How to Build a Sales Pipeline and Stay Positive in a Down Economy |
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Posted By: Julie Shenkman In: Sales & Sales Management
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Whether you’re a sales manager, or a sales rep – developing a successful sales pipeline in a down economy is challenging. However, learning a few tricks for turning qualified leads into sales, can help you build a stronger pipeline; even in difficult economic times. Here are a few tips for getting started.
Maximize Networking Opportunities
People who are successful at their sales job will tell you: if you want to increase your pipeline, ramp up networking activities. Adding a couple new activities each month can boost your overall results. Here are a few ideas:
- Join trade associations, and attend events regularly
- Offer to speak at special interest groups
- Touch base regularly with your network of professional associates and friends to generate new sales leads
Create a Turnkey Process
Creating an efficient process for building a sales pipeline can help you generate more opportunities. First, write a sales letter to potential customers. After several days, call the prospect to follow up on the direct mail piece, and schedule a meeting time to close the deal.
Also, make sure to track the response rate of each approach. After time, you’ll discover what works, and what doesn’t. Once you’ve solidified an effective process, it will streamline your sales efforts.
Timing is Everything
Building a good pipeline has a lot to do with timing. For example, you can build a strong list of prospective buyers; however, if you aren’t around when they’re ready to buy – the sale is lost. Making the sale often takes time, and relationship building, before all of your hard work pays off.
Create a custom approach for each prospective buyer. For example, if they say, “I’m looking to make my purchase within the next 1-2 months,” create an action plan for that client, sending direct mail pieces, and checking in periodically. This will boost the chances of being in front of the customer, when they’re finally ready to purchase.
Focus on Fresh Leads
Working in sales employment can be stressful during tough economic times. However, taking a different approach can help you attract more prospects – and ultimately, close more sales. First, block out a large chunk of time for prospecting – even when business appears to be doing well. During this time, don’t follow up on old sales leads. Start with a fresh new list, and start cold calling. And, if you don’t get a hold of anyone, refrain from leaving a message. Since sales messages are rarely returned, it’s in your best interest to call back. Try a different time of day for better success.
Also, if your company doesn’t have a system in place for referrals, ask about it. Referrals increase the likelihood of sales, which is well worth the incentives. Since the person making the referral will handle the introduction, you’ll have a higher success rate of converting the referral into a sale.
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