The invention of the sales pipeline is older than you think. It was first constructed in the year 1898 by a business man named Elmo Lewis. Today, the sales pipeline is also known as the purchase funnel.
The sales pipeline technique is a rigorous step by step process that takes prospects from hearing about your product to the check out, when they decide on purchasing.
Sales Prospecting is the process by which you sieve through your leadset to find leads that are most likely to purchase your product. These qualified leads are known as prospects.
Improved prospecting for a smoother lead funnel
Prospecting is done by shortlisting the most probable leads that will buy your product. Lead prospecting can eliminate the barriers of spending time on wrong leads who might be unlikely to purchase your product.
Prospecting is part of creating a robust list of leads that will give more returns for activities done in the sales field.
5 Prospecting steps to turn your sales pipeline
In this article we take a closer look at prospecting leads so that you can see more success being derived from your sales pipeline.
By following these five steps you can get more success from your sales pipeline management and derive better results from the leads you contact.
Step 1: Research and prioritize your leads
In this phase you do the research to find out which are the leads that qualify as strong potential buyers. You can check your leads using the BANT model of qualification that stand for, does the qualified lead have:
B – the budget to buy your product
A – is in a place of authority to buy the product
N – Does the lead have the need for the product
T – What is the timeline for them to make a decision
Step 2 – Ask the qualifying questions
Does your lead match the ideal customer profile?
Do you offer your service to their geographical area?
Is the size of your organization ideal for you product?
Are they a good fit for your product?
Asking qualifying questions that centre around your product is a quick way to gauge if a lead is a qualified prospect for your product. Ask questions that are central to your product or service, keeping in mind the lead’s individual needs.
Step 3: identify the key decision maker
Depending on the price and nature of the product you will have to speak with a key decision maker that can sign off for the sale. Thanks to social networks like Linkedin it’s not difficult to score through an organization and find the right decision maker.
Key decision makers may vary according to the nature of the product. It’s up to you to research and identify the right decision maker within an organization.
For a smaller product or service that is affordable, the decision maker may be a leading member of the team. However for a long term subscription or a service that modifies the running of a business, the key decision maker may be at the top of the organization.
Step 4: Educate your prospects with a discovery phase
Make it your mission to educate a prospect about your product or service in the early stages of the sales pipeline. During this phase you can tell your prospect about all the advantages of your offering and how they match the needs of their organization.
Ask questions regarding your lead’s needs and cross reference this with your product or service. During the prospecting phase this is a two pronged approach that shortlists prospects and also acts as a selling mechanism to leads.
Step 5: Acknowledge your prospects objections and needs
Did you know that on average 80% of prospects say ‘no’ to a sales pitch before buying a product. It is for this reason that your sales team should be ready to address any objections of the customer and objectively show how your product can match the needs of an individual or organization.
After acknowledging the objections of a customer and showing how your product can fulfil their needs, there’s just one thing left to do – and that’s asking for the sale.
Every business needs a prospecting tool and qualifying strategy to strain the most results from their lead sets. Prospecting helps a business get higher sales and conversion rates and increases the effective sales prospecting techniques of the sales team.
A business like LeadX 360 allows you to capture warm leads on the field and have them assigned directly to the sales team, where these leads can be processed by prospects. It’s important to note that, as these leads are collected on the field, there is a higher chance of connecting with a decision maker within the organization or on the ground level. leadX 360 helps businesses from every sector to achieve their goals and be successful by working together in total sync with their representatives and stakeholders.