Three Ways To Drive A Better Pipeline For Your Business The best way to grow your income is to have enough options to mitigate any future risks.
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January is always a good time to reassess your business and how to reach more customers to grow your revenue. Here are three effective ways that will guide you in your decision making to make your organization more successful. We all know that any business boils down to the numbers. The best way to grow your income is to have enough options to mitigate any future risks.
1. Sales cycle How long does it take to complete a sell? One of the very first thing to understand about your startup is how long it takes to actually convert an opportunity into real money. Use your experience to determine that and calculate your customer reach accordingly. This is by far the most crucial information to build a healthy pipeline and properly determine the number of customer you need to cover on a weekly/monthly basis.
2. Product impact Do you understand why your product/service is being bought? Why do people buy from you? Competition is more than ever fierce and everywhere. Social media and internet have made it easy to compare products and services in less than 20 minutes. What is your company doing differently to attract and keep those customers? Drive impact with knowledge! I very often notice that many people talk about things they don't fully understand or have no education about them. You are your own product! Make sure the value you bring can only be found by choosing you. 10 shops can sell shoes, but the way one will present the products and service will make the customer return. 10 plumbers can be in the same area, but the way one will be knowledgeable and flexible will make it easier to have more clients. If people can't find themselves in you, they won't contact you nor come back. Investors go to what they know and what makes them comfortable.
3. Pipeline hygiene How many customers do you need in a month to drive a positive margin? Understanding your business needs and the exact number of customers to reach, is key to your success. If you do not have a clear comprehension of your reach number, you are walking blind and probably also overspending. In other words, before going on a customer haunt you need to build a strong pipeline. Here are the questions you need to ask yourself at the beginning of each week: what is my pipeline coverage supposed to be? What was my last week closed rate? Do I have the right product mix? Am I talking to the right people? Am I driving diversity in my customers? These questions will help you focus on the right actions and better guide your salespeople.
