If you’re not actively managing your sales pipeline, you could be leaving money on the table. According to Salesmate, a CRM and automation platform for sales reps, 44% of executives say their organization is ineffective at pipeline management. And yet, those reps and teams that have a defined, organized process bring in nearly 20% more revenue than those who are less hands-on.

Here are eight ways to be more efficient at managing your pipeline and bringing more sales to a successful close.

1

Create a standardized process.

Establishing a custom sales method for each lead is time-consuming. Instead, use a seven-step sales process for each contact: prospect, prepare, approach, present, handle objections, close and follow up to stay front of mind and make them a repeat customer.

2

Focus on high-value leads.

It takes time to bring a sale to a close, so be sure you’re focusing on leads that have the budget, need and motivation to buy. As you do your research, make a determination early on if they’re worthy of pursuing or if you should focus your efforts elsewhere.

3

Follow up.

It takes about eight touches to score a presentation for a prospect. Allow time for those reach-outs, keep track of how many you’ve done for each lead and set reminders when it’s time for the next one. Make sure you’re reaching out to a quality lead too, so you’re not spinning your wheels.

4

Keep the cycle short.

A months-long sales cycle can give leads and prospects too much time to change their minds and go cold. Shorten the time they spend at each stage of the pipeline by reducing the number of days between follow-ups, and offer them more information upfront so they can make decisions more quickly.

44%
the percentage of executive who say their organization is ineffective at managing their sales pipeline. (Salesmate)

5

Use a CRM.

A customer relationship management (CRM) system can keep you organized and help you track metrics over time. But it’s only as effective as the data that’s entered. It should be populated correctly and consistently, at least at the end of each day so you don’t forget pertinent details.

6

Update regularly.

Without consistent organizing, the data in your CRM can get messy quickly. Know where each prospect is at any given time by keeping notes up to date and having a plan for next steps. If they’re “stuck” at any point in the pipeline, remove them and put them in a drip marketing campaign.

7

Monitor metrics.

Every week, look at the number of deals in your pipeline and take a longer-term look at the average size of your deals, your close ratio (the average percentage of deals you win), the average time it takes to close a deal and so on. Taking regular looks at where you stand can help you make improvements.

8

Focus on the relationship.

Don’t forget to concentrate on the connections you’re forging with your leads and prospects – numbers and data are important indicators on your performance, but at the same time be personable and look at each connection as a potential relationship to foster for the long term.