Let\u2019s start by mapping out your pipeline so we can see how it looks. When you get those first ideas about people and companies that might need what you sell, you\u2019re already taking the first steps in building a pipeline. You probably have more than one idea for prospects. Some of those will go all the way through and close; others won\u2019t. But these conversations and how they progress will form your pipeline. You build a pipeline by creating a number of steps to go from that initial idea to a closed sale \u2013 these are your sales stages.<\/p>\n\n\n\n
These might be:<\/p>\n\n\n\n
But that\u2019s only part of it. It\u2019s important to remember that your sales stages have to mirror the buying stages of your prospects or customers.<\/p>\n\n\n\n
The magic question is: how many deals do you need to add to your pipeline to meet your objectives? It would be great to win every deal you\u2019ve submitted a proposal for, but this doesn\u2019t happen. If you know how many deals you win on average, you can easily calculate the number of deals you need in each of the early stages. If you calculate your numbers, you\u2019ll be able to see how your pipeline looks and what number of deals you need to be adding to the top of the pipeline to reach your goals.<\/p>\n\n\n\n
Once you have your pipeline stages laid out, you have to keep deals on track. When you\u2019re moving your deals stage-to-stage, what are the factors or variables that will help you advance your deal? It could be sending a written proposal, identifying the stakeholders or getting the budget approved \u2013 there\u2019s an event at each stage that moves the deal along.<\/p>\n\n\n\n
It\u2019s a good habit to set yourself objectives for these key events. You can control the activities to keep the pipeline moving, not the results. Setting objectives for yourself that relate to how many proposals you send and new prospect conversations you have per day is the best guarantee that your deal flow doesn\u2019t stall.<\/p>\n\n\n\n
Activities that add new deals to your pipeline need to be part of your routine \u2013 daily or, depending on your business, weekly. Back in my days of active sales, I liked to start every day with a cup of coffee and that\u2019s when I did calling and prospecting to find new deals. It worked for me because it was a habit. You might have to try out different ideas before you find a routine that suits you \u2013 a particular time of day, a day of the week or a regular slot in your diary when you can really focus on putting deals into the pipeline. When you keep that focus and habit for finding new targets, you don\u2019t need to worry about your sales pipeline.<\/p>\n\n\n\n
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