I am going to compare a sales pipeline which I sometimes call my working list or sales funnel, to something we manage in everyday life.
I believe sales success can be found by managing prospects and opportunities. My first experience with a list started during my telemarketing days. If I had not recorded the information with some notes about what the last call results were, I would have failed.
Because rarely does anyone say yes on the first dial. It was often a game of filling in the blank to get another piece of information with each call—a name, best day and time to call, etc. Then ultimately get to speak with the right person who says I’m not interested.
Those not interested mean they aren’t interested right now, so they were moved to another few months away to try again. But, this time, it was infinitely more manageable. I had saved all the info, and the return call would be warmer and take fewer attempts. It was a game of managing information to build a relationship.
Next, as I moved into a sales rep position with the same company, I managed my cold calls and leads the same as my telemarketing calls.
My manager at the time would ask for a working list/pipeline. We reviewed this once a week. He wanted to know what we were working on that might close within the current month. Where were we taking quotes etc.?
He explained in my sales training the way to keep sales consistent was always to have enough in your working list/ pipeline. It was a quick way to know if you were on track.
He also said managing sales stress was done by using this list. If you had enough on your list, a loss to a competitor didn’t hurt so much. You had plenty more relationships working to gain another sale.
This was when I learned when something left my list, either because they bought from me or someone else, I had to replace it with something new quickly to keep up my spirits and to keep my sales consistent month after month.
So I have an idea. I hope you will stick with me here as I compare managing my wardrobe to managing my sales pipeline.
We all have a wardrobe we manage throughout the year. The wardrobe protects us, giving us comfort, joy, and endless opportunity.
If you have a business, you have many potential clients or prospects that will buy from you throughout the coming year or years. The sales will provide for you, protect your income, give you comfort, joy, and, best of all, endless opportunity.
Think about the clothes in your wardrobe that you already own. There are some things you own you won’t need today. It’s a sundress, and it’s February. This doesn’t mean you don’t like it and doesn’t mean you’ll never wear it. It just means not right now. If you can’t wear it today, when can you wear it?
It’s easier to get dressed, plan, and be prepared when we do a little sorting with our wardrobe. I usually think of my clothes in seasons when I am arranging them. I want anything I can wear now closest to me.
Spring is about 30 days away, so I want those things pretty handy.
Summer will be here in 60 days, so I don’t want it to get here and feel unprepared.
And in about 90 days, it’s time to plan for cool nights and bonfires. Fall will be here before we know it.
Lastly, in less than a year, winter will make its arrival. I have a new coat I love, but I can’t wear it after March. I won’t throw it away come April; I’ll put it with fall and winter. If I didn’t have a way to manage my clothes, I would misplace my coat when next winter got here; I would be spending time shopping for something new. That would be a waste of something I had already sourced and found a good fit. A waste that I can avoid by managing my wardrobe.
So if my pipeline/list were to be managed like my wardrobe, this is how it would look.
For those prospects with interest or a need, I can prepare and deliver a quote and keep that type of contact closest to me. These are the contacts I will watch on a day-to-day basis.
Some prospects are almost ready, or I need to do some homework to identify which season they fit in. Those would go in my (Spring) thirty-day section.
Some prospects ask for information; I see a need but need more time to identify exact needs. I’ll move them to the next stage, my (Summer) sixty-day section.
Then we have the prospects that we feel are a good fit for us. But, we haven’t identified an immediate need. These are the leads we think will begin to get warmer over time. They will move to the (Fall) ninety-day section.
We find ourselves with some prospects that are currently overwhelmed. They have too many irons in the fire. They may say things like; I’m already in a 36-month commitment. I have no budget till next year. These prospects move to the (Winter) beyond ninety days section. We will need them; they will need us. It’s just going to be a while.
So how does this work effectively?
The things closest to me are where I will focus. Until I’m sure I have taken care of their needs. If it is clothing, all things are washed and accounted for. As for prospects, I have reached out to each one that I thought had an immediate need and is capable of purchasing.
If it’s the end of the month and I’m looking for a sale, I will make sure I have touched base with each of my immediate closest prospects then my thirty-day prospects. If I have reached each one and done all I can, for now, I’ll move to my 60 days and see how they are doing.
This is just like when you look in your closet, and you think I have nothing to wear. You can sometimes find something in the next season that is perfect for this occasion.
Spring days sometimes turn warm enough for a summer tee shirt. Sometimes prospects have needs that come up more quickly than we anticipated.
The whole point to this is a sales pipeline, just like a wardrobe, will have as much to work with as you are willing to work for and build.
The pipeline/list needs to have plenty of contacts and needs to be a manageable size. Remember to make sure what you add to it is a good fit for you and a good fit for them. Otherwise, it’s a waste of time and effort. You can have a sales pipeline and a wardrobe full of junk that can’t serve you if you are only concerned with volume.
I believe you can choose a dream list of clients to begin filling your pipeline, just like building a dream wardrobe; if you want to learn how, listen to my podcast or consider joining my community.
>>>>Want to step up your sales game, but need help on where to start?? Join the community! Check it out …Click here
