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    • 2019
      • 01
        • Market Opportunity Assessment: Why You Need One & 5 Key Steps
        • Enrollment Management: Navigating Disruption to Achieve Success
      • 02
      • 03
        • 49% of retailers name in-store mobile experience a top priority
        • 2019 Digital Marketing Trends & Gen Z
      • 04
        • Enrollment Management: Shifting Demographics & Shrinking Population
        • Smart College Recruitment Targets Wisely Using Segmentation
      • 05
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    • 2018
      • 01
        • The hidden cost of selling direct – the returns game
        • 2018 Lead Generation & Recruitment Predictions & Tips
        • How's your marketing?
        • The Offer - How To Make One They Can't Refuse
        • Successful Product Development
        • How Direct Makes Digital Better
        • Questions That You Need To Answer
        • Do You Know What Your Competition Is Doing?
      • 02
        • The Marketing Planning Process...Doing It Right!
        • Managing The Sales Pipeline
      • 03
        • Being Prepared for Change (Why You Need Market Intelligence to Drive Revenue Growth)
        • Competitor Update: Coursera Coming to Eat Your Lunch
        • Discussion: Why Should Your Institution Exist in the 21st Century?
        • Discussion: Should Your College Exist in the 21st Century?
        • Welcome Back: Former Students, Graduates
        • Adult Students: Thoughts on the Chronicle's Report
      • 04
        • Avalanche of Dreck...Are you part of the problem?
        • Profile of the Average Online Student
        • You Can't Make It Up In Volume
      • 05
        • Simple Guide to Creating Profitable Personas
        • Amazon Losing Billions - You Should Be Scared
        • Comment: Why Most CMOs are Failing
        • Marketing Personalization...Most of It Isn't
        • Amazon's "Try Before You Buy"
        • Are Shoppers Really That Resistant to Self-Checkout?
        • B.A.N.T. May Be Old, But It Still Works
        • All The Martech In The World Won't Make You a Marketer
        • 9 Tips For Writing Effective PPC Ads
        • Blogging: 5 Reasons Why & 5 Tips for Success
        • The 4 Step Welcome Email Series
      • 06
        • The Lead Management Game - Winning Or Losing?
        • Part 1: Podcasts Should You Start Your Own Podcast?
        • Part 1: Blogs: Should You Start A Blog?
        • 8 Simple Ways to Increase Enrollments
      • 07
        • PART 2: Podcasts: Develop Your Plan
        • Should You Buy or Generate Your Own Leads?
        • How to Overcome the 3 Reasons Most Miss Their Enrollment Goals
      • 08
        • Contact Strategy: People Buy From People
        • 2 Commonly Overlooked Causes for Enrollment Shortfalls - And How to Fix Them
        • Designing and Writing Effective Direct Mail Packages
      • 09
      • 10
      • 11
        • Developing Your Content Marketing Strategy
        • How Content Marketing Can Increase Enrollments, Retention
    • 2017
      • 01
        • Influencer Marketing: More Confusion Over Simple Concept
        • 10+ Reasons Why Most College Marketing/Enrollment Plans Fail & How to Avoid Them
        • Marketing Planning 101 - Are You?
        • Are CMOs' Jobs in Jeopardy?
        • Lead Flow Planning - Getting It Right
        • Omni Channel or Not? Retail Survival or Not?
      • 02
        • Announcing Our New Enhanced On-Demand Services for Adult, Graduate and Continuing Education Programs
        • Tips for Great Direct Response Radio
        • Email Design Tips
        • Data-Driven Marketing...It's As Old As Index Cards, And Then Some...
        • Why They ain’t buying what you’re sellin’
      • 03
        • New Degree Programs: What You Must Learn from Google, Amazon and Apple
        • Student Recruitment & Retention Goes to the Movies
        • Just Outsource It!
      • 04
        • Why You’re Not Answering Their Questions
        • Adult Students: Are You Serious or Just Screwing Around?
        • Is Your Brand Safe?
        • Ask Questions
        • Event Marketing for Adult Enrollments
        • Retail is Not Dead!
        • Pros & Cons of In House Agency
        • Is Affiliate Marketing for Your Business?
        • Webinar: 7 Proven Techniques for Increasing Adult Student Enrollments
        • False Victories
      • 05
        • Bring Programmatic Adv In House? Yes? No?
        • Call Attribution Tech - Do you need it?
        • Are you losing sales people?
        • Webinar: Adult Student Retention
        • Is ‘eMail Blindness’ Killing Your Business?
      • 06
        • Direct Mail Tips for More Effective Student Recruitment
        • Marketers Wake Up...Get Those Phone #s
        • The Secret to Successfully Providing Life-long Learning
        • Higher Ed Marketing Podcast 3: Web Forms
        • Higher Ed Marketing Podcast 4: Thank you page
      • 07
        • 2 Secrets to Achieving Adult Enrollment Goals
        • Social Worship
        • The Amazon Effect...Are You Ready?
        • Old Ways Don't Open New Doors
      • 08
        • Early Results: Adult Student Recruitment Effectiveness Part I of II
        • Early Results: Adult Student Recruitment Effectiveness Part II of II
        • Webinar: Competitive Intelligence 101
        • How to Say the Right Thing so More Adults Enroll
        • Clear Communications, not Content Marketing, is Key to Achieving Adult Enrollment Goals
      • 09
        • Are You Listening Carefully? Asking the Right Questions?
        • Missing Unrealistic Goals
      • 10
        • What Are You Putting Into Your Sales Pipeline
        • Competitive Intelligence - What is it? Why do you need it?
      • 11
        • Yes, You Do Have the Budget
      • 12
        • Enrollment Opportunity: Under-served Segments
        • Why Colleges Are Failing to Achieve Adult Enrollment Goals
    • 2016
      • 01
        • Direct Marketing Planning
        • How Many Leads Do Our Sales Executives Need?
        • The Drones Are Coming!
        • New Study Identifies Opportunities to Improve Student Recruitment
        • Outbound Telemarketing Missing Opportunities As Part of College Student Recruitment
        • Student Retention Tips for 2016
        • Advantages of Direct Marketing
        • 6 Tips to Improve Your College's Content Marketing Performance
      • 02
        • Lead Flow Planning - Getting It Right
        • Are You Sitting Around Waiting for Business?
        • Get More Our of Your CRM Investment
        • Tips for Building Affordable, Effective Marketing Research Program
        • Smart College Recruitment Targets Wisely Using Segmentation
      • 03
        • Marketer's Toolkit Goes Mobile
        • A/B Testing: Some Important Rules to Follow
        • Targeting is Not Rocket Science
        • Snap Chat for Student Recruitment
        • Colleges Must Lead the Way in Marketing to Millennials
        • How Many Leads Do You Need?
        • Do You Know What a "Lead" Is?
        • Do You Know How Many Sales Leads You Need? Find Out With...
        • Content Marketing: It's a Mess
      • 04
        • What Is The Best Marketing Channel?
        • Do You Need a Marketing Plan?
        • Data Analytics Improve Enrollment Performance
        • Why Facilitated Strategic Planning Workshops are Most Effective for Your College...
        • Common Social Media Challenges and Solutions
        • 8 1/2 Common Errors in the Student Recruitment Process
      • 05
        • Differentiation - Colleges Need to Be Uniquely Valuable
        • Non-Traditional Students: Tips to Attract & Retain
        • Market Planning Process
        • Market Analysis - Identify Your Target Markets
        • Catalog Business Plan
        • 10 Common Digital Marketing Mistakes & Solutions
        • Tips for Recruiting Millennials to Your College
        • How to Lower New Student Acquisition Costs
      • 06
        • Your Website Needs Help
        • Better Adwords Performance ASAP
        • Higher Education Marketing Assessment Tool: A Demo
        • Join Marketing Connection Today
        • Marketers Are Focused On the Wrong Things
        • Marketing...It's About the Numbers
        • Colleges Without Market Research: Penny-Wise, Pound Foolish
        • Top Benefits You Enjoy From a Mystery Shopper Audit
      • 07
        • The Future of Content Marketing
        • Pokemon Go: Student Recruitment & Retention?
        • Whatever the Channel: Marketing Success Depends on 5 Factors
        • When Your Customers Aren't Your Customers - Social Media Pitfalls
        • Content Marketing Success
        • Why You Can't Afford to Pass on a Retention Audit
      • 08
        • Your Trouble With Adwords
        • You Can't Recruit & Retain if You Don't Know Your Audience
        • Facebook Live for Student Recruitment
        • How to Make Significant Improvements to Student Recruitment Results
      • 09
        • Why Facilitated Strategic Planning Workshops are Most Effective for Your College...
        • Video Marketing: Tips for Greater Success
        • The Details Are in the Plans
        • Digital Metrics: How Much is Real & How Much is Bullshit?
        • Video Content Marketing: Tips for Greater Success
      • 10
        • How You Can Enroll More Non-Traditional Students
        • Your Email Metrics Are Wrong
        • Too Much Content Too Much Waste
        • How Asking the Right Questions Can Increase Enrollments
        • Content Marketing for Higher Education Recruitment and Retention
      • 11
        • 5 Ways to Increase Graduate School Enrollments by Leveraging Data
        • Big Data, Predictive Analytics & Marketing Research Strike Out in Election 2016
      • 12
    • 2015
      • 11
        • Black Friday - Cyber Monday - Trends
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Managing The Sales Pipeline

Feb 13, 2018

Sales Lead Conversion_600_200.jpg What is the “Sales Pipeline”? 

Many people talk about it being the visual representation of the process of acquiring, nurturing, and converting leads into sales.  And, it is the most critical element to the success of any business that depends on lead generation to start the sales process.  The sales pipeline is the process of walking a prospective buyer through the buying cycle.  It is the process that takes you from initial contact through to the sale.  

Lead generation is only a small part of the battle.  You can generate the best leads in the world, but unless your processes for moving them through the buying cycle are correct, you will waste money and other resources. To be successful you need to manage your sales pipeline effectively and efficiently.  A broken sales pipeline will lead to missed revenue and profit opportunities.

How do you determine if your pipeline working effectively and efficiently?  The obvious answer is that you’re generating and converting qualified leads into sales and meeting or exceeding your sales and profit objectives.  Your pipeline may not be broken but there may be opportunities for increasing its effectiveness and efficiency.

Broken Sales Pipeline Indicators

If you’re experiencing any of the following problems, your pipeline is broken:

  • Empty sales pipeline – a sales pipeline that is devoid of “live” qualified leads.
  • Don’t know the number of real opportunities in your pipeline.
  • Every opportunity is treated the same regardless of the size of the opportunity and then you lose the big opportunities because you were focused on the smaller ones.
  • Not generating qualified leads that convert.
  • Not converting enough leads through each stage of the buying process.
  • Not closing enough sales.
  • Don’t know your target market’s buying processes.
  • Don’t have the real decision-makers involved in the sales process, as a lead. 
  • Don’t know how many stages you should have in your sales pipeline.
  • Don’t know your conversion rates for each stage in the sales cycle.
  • Don’t know your sales closing cycle – or the closings are not matching your sales cycle.
  • The sales cycle is too long,
  • Don’t have an accurate forecasting system, so you don’t know how many leads you need to generate to keep your pipeline full.
  • Spending too much on media/channels which are not generating enough qualified leads.
  • Still using spreadsheets and documents to store and manage your sales and pipeline data.
  • Spending too much time administering your sales pipeline and not enough time actually selling.
  • Sales staff leaves and take all the prospect/customer information with them. 

Repairing & Optimizing a Broken Sales Pipeline

To repair a broken sales pipeline you will need to do one, many, or all of the following depending on how badly broken it is.  And, even if you think your pipeline is working, addressing the following areas, issues or problems will significantly improve the performance of your pipeline.

  • Analyze your lead generation channels/media to determine what channels are producing the best results or offer the best opportunity for producing better results. Not just lead generation but lead to sales conversion.
  • Determine the best source for leads.  Which channels and/or promotional activities.
  • Evaluate media performance in terms of lead generation and quality.  Are the media channels delivering the right types of prospects?  Is there a qualitative difference?
  • Evaluate your sales lead qualification process.
  • Analyze the quality and quantity of leads flowing into your pipeline and determine their real status as leads. 
  • Determine how many potential customers are there really out there for your product/service?  You need to determine if what you’re putting in your pipeline is in fact, valid inquiries or leads – do they qualify as leads based on your business’ definition of what a lead is.   Are the leads in your pipeline the real thing or are they junk, good, bad, ugly.  Are they labeled correctly as to the stage they are in?  Are there leads/inquiries in the pipeline that you are using marketing automation to nurture which end up being a waste of time and resources?
  • Determine if your messages and offers are generating the right type of qualified prospects.
  • Determine how many stages should be in your sales pipeline for your business model and industry. Managing a sales pipeline with more than 7 stages could turn out to be too time-consuming. Now, this entirely depends on the length of the sales cycle, in many cases such as government contracts, it might be entirely normal to have well over 7 stages that are necessary to walk the prospect from lead to closing the deal many years down the line.
  • Establish your conversion rates for each stage in the buying process in the pipeline, so you can forecast your lead generation requirements and revenues.
  • Evaluate leads in your pipeline to make sure you have the decision-makers who are involved in the buying process.
  • Evaluate the leads in your pipeline to make sure they are tagged appropriately for each buying/sales stage.
  • Determine the number of leads you have in your pipeline for each buying/sales stage.
  • Evaluate your lead flow plan. This is the plan that details every point of contact and every step in the process of walking the prospective customer through the buying cycle.  It details who, what, when, and how.
  • Validate that leads are being appropriately treated for the buying stage they are in.
  • Evaluate and validate your contact strategy,
  • Evaluate and validate your lead qualification, prioritization, and segmentation processes.
  • Evaluate and validate your nurturing strategy.
  • Validate your lead qualification and scoring system against what’s in the pipeline.
  • Evaluate and determine what your real closing cycle is.
  • Determine how many leads you need to generate for a specific period to keep your pipeline full?  Most business managers have no idea, certainly, most people on the management team don’t know.  So, how many leads do you need to be generating on a regular basis to keep your pipeline full, more to the point, full to meet your sales objectives for the next quarter and beyond?  Do you know?
  • Determine if there are any gaps in your sales pipeline that could be affecting the length of your sales cycle.
  • Validate that you have the right tools to manage your pipeline, so you can spend more time selling and less time on administration.
  • Evaluate the SFA / CRM / pipeline management application you are using and validate that the solution is appropriate for your business model.  The better managed your sales pipeline is, the more likely you will increase your revenue.

Benefits of Repairing & Optimizing the Sales Pipeline

You can expect to see the following benefits from implementing our Sales Pipeline Forensics Program:

  • Improved lead generation from digital and traditional channels. 
  • Improved qualification and lead scoring practices customized for your business model.
  • Optimized lead generation and conversion strategies to fill your sales pipeline.
  • Improved conversion rates for each step in the buying/sales process.
  • Reduced sales cycle time.
  • You will increase the amount of time your sales staff is selling vs. managing the pipeline.
    • In a study of how much time outside sales reps spent actually spent on sales activities, Pace Productivity Inc. found out that an average sales rep spends only about 22% (or 10,8 hours a week) of the time selling and 23% of the time on administrative tasks!
  • Increased productivity from your sales team.
  • Reduced number of lost opportunities.
  • A higher number of closed sales.
  • Increased sales.
  • Improved management of your sales pipeline.
  • And, an improved relationship between sales and marketing - elimination of the marketing, sales divide.

Click here to download a guide for building and optimizing your sales pipeline.

To learn more about what you should be putting into your sales pipeline, click here.

If you need help to fix your pipeline, contact us to discuss our "Sales Pipeline Forensics" program. 

To download a brochure to find out more, click here.

 

 

 

 



Tags: Sales, Lead Management, Lead Nurturing, Sales Management, Sales Pipeline
Category: Sales Management

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Dudley Stevenson, founder and CEO of DWS Associates, has over thirty-five years’ experience in consumer marketing, business-to-business marketing, and direct marketing, including developing, planning, and implementing go-to-market strategies. He's also the author of "Marketing Direct: Breaking Through The Clutter." Working with organizations ranging from start-ups to Fortune 100 companies, he and his team have helped clients such as IBM, Sony, Neiman Marcus, Arizona Highways, Marshall Field & Co., Mrs. Field’s, UNICEF, and Patagonia implement successful direct marketing programs. A longtime member of the Direct Marketing Association and the American Marketing Association, Stevenson is also a sought-after speaker. He’s given hundreds of presentations and workshops on marketing and direct marketing. His “Marketing Planning 101” workshop alone has reached more than 100,000 marketing and sales professionals.


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