How To Build A Solid Sales Pipeline? 6 Steps + 9 Sales Strategies.
Is your sales pipeline giving you at least a 13% conversion rate?
If not, it’s high time you should pay attention to the bottleneck.
A reasonable conversion rate for the B2B SaaS industry is 25-30%. So what’s causing you a low conversion rate? One of the primary reasons companies lose leads is that they don’t have the right sales strategies.
Hopefully, you won’t commit the same mistake. In this article, you’ll learn the exact strategy you need to execute to ace the lead conversion rate and the steps to build a solid sales pipeline that’ll attract high-converting leads for your business.
Without further ado, let’s dive in!
What is B2B Sales Strategies?
B2B sales strategies are salespeople’s techniques to convert a cold audience into a customer. Sales strategies provide a systematic approach to tackling the challenges in customer acquisition.
Is B2B Sales Hard?
In contrast to B2C, selling to businesses is more complex.
In B2C, sales reps have to deal with only one person, while in B2B sales, there’s more than one decision-maker, CFO, etc.
Here’s why B2B sales are complex:
#1 Requires long-term relationships
B2B sales require more research before implementing any step. In addition, building long-term relationships with clients requires building a trust factor that takes time.
#2 Requires higher operational costs
B2B companies need to hire highly skilled employees to perform every task.
It requires companies to spend a good amount of money on operation and management, which might not be possible for those just starting.
#3 The sales cycle is lengthy.
In the B2C sales cycle, the customers can see the product in real-time, so there’s no need to convey them.
In the B2B sales cycle, buyers don’t know about the product/service. Therefore, salespeople need to make all the efforts to recognize the potential buyer and take them on a buyer’s journey.
What is the Sales Pipeline?
The sales pipeline visual represents a set of stages implemented to convert a lead into long-term clients. In addition, the sales pipeline gives visual insights into the ongoing sales process.
Different sales pipeline stages give an idea about the status of cold, warm, and hot leads so that a sales rep can prepare the required strategies to acquire them.
The sales pipeline is unique for every company or organization. However, based on the company’s objective, many sales pipelines exist.
Why is the Sales pipeline critical?
Can you imagine a passenger railroad without a car?
The sales pipeline is like a railroad whose every section is essential to run the rail smoothly.
Similarly, a sales cycle is incomplete without a pipeline because it keeps track of the ongoing and lost leads.
Once you get the leads, you need to treat them, especially by nurturing them with relevant content, information, and resources. That’s only possible when you have a system in place.
It offers a bird’s eye view of the overall sales cycle, including current and potential leads, the performance of the campaigns, sales performance, and audience insights of each stage of the buyer’s journey.
The sales pipeline provides monthly, weekly, quarterly, and yearly sales revenue estimates. Moreover, a sales pipeline highlights the process’s bottlenecks so you can create an efficient sales cycle.
Stages of a Sales Pipeline
The most effective sales pipelines are composed of six steps.
It’s the process of triggering a response from the prospective buyers with the intent of making sales.
The best way to attract qualified leads is through high-quality content. Leads are generated through webinars, live events, coupons, and blog posts.
Here’s how lead generation works
A prospective buyer may land on your website, consume your social media content, and come across an ad to find your offering, which you set as a FREE bait.
The bait will have a CTA(Call-to-action) that entices the reader to click on it.
Lead capture form
As soon as they click on the CTA, they’ll need to fill out the lead capture form containing the necessary details about the potential lead once they fill it. Congratulations! You’ve got the lead.
Once you get the lead, you want to ensure that your product/service tackles their problem and that they’re ready to buy your solution.
Lead scoring is one of the most effective ways of lead qualification. Lead scoring is a technique of categorizing leads based on involvement.
Leads are marked on a scale of 1-10. The higher the lead score, the more chances of sales conversions.
It’s the primary process of the entire sales cycle. A discovery call is your first meeting with the prospect. “First impression is the last impression” Make sure you make the most out of the first impression. It’s observed that Making fewer, shorter sales calls can increase the sales pipeline conversion rates.
Ask relevant questions such as
- What problem are you trying to solve?
- What are your marketing efforts?
- How have you dealt with the most challenging situations so far?
- What major mistakes have you made previously?
- Where did you fail?
Recommended Listening: Unlocking the best-kept secrets of a kickass discovery call
Proposal and Product Demonstration
After you have had a good enough conversation with the client regarding their expectations and deliveries, It’s time to craft a proposal and demonstrate your product.
A bid is a 10-15 page document that includes:
- Your introduction
- Terms and conditions
The product demo must resonate with the buyer. It should be a perfect mix of features and benefits that the buyer is interested in. Not to mention, avoid a generic demo. Your demo must meet their personalization expectations.
Once the client accepts the proposal, you can move ahead.
Negotiation and commitment
Clients will negotiate with you regarding the proposed price and deliverables at this stage.
It would be best if you were smart enough to justify your pricing.
Recommended Podcast: How to close more deals with effective negotiation?
Congratulations! You’ve sealed the deal.
Once the contracts are signed, you know you have nailed it.
As soon as you close the deal, hand over the client to the implementation team. Keep the clients in the loop. Keep them updated.
Are you ready to take a step forward in your sales journey?
Building a high converting Sales pipeline is neither a piece of cake nor a tough row to hoe.
With the right approach and strategies, you can win the heart of your clients and generate the desired ROI for your business.
Convin is an AI-based conversation intelligence platform that companies have better communication with prospects.
Convin’s sales strategy software is aimed at helping B2B companies convert high and multiply their ROI.
Want to learn more about Convin’s tool? Check now!
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