{"id":6828,"date":"2018-02-23T12:10:56","date_gmt":"2018-02-23T12:10:56","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=6828"},"modified":"2021-03-01T12:07:56","modified_gmt":"2021-03-01T06:37:56","slug":"keep-sales-pipeline-squeaky-clean","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/keep-sales-pipeline-squeaky-clean\/","title":{"rendered":"How to Keep Your Sales Pipeline Squeaky Clean"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Reviewing your sales pipelines regularly is one of the best practices to boost your sales revenue. Here are a few tips on how to keep your sales pipeline clean to optimize sales.<\/span><\/p>\n<h3>Why keep the sales pipeline clean?<\/h3>\n<p><span style=\"font-weight: 400;\">We all are afraid of presenting thin pipelines to our bosses. We also hate hearing a <strong>NO<\/strong> from the customers. Hence, most of us tend to add unwanted customers to the sales pipeline. This is more harmful than you can imagine. Unwanted\/clogged pipelines can only mislead you and make your<\/span><span style=\"font-weight: 400;\">\u00a0pipeline even thinner. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore it is important to clear your sales pipeline often and keep building new pipelines as and when needed.\u00a0<\/span><span style=\"font-weight: 400;\">It\u2019s much better to have a sales pipeline of 10 prospects that are more likely to close than one with 30 or 35 who may not close anytime in the near future. <\/span><\/p>\n<h3><strong>Here\u2019s how you can keep your sales pipeline squeaky clean<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Studies prove that only 20% of your leads are going to provide 80% of the targeted revenues. <\/span><span style=\"font-weight: 400;\">Organize and bucket your prospects and nudge them down into your sales pipeline regularly. By doing this, \u00a0you can make sure you target that respective 20 % of the leads who are going to add value to your business. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Categorize your prospects into the following buckets:<\/strong><\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Short-term prospects \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Midterm prospects <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long-term prospects<\/span><\/li>\n<\/ol>\n<p><strong>Go through all of the contacts in your sales pipeline at a regular time intervals. \u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s better to do it every day instead of once a month. If you find a prospect who has been blocking your pipeline up for longer than your typical sales cycle, nudge them off to the least prioritized bucket. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Keep a marketing plan in place by asking the following questions to yourself even before reaching out to your contacts.<\/strong> <\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Who is your target?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What is their pain point or what do they care about?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Who influences them?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">How do you want to engage them and bring them to a \u00a0buying decision?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Qualify the prospects before adding them to your pipeline.<\/strong> <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ask them the right questions and obtain right information from them to qualify a prospect.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Analyze and understand the following things to add your respective contacts to the sales pipeline.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is the service or product you are offering, what the buyer needs?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Is your product\/service solving a pain point for the customer?\u00a0<\/span><\/li>\n<li>Will it help your prospect<span style=\"font-weight: 400;\">\u00a0capitalize his business opportunity?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do they have an appropriate budget?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Does the prospect have authority to make the buying decision?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How soon are they willing to pay off or willing to contribute to your revenue targets?<\/span><\/li>\n<\/ol>\n<p><strong>Based on the qualifying process categorize your contacts into respective buckets.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">One of the useful ways to categorize a prospect in your pipeline is to give them a potential score and design the buckets that will work best for your sales cycle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, If your contact agrees to buy your product or service, but may not pay off this month, quarter or year; flush them off the \u201clong-term prospects\u201d bucket.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your contact promises to buy your product or service but ensures he will pay off in the next quarter; nudge them off to the \u201cmid-term prospects\u201d bucket.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your contact buys your product\/service and is likely to pay off in the same month \/ early next month, move them to the \u201cshort-term prospects&#8221; bucket. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These short-term, mid-term and long-term cycles differ from company to company. Understand your company\u2019s typical prospect cycle. <\/span><\/p>\n<p><strong>In order to make sure you put right data into your squeaky sales pipeline, here\u2019s what you need to know.<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">1.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Number of leads created per month<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Number of leads converted to opportunities per month<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Number of opportunities converted to closures per month<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Average deal value<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Average sales cycle <\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">6.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Average closure rate Vs open opportunities rate<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Design a dashboard to maintain a neat sales pipeline.<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">1.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Number of cold calls \/ emails \/ \u00a0appointments you need to set each week<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Number of appointments moving through opportunities<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Number of appointments moving through opportunities<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Which clients are more likely to pay \u00a0off \u00a080% of your revenue targets<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5. <\/span><\/td>\n<td><span style=\"font-weight: 400;\">Which prospects need a different approach<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">If you want to sell better you will have to build a better and clean pipeline by eliminating stagnant prospects. At Instamojo, my team and I always try to follow the best practices to keep our sales pipelines clean.\u00a0<\/span><\/p>\n<p>What do you do at your company? Let me know in the comments below.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><b>This blog is penned by Monica Krishna, Manager of Inbound Business at Instamojo<\/b><\/p>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/?ref=blog\">DISCOVER INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Reviewing your sales pipelines regularly is one of the best practices to boost your sales revenue. Here are&hellip;\n","protected":false},"author":32,"featured_media":6836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1245,1247,1244,162,1246,1243,1248],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Keep Your Sales Pipeline Squeaky Clean - Blog Instamojo<\/title>\n<meta name=\"description\" content=\"Reviewing your sales pipelines regularly is one of the best practices to boost your sales revenue. 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