggr. Alternatively, consider reaching out at networking events or directly via email.
2) Contact your prospects
When dealing with prospects, it’s important to remember that you’re not trying to sell your product or service to them just yet. You’re simply trying to get a response from likely customers. They will hopefully lead up to the full sale in the future. Your prospects have questions about your product or service, and you need to address those questions directly. Doing so will answer any doubts they might have, and they’ll be more likely to become buyers.
3) Build relationships with your prospects
Sales pipelines are basically pipelines of leads that are generated through various marketing activities. The more efforts you put into your sales process, the more leads and customers you will ultimately get. In this case, creating and maintaining relationships with the prospects in your sales pipeline will pay dividends later on down the road when it comes time to turn them into paying clients or customers. It might seem contradictory to believe that gaining a deeper understanding of your potential clients’ wants and needs can improve your conversion rates, but it can make all the difference in whether your leads convert or not. Customers buying from companies they trust shop around less because they know that the companies reflect their interests. They feel as though they are getting exactly what they signed up for because there is a sense of familiarity involved.