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Herding “Sales” Cats: Managing the Pipeline – Blog Part 3 - Follows December 17th Blog ...

Managing the Pipeline is critical to the two segments covered in our previous blogs: Part I and Part II: Increasing Sales Productivity using the best SFA and choosing the most appropriate Sales Methodology for your company.

Manage Sales Pipeline/Productivity

SFA software can keep track of Key Performance Indicators (KPIs) that Sales Managers should track regularly

Lead Conversion Ratio

By tracking this ratio, a company can identify which Lead Sources are generating the most Sales and Profits.

Lead Response Time

Companies that respond the fastest to new leads often have the chance to win the business by demonstrating process competence, fast response and by potentially shaping the requirements for the sale in their favor. SFA software can help a company monitor and manage this response time.

Pipeline to revenue target ratio

Best-In-Class companies keep records regarding what size of a pipeline is required to close enough business to meet or exceed quota. By quickly identifying a gap in this critical metric, Sales Managers can identify when additional prospecting is required to make sure a Sales Rep meets quota.

Time per sales stage (Pipeline Aging)

Identifying stuck opportunities can dramatically improve Sales Velocity and also make sure your sales organization is working with only the best qualified opportunities.  Experienced Sales Managers know that many of the opportunities in the pipeline may be suspect as the sales people confuse Activity with Results.

Average Revenue per sale

Keeping track of this statistic can be an excellent indicator of the company size the Sales Rep is comfortable calling on and successful in closing. It may also be an indicator of the distribution of company size for a given territory.

Win-Loss ratio

A well-designed SFA system can help identify your best closers by tracking each reps’ “Batting Average.” By understanding their process and methods, a company can teach the other reps their techniques…and increase the overall team Batting Average. Additionally, understanding your won and lost sales by important criteria such as customer type, industry, product, can yield keen insights about priorities, performance, or sales forecasts when compared against your existing sales pipeline.

Lost Deal Reason Report

Best-in-Class companies keep track of why deals are lost so they can evaluate their sales Reps, their competitive positioning in the market or to evaluate where they are generating leads in the first place.

Revenue growth and bottom-line improvement require understanding what your business issues are and mapping a plan to optimize them.
Using the right software and getting the right team onboard will:

  1. Keep Sales focused on targeted accounts/prospects
  2. Reinforce the company’s chosen Sales Methodology
  3. Hold Sales accountable for their Activity as well as their Pipeline

Implementing the software to accomplish this helps make Sales more productive and successful and provides management with better information to drive this part of the business more successfully.

Mark Friedman

Small Business CRM Intricacies
Herding “Sales” Cats: Sales Methodology - Blog Par...

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