Whether you are a solopreneur or corporate sales manager this Harvard Review article applies to all those interested in selling their product or service.
According to studies, reported in the Harvard Review, “companies with effective pipeline management had an average growth rate of 5.3, a 15% increase. Even more, interestingly, companies that mastered three specific pipeline practices saw 28% higher revenue growth.”
Here are the three best practices that these all-star sales forces have in common, as well as ways to implement them in your company.
Keep-in-mind, whether a solopreneur, entrepreneur or small business, these same principles apply, in my opinion. Why not learn from the best? Practices, procedures, and consistency of these principles spell success, and this means growth.
Clearly define the sales process: This relates to design, measurement, and performance. It means having clearly defined stages and milestones for the salespeople understand. As a solopreneur or business person who does not see themselves as sales people, it makes sense to know what does it take to sell your product or service. What must you say and do to insure you reach the right target audience and how can you be SMART about accomplishing the-end-result. What steps must you take? Knowing too that consistency of this process is what is proven to work best.
Spend at least three hours a month on pipeline management. Preparation is key. You need to spend the time to research and examine what resources are available to you and your team. How you spend your time is just as important. Research showed 11% revenue growth for those who spent greater amounts of time on the pipeline management.
Train sales managers on pipeline management. Target training to address challenges showed 9% faster growth, so clearly managing you, the solopreneur or manager is critical to the sale process and outcomes.
You may review the entire article by Jason Jordon and Robert Kelly, Harvard Review article; Companies with a Formal Sales Process, 2015.