What You Need to Do to Convert Prospects
[vc_row][vc_column][vc_column_text]Anyone and everyone in sales will tell you that not all prospects convert. Most of the time, only a dozen out of the myriad leads brought in make it to the proposal stage, and fewer end up buying. This may seem like a colossal waste of time. But the truth of the matter is that more often than not, time is wasted due to poor pipeline management and not because prospects do not commit. So, how can you create a process to convert prospects?
Your sales pipeline is the process or the steps through which you achieve a sale.
- At the top of your pipeline are your leads;
- This is followed by meetings and interactions;
- These meetings and interactions get you to the proposal stage;
- Once a proposal is sent to the prospect, the process gets to the negotiation stage;
- If things work out positively for both parties, the deal is won.
Managing your sales pipeline is important because all the flurry of activity that occurs between the beginning and end of your sales pipeline accounts for how the deal turns out- that is, if you were able to convince the prospect to buy or invest in your solution. You need to see whether your prospects actually have a need for your product, whether they have the finances to buy it, if they are willing to work with you to implement a solution. There are only a handful of sales representatives who follow procedure or develop their own for managing sales opportunities. Many end up wasting precious time on deals that are unlikely to convert. In order to measure success and conversion rates, you need to understand what steps are being taken along the way and identify the critical points in the pipeline that influence a prospect’s purchasing decisions.
If you can track what is happening in your pipeline and understand what is leading to prospects converting or deserting, then developing a practical method for managing opportunities becomes easier. With Salesvue, you can easily track meetings, proposals and outcomes. Our one-click call screens help sales representatives log calls with ease and can save up to 90 minutes per day in logging time. The total activities report gives management insight into who is talking to who, when, for how long and what the end result of those meetings and conversations are. You gain knowledge into conversion rates by industry, representative, time of day and day of the week. With Salesvue, you can identify patterns and recreate success.[/vc_column_text][/vc_column][/vc_row]