September is back to school season, the start of football season, and the start of autumn – and with all of these seasonal changes, every B2B company sales team shifts into a new gear as we start getting ready to make a final push toward the last quarter of the year. Now that summer vacation season is over and your customers and prospects are all back in the office, it’s time to refocus your efforts and take a fresh look at your new business pipeline.
Has business development started to stall during the quieter summer months? Does your sales pipeline need a fresh start to build momentum into the last stretch of 2014? Here are a few indications that your sales pipeline might need some urgent attention:
1. Not enough new business appointments
If your sales appointment calendar is looking thin, it might be time to take a closer look at what you’re doing for appointment setting. The sales business always has its ups and downs, but even when business is steady you need to keep doing the little things every day to keep cultivating new sales lead opportunities. Keep cold calling, keep following up with new prospects, and keep doing what it takes to stay busy and keep your sales calendar full of possibilities.
2. Too many unpleasant surprises
Have you recently lost a big client, or had a few promising deals go south unexpectedly? The sales process can often be unpredictable, and sometimes every company loses a big account for reasons beyond their control – but if you feel like you’re having too many instances of bad luck and unpleasant surprises lately, that might be a sign that you need to take a fresh look at your sales pipeline. How are you forecasting sales? What are your conversion rates for each stage of your sales process? Are you letting too many unqualified sales leads go through to your sales team? Or are you doing a great job of getting customers interested during the initial stages of the sales process, only to lose them in the end when you start talking about ROI?
With a well-managed sales pipeline, you can do a better job of sorting and ranking your sales leads, managing expectations along the way, and developing more accurate forecasts of how soon various deals might close.
3. Too many deals in “sales purgatory.”
We’ve all been there – you have some great initial conversations with the client, you follow up, you have subsequent appointments, the client is excited and ready to move forward, and then…the client goes silent. If you feel like too many of your deals are stalling or stuck in “sales purgatory” where you can neither abandon them nor close the sale, then this is another sign that your sales pipeline needs work. By doing a better job of qualifying and managing the leads in your sales pipeline, you can constantly re-assess, re-evaluate and re-focus on which sales leads are highest priority and most worthy of your sales reps’ time and attention.
4. The sales that you are closing are not profitable enough.
Are you getting bogged down with too many small sales? Even if it seems worth making a small sale today because the new client has potential for future growth, if the only sales you’re closing are smaller than your target revenue – or if you are selling at a price that does not allow for a sufficient profit margin – you’re going to regret it in the long run. Small client accounts often take an amount of time, energy and resources to service that exceeds their value. Sometimes there is such a thing as a “bad sale” if you’re not getting enough of a profit margin to cover your costs, or if the customer turns out to be a bad fit for your solution. Many of these challenges can be minimized by paying more attention to your sales pipeline – make sure that the right sales leads are getting through your sales process, make sure that you’re focusing your attention and energies in the right place.
The last quarter of 2014 is coming soon, and with it comes a final push to meet our sales goals and put our companies in position for 2015. Many sales teams ramp up their efforts to close more deals in the next few months, and that’s important – but at the same time, you need to make sure you’re taking a fresh look at your sales pipeline. Qualifying sales leads, evaluating your sales process at each stage, and continually re-sorting and re-focusing on the sales leads that are most likely to buy are all part of laying the groundwork for sales success.