Build Pipeline NOW to Close 2024 Strong

You wrapped up Q1 and are halfway through Q2. Soon you’ll have a full tally of how your sales teams did with top and bottom-line results in April. For many, the Summer comes in fast and furious as you recover from the mid-year push and assemble your teams to plan for the rest of the year.

So, exhale for a moment and breathe deeply; now is the time to take a good, hard look at your opportunity pipeline for the balance of 2024. Are there enough qualified opportunities in development to enable you to exceed your revenue plans? Ignore the adage that you need to have “three times” the revenue in your pipeline to hit your annual plan – it’s not only a bad guess for how to hit your number, but it’s also a dangerous precedent for sellers who aren’t sure what a healthy pipeline actually looks like.

Here is what your sales leaders need to do NOW to make sure there is enough revenue working:

  • Establish Qualified Opportunity Criteria:this should have been done by January 1, but if you haven’t done it yet, it’s not too late. Make sure each member of your team knows the criteria required to categorize an opportunity as qualified. (We have done this with our customers, and can send anonymous examples to you by request to john@drive-revenue.com)

 

  • Coach Opportunity Development EARLY: don’t wait until the negotiation is coming to a head to parachute in and close the deal for the seller. Salespeople learn nothingfrom this, except perhaps how you close, which won’t help them when you aren’t there. Set a schedule with each of your reps to coach them on how to successfully navigate their open opportunities, and make sure a complete job is done in early stages.

 

  • Practice Skill Conversations:from prospecting to qualification and all the way through negotiation, make sure your team members are fluent in all aspects of the conversations they will have with customers and prospects. Not all sellers need every skill improved; a good benchmark is to pick one skill per rep per month and ensure that it is really mastered.

Once you have these basics in place, we can look at how to build the right opportunity mix for a healthy, balanced revenue pipeline. But without doing the work to establish opportunity criteria, coaching opportunity development and practicing skill conversations, you’re sure to have some gaps in your pipeline that will make it very difficult to achieve your annual plan. If you do the heavy lifting now, you will avoid the year-end fire drills that many organizations go through to hit their numbers in Q4.

 

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Ask A Sales Leader: Jessica McClure

1.  What was it like coming from a Scientific Background to a Sales role?

I started as a lab rat. It was my responsibility to maintain the lab while running my own experiments. As the person that had once been the main point of contact with our various vendors/ salespeople, I felt that I was able to move into a sales role with relevant firsthand experience. Having been the customer myself and therefore knowing how I wanted to be sold to, I was able to craft my style accordingly and bring more immediate connection and value as well as credibility to my own customers.

2.  How did you get into the Sales leadership role you’re in today?

I moved into a leadership role relatively quickly in my career due to a variety of reasons. I started with a small company that needed someone with a strong science background to help train their salesforce. From there I found myself wearing multiple hats and as I moved from one company to another, I was afforded many opportunities to work across a variety of departments always within the commercial team. All those experiences helped mold me into the professional that I am today making the transition to the role that I have now a natural fit.

3. How do you improve the skills of your sales team?

I feel that no one should ever stop learning in any role that you are in. I encourage my team to take on new projects all the time that stretch their skill sets to help them become more well-rounded individuals and contributors to our organization. We ensure we have an ongoing series of companywide training courses as well to keep skills fresh and sharp and to allow for each person to evolve over time.Once everyone has had the opportunity to take these core programs, we add on new ones to not only maintain fundamental behaviors but also to support further advancement of those key areas.

4.  What advice would you give to other Sales Leaders?

Invest in your people. Always.And never stop doing it. Whether it is for their immediate needs or their long-term growth, it is essential that you offer a variety of options for your team to learn and expand their knowledge base. Don’t expect them to do it on their own–rather make it a requirement. It is your responsibility to ensure your team knows their worth to the company and further training them is just one way to do so. They are your most valuable asset, and the investment is more than worthwhile–it’s necessary.

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Pipeliner CRM Round Table

I participated in an engaging roundtable hosted by Pipeliner CRM (www.pipelinersales.com), delving into the profound influence of AI on our business landscape. The discussion generated captivating perspectives and insights from diverse businesses. Here are the 4 key highlights that resonated with me.

  1. AI beats humans on some tasks, but not on all. AI has surpassed human performance on several benchmarks, including some in image classification, visual reasoning, and English understanding.Yet it trails behind on more complex tasks like competition-level mathematics, visual commonsense reasoning and planning.
  2. The United States leads China, the EU, and the U.K. as the leading source of top Al models. In 2023, 61 notáble Al models originated from U.S.-based institutions, far outpacing the European Union’s 21 and China’s 15
  3. The data is in: Al makes workers more productive and leads to higher quality work. In 2023, several studies assessed Al’s impact on labor, suggesting that Al enables workers to complete tasks more quickly and to improve the quality of their output. These studies also demonstrated Al’s potential to bridge the skill gap between low- and high-skilled workers. Still, other studies caution that using Al without proper oversight can lead to diminished performance.
  4. People across the globe are more cognizant of Al’s potential impact-and more nervous. A survey from Ipsos shows that, over the last year, the proportion of those who think Al will dramatically affect their lives in the next three to five years has increased from 60% to 66%. Moreover, 52% express nervousness toward Al products and services, marking a 13 percentage point rise from 2022. In America, Pew data suggests that 52% of Americans report feeling more concerned than excited about Al, rising from 37% in 2022.
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On The Road Again: Milan, Italy

It’s Design Week here in Milan, and automotive, fashion and artistic leaders are displaying the latest in cutting-edge design. We are working with a customer to craft their sales process for success. Listen to the video for more. Ciao!

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Why Profiling In Sales Works

This topic is worth revisiting. While “profiling” typically carries a negative overtone in contexts such as police activity and airport security, Merriam-Webster spells out that in sales, profiling is not only acceptable but central to achieving success. The dictionary defines profiling in sales as “The act or process of targeting a person (or organization) based on known traits, tendencies, characteristics, or behaviors,” highlighting its importance in effective sales strategies.

A thriving sales organization systematically targets customers by delving into their identities, aspirations, industry-wide obstacles hindering their progress, and purchase motivations. By understanding these “traits, tendencies, characteristics, or behaviors,” companies can effectively position their products or services within the marketplace, fostering a sustainable business model.  

It bears repeating – in a business setting, general targeting may work for marketing, but on the streets, sales reps need specific criteria to win. And be aware, it’s one thing to look at your audience from a high level, and quite another to evaluate ideal buyers at the granular level.  

Who are your reps prospecting? Are they using a haphazard approach within an organizational chart or do they have a wisely designed plan? Additional considerations: 

  • Is the team profiling the roles of those who truly are the decision makers or who will sway the buying decision?   
  • Are the reps attuned to how the influential roles might be evolving in the current marketplace?  
  • Do they know what obstacles these influencers may be facing, their overall objectives, and how to directly associate the unique aspects of their product or service with the specific roles?  

While the profiles of decision-makers may vary only slightly, a representative’s thorough understanding of these individuals, meticulously profiled, can significantly impact their success. 

We understand effective sales profiling can be complex which is why we offer Sales Process Definition Workshops. In our workshops we draw upon our research, joint industry experience and our knowledge to collaborate with clients to sharpen their profile aptitude. Here are our steps: 

  1. Working together, outline the profiles of the essential decision-makers and influences necessary to facilitate a sale.  
  2. Delineate the objectives, needs, issues and challenges of both decision-makers and those holding buying influence roles.  
  3. Help clients carefully determine how specific components of their products and services align with their particular targeted audience profile.  
  4. Build a customized strategy for reps to use when preparing for a conversation with the target audience. 

With clear targets, you can decrease the cost per sale. How? Profiling strategies accelerate the sales process by equipping representatives with the tools to deliver a targeted and consistent message. This facilitates quicker qualification of prospects, shortens the sales cycle, reduces setbacks, and enables representatives to efficiently close more deals. Strengths have been leveraged effectively, leading to optimized performance across the sales pipeline. 

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Mastering Persuasion: Leading Buyers To Your Solution

Persuading a potential client to embrace your product or service and adopt a fundamental shift in their business approach presents a formidable challenge. Nevertheless, such persuasion is often a necessary step forward. In my experience, the most effective approach to move a prospect from reluctance to considering change is by showcasing value.  

I liken it to mastering the three M’s – measurement, the mechanism by which value is measured, and the meaning (dollars) of the measurement. Without perceived tangible benefits or a compelling rationale for change, buyers will likely remain steadfast in their decision to decline. 

Here’s a breakdown of the three M’s. Mastery of each will set you on the path to effective persuasion. 

  • Measurement: Understanding how the buyer calculates value is paramount. By asking pertinent questions, you can identify the metrics that hold the greatest significance for the buyer. For instance, in the medical device industry, value is measured in recovery times and reimbursements. In the hospitality industry, attention is often directed towards guest satisfaction ratings and occupancy rates, whereas in retail, metrics like sales per square foot and inventory turnover take precedence. Metrics reflect costs, which your product has the potential to alleviate. To what extent can your product help decrease expenses? This process establishes worth by yielding tangible monetary benefits, with dollar savings serving as a significant indicator of value. 
  • Mechanism: How do you calculate the value? In the medical device industry, it may be patient outcomes per procedure or cost savings per treatment, while in the hospitality industry, it could revolve around room occupancy rates. Does your client have a system? If not, work together to establish one. Achieving alignment on how value is quantified is crucial for an effective approach. 
  • Meaning: How do you evaluate the data generated or collaboratively developed in step two? These figures should undergo analysis to enhance profitability It’s imperative to analyze these figures to optimize profitability. For example, if a medical device company introduces a new procedure that shortens the duration of a specific surgery by 10 minutes, resulting in reduced anesthesia usage and shorter recovery times, the potential cost savings could be substantial. By quantifying this, it’s projected that the hospital could save $500 per surgery, translating to $60,000 in annual savings for each operating room. Such information alone carries immense importance for the buyer. 

Once the value is established, resistance to change diminishes. If the buyer remains skeptical, revisit step one to strengthen the connection between key metrics and value. Flannery Sale Systems can assist you in steering discussions with buyers to integrate value. When applied effectively, these tools will help buyers transition from traditional practices to your innovative approaches more seamlessly.  

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How To Improve Your Q1 Revenue Results

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You spent a lot of time building, delivering and coaching your commercial strategy for this year. And soon you’ll find out the results. To meet and exceed on a regular basis requires some fundamental execution. Click above to learn more.

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Three Must-Haves for Success in Sales

During formal and informal conversations with our customers, we often hear the question, “How many steps should there be in the sales process?” We know how important it is for the sales process to mirror how customers are buying, but the reality is there is no one-size-fits-all answer.

Each business and its customers is unique and the number of steps in a sales process varies based on the complexity of your product or service, the industry you’re in and the preferences of your target customers. That being said, you can follow some general guidelines to help determine the optimal number of steps in your sales process.

Here are three stages, or milestones, that we find sales teams cannot live (or sell) without.

  1. Access to Key Players (Decision Maker): This is not a new concept but as budgets continue to be scrutinized, it becomes harder and harder to extend the reach of a sale to multiple levels of titles. Clearly articulate the far-reaching benefits of your product or service to complete this stage.
  2. Expressed Value:Once you have access, these individuals must understand the value that your offering provides. Without this, you will be dancing in the dark when it comes time to go into the evaluation phase.

 

  1. Approved Implementation Plan:During the stage of co-developing the opportunity with your customer or prospect, get your plan approved – not after the deal is signed. This sole step will help determine your position deep into opportunity development. Additionally, the seriousness of the participant gauges how sticky your solution will be thereafter.

I’ve previously shared this great example. A medical device customer of ours was having difficulties getting into conversations with key players in their existing customer base regarding a new offering they had obtained through an acquisition. The offering was an existing diagnostic test with a new enhanced feature. The challenge was that the enhanced feature provided a benefit that had never been completely commercialized.

We sat down with a cross-functional team from their organization and built a pro forma model of what impact the solution had on existing practices in the testing environment, and who would benefit from this. They went searching for data to substantiate their assertions of what value this add-on widget could provide. They found a reputable research company that had done a study that provided the information they were looking for. We were able to help build a dollar value and a testing value into a pro forma model (Benefit Summary). The Benefit Summary provided all involved with a complete understanding of the value of their new enhanced feature.

Next, we helped them to create a prototype of an Implementation Plan that correlated with how they could roll this out to their customers. Once completed, the sales process plan was delivered and executed with their main customers. As a result, they have successfully sold an additional 12% in total revenue on this product alone in an $80 million division.

What are you or your organization waiting for to drive more revenue? Let us help you define (or refine) these steps and start picking up incremental revenue now!

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Mastering Persuasion: Leading Buyers To Your Solution

Persuading a potential client to embrace your product or service and adopt a fundamental shift in their business approach presents a formidable challenge. Nevertheless, such persuasion is often a necessary step forward. In my experience, the most effective approach to move a prospect from reluctance to considering change is by showcasing value.  

I liken it to mastering the three M’s – measurement, the mechanism by which value is measured, and the meaning (dollars) of the measurement. Without perceived tangible benefits or a compelling rationale for change, buyers will likely remain steadfast in their decision to decline. 

Here’s a breakdown of the three M’s. Mastery of each will set you on the path to effective persuasion. 

  • Measurement: Understanding how the buyer calculates value is paramount. By asking pertinent questions, you can identify the metrics that hold the greatest significance for the buyer. For instance, in the medical device industry, value is measured in recovery times and reimbursements. In the hospitality industry, attention is often directed towards guest satisfaction ratings and occupancy rates, whereas in retail, metrics like sales per square foot and inventory turnover take precedence. Metrics reflect costs, which your product has the potential to alleviate. To what extent can your product help decrease expenses? This process establishes worth by yielding tangible monetary benefits, with dollar savings serving as a significant indicator of value. 
  • Mechanism: How do you calculate the value? In the medical device industry, it may be patient outcomes per procedure or cost savings per treatment, while in the hospitality industry, it could revolve around room occupancy rates. Does your client have a system? If not, work together to establish one. Achieving alignment on how value is quantified is crucial for an effective approach. 
  • Meaning: How do you evaluate the data generated or collaboratively developed in step two? These figures should undergo analysis to enhance profitability It’s imperative to analyze these figures to optimize profitability. For example, if a medical device company introduces a new procedure that shortens the duration of a specific surgery by 10 minutes, resulting in reduced anesthesia usage and shorter recovery times, the potential cost savings could be substantial. By quantifying this, it’s projected that the hospital could save $500 per surgery, translating to $60,000 in annual savings for each operating room. Such information alone carries immense importance for the buyer. 

Once the value is established, resistance to change diminishes. If the buyer remains skeptical, revisit step one to strengthen the connection between key metrics and value. Flannery Sale Systems can assist you in steering discussions with buyers to integrate value. When applied effectively, these tools will help buyers transition from traditional practices to your innovative approaches more seamlessly.  

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Don’t Let Procrastination Kill Your Pipeline

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One of the hardest parts of sales is keeping the pipeline filled with qualified opportunities. Nurturing leads is something salespeople put off. Akin to delaying the home maintenance project you perceive as time-consuming or the medical check-up that makes you uneasy – procrastination is a creeper But avoiding necessary actions can make things harder over the long term.

 

We know the importance of sustaining the pipeline and nurturing leads so why do we drag our feet? I’ll explain some reasons why as well as tell you how to prevent procrastination from taking root.”

 

So, what’s hanging us up?

  • Time Constraints: Sales reps often face tight schedules and multiple priorities. Nurturing leads requires time and effort, which can lead to procrastination when other urgent tasks take precedence.
  • Lack of Resources: Limited resources, such as manpower or tools for automation, can make lead generation seem like a daunting task.
  • Focus on Immediate Wins: Low-hanging fruit. Some may prioritize pursuing new leads and immediate sales rather than investing time in nurturing existing leads, especially if they are focused on meeting short-term targets.
  • Unclear Strategy: Without a well-defined strategy, sales teams may struggle to prioritize and execute consistent actions, leading to procrastination.

Being mindful of your circumstances and some of the classic reasons why we procrastinate can help reduce its occurrence. Here are some other ways to bury the tendency and continuously fill (not kill) the pipeline.

 

  • Evaluate Current Customers: It is not uncommon for 60-70 % of new revenue to be generated from an existing customer base. These prospects are more likely to close in a timely, predictable fashion, and forecasting their revenue is typically more accurate.
  • Assess the Lead’s Value: Whether a lead is given to you or organically generated, the most qualified leads are those with a personal connection. We are interconnected like no other time in history – personally and professionally. A quick LinkedIn search can reveal if you know someone within the company you are targeting. A cold lead instantly turns warm with an introduction from a mutual acquaintance.
  • Weigh Progress with a Milestone: The velocity of water through a pipe depends on pressure. Likewise, it’s advantageous for salespeople to have some pressure – or triggers – to determine the pace of a deal from contact to close. This is especially true immediately following an initial customer conversation. Did the customer share any goals? If yes, spend more time pursuing that. A great forecasting tool is a Deal Map. This document identifies by date and responsibility a map of the deal. Buyer and seller agree to the terms and proposed timeline. When both parties are working off the same document, forecasting probability and close date are easy to determine.

 

Regularly evaluating and refining your approach will contribute to a more resilient and effective sales pipeline management strategy – leading to more confidence and less procrastination. As William Butler Yeats, one of the greatest poets of the 20th century, said, “Do not wait to strike till the iron is hot, but make it hot by striking.”

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