Superior sewing Sales pipeline management

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SUPERIOR SEWING MACHINE SALES PIPELINE MANAGEMENT

Based on Course by Dean karrel on Lynda.com

Presented by : Ramon Molano January 11, 2019

This course is designed to equip us to exceptional sales persons and an exceptional organization that is above our competitors.

OBJECTIVES OF THE COURSE

 To gain a foundation in sales pipeline management and learn how to become more skilled at organizing leads, cultivating opportunities, forecasting outcomes, and closing sales.

 Funnel  Prospect  Opportunity

 Process  Pipeline  Leads  Qualified leads  Closed sale

TERMINOLOGY

- Different people might have different interpretations of common sales terms - All team members should agree on what the key terminology means, everyone needs to be in the same page. This is key to the success of the sales process. - There is a key difference between the sales process and the sales pipeline - Sales process: Selling steps you follow from the initial prospecting stage, through the final stages of closing a sale - Sales pipeline: Focuses on the specific number of leads, prospects, and opportunities that flow alongside the sales process - Sales funnel: A funnel focused on getting a large amount of prospects, shrinking down to a smaller number of closed sales - A sales pipeline goes alongside the sales process with the key stages of working with a potential customer, you can evaluate and track each stage of the pipeline

STOP. DON’T JUMP TO THE CLOSE!

Develop a strategy to go after the business • Organize • Plan • Prepare 1

2

3

Review game plan

Set a time table

- No matter what profession you have, there’s always an important strategy to follow (chef, architect, pilot, salesperson) - Planning: Account coverage, Calls to be made, Follow-up that’s needed, Management and administrative tasks - The most critical aspect of any job is the time you spend organizing, planning & preparing to move to the next stage of the sales process - Not easy for salespeople, but extremely important - Organize (Accounts, corporate responsibilities, software, office space) - Planning (What are the first three things you will do Monday morning, what are the critical objectives that need to be accomplished next week - Time is valuably, planning helps maximize time - A time table helps maximize the revenue – Don’t improvise!

THE SALES PROCESS  1. Prospecting

 2. Gathering Information  3. Assess the Need and Create Solution  4. Solve the Need with Product or Service  5. Present and Sell  6. Ask for the Business  7. Deliver on your Promise  8. Follow up with Customer  9. Report & Communicate back to customer  10. Evaluate & Improve

- Selling steps you follow from the initial prospecting stage, through the final stages of closing a sale - Prospecting is where selling starts - Gathering information, planning and preparation (knowing the customer before meeting them) - Assess the need and solution (Become an investigator and get as much information about the customer)

TRAINING & COACHING

Product or Service

Collaborative Selling

Individual Coaching

Financial acumen

Time Management

Communication

- Changes in the marketplace and technology require us to receive training and coaching throughout our careers - Important for reaching our full potential

- Keep current on all products - Work with other departments - Communication within departments - Training is key to better pipeline managements and greater sales success!

TRACKING AND ANALYZING

 Tracking Leads  Account Coverage

 Monitoring Results vs. Budget  A good integrated Computer System (SB Client)

- Well integrated program is key - Very important for the early stages of the pipeline and sales process - Market feedback can be kept in a centralized place - Analysis by channel can be easily performed (Resources, revenue, cost of sales) - Enhances teamwork

HEALTHY COMPANY

Hits Targets 01

Keeps Expenses Low 02

Accomplishes Objectives 03

These are also the roles of a salesperson Foundation of what a sales pipeline is designed to achieve Revenue target forms the basis for review and analysis of success of the sales pipeline Expenses need to be kept under control to remain profitable, this needs to be taken into account in the pipeline Objectives: What can be done to achieve sales growth?

SALES PIPELINE

Focuses on the specific number of leads, prospects, and opportunities that flow alongside the sales process - Starts with sales leads (Researching, making cold calls, sending out e-mails….) hopefully will generate a need for follow up - Once interest has been uncovered, it becomes a qualified lead - When sales call is made, it becomes a prospect - An Opportunity is when things start getting more serious with the customer (developing ideas for a proposed solution, initial revenue projections are made) - Solving the need and presenting (Very important to keep in mind that the pipeline may slow down here. Decisions need to be made) - Closed sale is when you receive the official yes from a

5. Communicate , Follow up, Sell Again

1. Sales Leads & Develop Prospects

4. Closing Sales

2. Cultivating Opportunities

customer or when you receive the PO - # 5 : Makes the difference (Crucial)

3. Solving the Need and Presenting

- A sales pipeline aligned to the sales process is a key tool to help us sell more effectively, efficiently, and successfully

SALES LEADS & DEVELOP PROSPECTS

Find

Find Leads & Qualifying Prospects

Educate Team Members Educate

Determine Lead & Prospect Projections Determine

- Needs to be done properly, everything else depends on this step - The numbers must be high - Who s responsible for finding leads - Requires training - This is what enables the pipeline to begin with a healthy first step

CULTIVATING OPPORTUNITIES

Bridge Between New Prospect & Closed Sale • Know your Customer

Maintain the Number of Opportunities • Crucial for Healthy Pipeline

Potential Sale

• Assign Value • Date of Decision • Weight the Opportunity (%) • Determine the Solution

• Ask Questions • Listen Closely

• Take Good Notes • Clarify & Reconfirm • Assess the Need

Opportunity: The ability to assign some potential revenue to a prospect for a sale in the future Not all prospects turn into opportunities Requires a plan, diligence and patience Cultivating an opportunity requires a plan. You can’t just ‘wing it”

TYPICAL PIPELINE

25 Qualified Prospects

1000 Leads

100 Prospects

10 Opportunities

5 Closed Sales

SOLVING THE NEED AND PRESENTING

Planning & Preparation •Review Notes •Ensure you Answered Previous Inquiries •Review for Updates •Reconfirm Pricing & Delivery •Confirm Presentation Materials are Prepared •Who will be in the Presentation •Anticipate Questions •How Much Time do you Have •What Time do you Plan to be There •Practice

Determine the Solution According to Customer’s Need

Gather all information so far and prepare to sell. If done properly, the closing becomes much easier Check that you are well prepared, this will also help with the close This stage is what separates the best companies from the others – This is where we can really make a difference

CLOSING SALES

Know When is the Right Time to Close

Don’t be Afraid of Hearing “No”

Don’t Give Up!

Ask More Questions

Ask for the Business Again

Refine the Offer

Renegotiate

This is often the most fearful part for many sales persons Be confident and ready

Come up with your own closing phrases (When can we get started on this project? Is there anything missing that’s preventing us from moving forward? We’ve agreed on price, terms, and timelines. Can we place the order? Is there anything I’ve missed? When can you give me the approval, so we can get started on our end?) You will hear a lot of NO’s – It is part of the process

COMMUNICATE, FOLLOW UP, SELL AGAIN

 Communicate with Customer / Company  Follow Up on Requests / Promises  Most Opportunities are missed due to lack of Follow Up  Satisfied Customer Becomes a repeat Customer  Repeat Customer goes back into the Pipeline  Start on Next Opportunity

- Closing the sale is not the end of the pipeline. Now we need to follow up, communicate, and start working on the next order….. - It is crucial to do proper follow up, so we don’t miss new opportunities - Post-sale efforts need to be monitored, reviewed, and evaluated to ensure customer is satisfied and we can sell again - At this stage, we’re in a position to bring customer back to the beginning, but in a much better position that we were when customer was just a lead - The objective is that customer gives us repeat business (This makes our pipeline even stronger) - We need to accomplish all these elements (deliver on our promise, follow up, communicate internally, evaluate the sale, set up next appointment (while the iron is hot) - This pipeline strategy is very important to keep repeat business going……

FORECASTING

 Accurate  Honest  Time focused

Helpful tool to review projections vs. actual closed sales Might seem burdensome and unnecessary, but it is very important

We must be fully transparent with our sales projections – Don’t just put a number to look good, it can only hurt us An accurate, honest, and timely forecast becomes a key element of our pipeline management success These are the foundational pieces of the pipeline’s value to you and the company If the numbers aren’t accurate, then the pipeline is flawed and of diminished use We begin forecasting at the second stage of our pipeline (Cultivating Opportunities) Weighting is also important here. We can’t say that every opportunity has a 50% chance of closing!

REVIEW AND MAINTENANCE

 Review each stage of the Sales Pipeline  Watch for signs of “clogging” in the Pipeline  Purge to maximize potential  Start each day with a Pipeline Review

- Needs to be done in a regular basis - Compare to an actual pipeline (kitchen sink) - Determine at which stage there might be issues - Benchmarks are helpful here - In the prospecting stage, we need to be sure a healthy number of leads are produced. If not, it will impact all other stages - In the cultivating opportunities stage, it is crucial we are trying to cultivate “dead wood” - In the presenting stage, we need to do so quickly. Delays here will cause the opportunity to get cold - At the closing stage, we also need to move quickly. It helps to have timetables in place. - At the final stage of communication, we need to focus on the administrative pieces of the sales process - Here again, pipeline maintenance is what separates the best companies (Superior) from the competition - Start each day with a snapshot of your business - Performing all these tasks is what will bring us ahead of the competition

METRICS

Number of Leads

Number of Prospects

Number of Opportunities

Number of Accounts in Presentation Stage

Close Rate (%)

Win rate ($)

- We need to track but being careful not to bury ourselves in reports. Instead, we should review the pipeline per stage taking a snapshot of what’s working and what’s not with a deeper review once a year. - The above represent the most important metrics to follow - Pipeline opportunity volume and weighting (Close rate – Win rate) Close Rate: Number of closed deals vs. number of opportunities in your pipeline (e.q. 5 deals closed vs. 25 opportunities 25/5=20% Win Rate: Revenue estimate from all your opportunities and actual revenue achieved when sales are closed (e.q. $150,000.00 in deals closed out of $500,000.00 possible opportunities = 30%. - Sales cycle length (From opportunity to close)

CONCLUSION

 In this course, we've covered the critical ingredients of effective sales pipeline management, starting with the foundations of a strong sales process, to pipeline structure and stages, and then the essential aspects of forecasting, analysis, and maintenance. Each stage of the pipeline is very different, yet all need to be linked, in sync, and operating in a finely tuned way.

 (Dean Karrel, Sales Pipe Management, Lynda.com)

There is hard work, planning, preparation, pressure, and stress with being a sales professional. Our goal is to reach and surpass our sales targets We need to be diligent and ensure our sales pipeline is working at full efficiency

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