There are certain fundamentals for success in the selling business and startup owners should know them by heart. You must know what makes you a good salesperson in the first place, if you want to make your business lucrative, gain the tryst of customers and the confidence of potential investors.
Let’s first understand how you can sell effectively. The most basic reason to sell (probably much more important than making money) is to help people improve a part of their lives with your product. If you can show people that your product or service fulfills a need, you’ve got yourself a successful business. It sounds simple. Its anything but.
Regardless of the type of business, it’s highly unlikely that a potential client will visit your website and start purchasing from you immediately.
Since this process takes a bit longer, we must keep enhancing the sales pipeline and constantly improve its processes until the success rate becomes ideal. The process through which you attract a potential customer to search for your product till you manage to turn them into a customer is known as a sales pipeline.
Now, for startups, it is good to have a sales pipeline ready in the initial stages. It’s a bit difficult to manage when you have so much to do and a business to establish, but you must know that you need to invest in creating sales processes so that it can bear fruit later.
A sales pipeline will tell you how many prospects you can have in a given week or month and how your current prospects are doing at any given moment. You train a sales representative to reach a particular quota based on the estimates of your sales pipeline template.
Here is a good example of an ideal sales pipeline template:
A sales pipeline review can come in many different formats. Based on the structure of your sales team, here are a few things to take into consideration:
- Entire team
- Duration can vary based on team size, but regardless, a 30–60 minutes meeting should be enough
- Review all deals in pipeline
- Review only high-priority deals
- Each review should conclude with clear action items for each rep and their respective deals. These can be anything from how to tackle an obstacle, negotiate, or kill a deal
Probably, you created a strategy to attract customers to your business and may have even planned on how to turn them into customers when you were writing a business plan. If yes, then you already have a sales pipeline ready for implementation. You just need to have a visual representation of your thoughts and ideas.
The standard process:
On startup level, you need to outline a particular process so that every sales representative can follow it. However, when there’s a lot going on with your business, it is easier to lose track of processes.
As your organization grows, you won’t have the time or the energy to track the sales processes of every sales representative on your team. This is where a sales pipeline software comes in.
Some of the best software for sales templates are created by sales specialists like salesmate and pipedrive. With these software, sales managers can easily track sales-related activities of the sales team.
For the organization:
At the startup level, you may be thinking that all sales pitches are identical in nature, but that’s not true. Every sale you close is going to be different from the other. The length of your sales cycle also varies depending on your product, salesperson, prospect’s requirements and a lot of other factors.
Sales templates will be lifesavers and save valuable resources. The interactions which were previously scattered between an email inbox, a social media profile and a spreadsheet will be compiled neatly under one template. This way, you and your sales team will be able to track every process with utmost ease and also have the data to analyze what worked and what didn’t.
Your sales representatives, who go out in the field, need to know what they need to achieve at the end of the day. Sales template is a useful document to have during these endeavors. Every detail which you provide to your sales rep will remain with him at all times. Consultation will become very easy this way. This is also great for you, because then you will know when a potential client is on a particular stage of the sales cycle. You can speak to every prospect based on their individual performance in the sales cycle. Accessing this information will become a piece of cake both for you and your employees.
It’s not possible to analyze the performance of your sales team if your sales process is not written anywhere. Without key assessment points, you are just groping in the dark. Even if you have a spreadsheet of some sort, you consult it over time to track progress in sales. Luckily, a sales pipeline template will make life easy for you by putting it all in one place.
Sales software is one of the best ways to stay updated on performance and build new campaigns around key metrics received via previous efforts. It’s impossible to cold-call or quote without a sales template. With a software like this, you can have key data at your fingertips, ready to be consulted and analyzed at a moment’s notice.
Without a proper sales pipeline, all of your selling attempts will go in vain. A lot of your business efforts depend on how you compile and analyze key data about your sales process and how you can improve it to increase the bottom line.
A pipeline software doesn’t just make it easier for you to grab more customers, but will also give you a clear idea of incoming and outgoing finances. Not to mention the precious resources in time and money that you’ll save.
Author Bio: Kamil Riaz Kara is a Writer and Inbound Marketer. He has completed his masters in Administrative Science from the University of Karachi. As a writer, he wrote numerous articles on management, technology, lifestyle and health.