Marketing problems and answers exist in every business’ sales pipeline. Analysis will reveal if prices are too low (the conversion rate will be too high), if your marketing to the wrong folks (the conversion rate will be too low), or losing sales when they are already in the close phase (you had better review your customer handling procedures). These are just a few of the problems and answers that analysis of a sales pipeline can provide. Analysis will boost your sales at little or no cost.
- When you analyse your sales pipeline, look first at your enquiries. Are you getting all the enquiries you can handle? Is the conversion rate to sales greater than 80%? Is it close to 100%?
- What if your conversion rate is below 50%? There could be one of two reasons for that. Either your marketing is poorly targeted, or there are problems downstream of enquiry generation.
- When looking downstream of your marketing, it’s important to define each step of the Sales Pipeline, for example: Initial Enquiry, Initial Consultation, Quote, Close. Each step should flow naturally to the next increasing the commitment of the buyer and the perceived value of your offer.
“Every Sales Pipeline has a bottleneck, and often more than one.”