Profitable Sales Pipeline And How To Build It


by Frank Mims - Date: 2007-04-14 - Word Count: 600 Share This!

The strength of any great sales professional is in the size, value, and credibility of the pipeline. A pipeline is defined as an identified prospect company to which you have described the features of your products or services. These features will enhance the value of the prospect's business or solve a potential company problem in the future. A good sales professional looks at a pipeline as a living, breathing, and growing object. It will start out small and continue to grow when it is fed the proper nourishment, and will begin to feed you only at its mature stage. Building this pipeline can also be compared to constructing a commercial skyscraper; the deeper and stronger the foundation, the taller the building. The construction of an industrial or commercial building represents considerable investment in terms of both time and skill. It is critical that the pros and cons be carefully weighed before making the decision to attach a prospect to your list. The tools, skills, and a great deal of time go into constructing a profitable pipeline. Tools and skills include networking, fact-finding, concentrative-listening, information verification, and payback. Activity, as it relates to building a pipeline, is key to success. The higher the level of a new contact, location of a new business, and rediscovering old opportunities, the greater will be the size, value, and credibility of the pipeline.

Start in the center and work your way out. Find people you know, companies you know, and businesses in close proximity to your place of business, home, and school.

Every business is a suspect until eliminated on the basis of a prospect's needs, buying timing, and opportunity.

Develop a ranking system for the prospects in your pipeline. (Rank the prospects in your pipeline according to when they are schedule to close/buy. A three- or four-tier ranking works well.)

Feed your pipeline daily, and it will feed you monthly. (Each time you eat, feed your pipeline one suspect. In one week either convert to a pipeline prospect or eliminate.)

Every great pipeline will have some rabbits, deer, and elephants. (The object of the game is to have something closing at all times - small prospects you can close quickly, medium prospects that may require more time, and large prospects that could require more time and have a greater dollar value. Your industry will dictate the number of accounts in each.)

The easy sell is the one that your product and services were design to solve. The solution that integrates seamlessly and provide the greatest value to the prospect.

Avoid the six deadly sins of building a profitable pipeline.

Pride is excessive belief in one's own abilities that interferes with the individual. There is gold in some of the strangest environments. Look under every rock. Don't let your pride stop you from entering those golden doors.

Envy is a feeling of discontent or covetousness with regard to another's advantages, success, and possessions.

Gluttony is excessive eating - to over consume prospects in one's control. Every company does not belong to you. Only eat what you have placed on your plate, not everything on the buffet table.

Lust is to crave, hunger for, covet, or yearn for power. Resist the need to over control the prospect or your information. Let the information flow to you. (When the student is ready, the teacher will appear.)

Anger is manifested in the individual who spurns love and opts instead for fury. It is also known as wrath. Anger blocks one's creativity, reasoning, and fact-finding abilities. All are in need of building a profitable pipeline.

Sloth is the avoidance of physical, mental or spiritual work.

Greed is good. Control it; don't let it control you.


Related Tags: marketing, business, training, sales, sales productivity

FRANK MIMS V is a former Private Country Club Clubhouse Manager. For the last 20+ years he has earned his living as a career sale professional with the Xerox Corp., Wiltel/Worldcom and the Canadian based Mitel Networks Inc. an international communication company. He has sold in both the domestic U.S. and international markets worldwide with his focus on large enterprise corporation account penetration.

Today Mims is President of The Mims Morning Meeting a SALES SKILLS ENHANCEMENT COMPANY designing training technique for meetings to stimulate sales and productivity for sales and marketing organizations. He is also a guest lecture at colleges and universities. Mims is a master storyteller and the author of the soon to be publish book "THE BEST WAY TO GET ON YOU FEET IS TO GET OFF YOUR ASS AND SALE SOMETHING". You can view some of Mims midget sales skills enhancement stories booklets online at http://www.mimsmorningmeeting.com

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