It is a common metric for enterprise sales teams that the technology sales pipeline should be at least 3 times the sales number you want to achieve in that quarter. This may be true but what about if you could increase the size of your pipeline and, at the same time, improve the 1:3 ratio to 1:2 or 1:2.5.
The problem is usually based around the effectiveness of individual sales peoples ability to qualify opportunities. Qualification of individual prospects and the overall technology sales pipeline is usually coloured by sales peoples desire to please their bosses and demonstrate how hard they are working rather than reality.
It may be the case that if more effort was allocated to ensuring that the quality of opportunity that went in at the top of the sales funnel, the more accurate the predictability of sales closing at the other end will be. So why do sales people and sales managers not start qualifying prospects effectively until the Black friday 2017 technology items deals “looks interesting”?
Qualify effectively from the outset, identify the small proportion of your prospects that are serious about doing business and allocate time proportionately to closing those sales. At the same time it is important to qualify out those prospect companies where you recognise that there is no business opportunity within the medium term. Sounds sensible and sounds easy, so why do so many sales people spend time chasing deals that will never happen?
Once the top 10% of opportunities are qualified in as “active sales” and the bottom 50% qualified out as not effective use of time and resource, a pool of approximately 40% of your total prospect database should remain. It is this 40% that, if managed and nurtured properly, will provide your ongoing qualified technology pipeline and delivering a constant flow of opportunities. By nurturing prospects and contacts effectively they are fully aware of your organisation, capabilities and relevant customers, all in the context of their needs and the opportunity they have to do business with you. Through constant, relevant contact with multiple touch points in the prospect company it will be natural to enter the sales cycle at the right time and enable sales people to continually qualify, at different levels, through the nurturing process.
The above is obvious and if I asked one hundred sales people if they worked in this way, 99 of them would confirm that they do, but my experience would tell me that, at best, a mere 5 out of 100 sales people actually work in this way.
Those who are working in technological fields, and who are selling products or services related to the IT industry, or other areas of technology, need to have sales to survive. It might be possible for companies and their sales force to gather technology sales leads alone, but it is time-consuming, and it can be wasteful of resources. Spending all of that time looking for sales is time spend not making sales. Rather than waste that time, it can be a much better option to choose to outsource to another company for those leads.
It is possible to find some great companies out there that will be able to do all of the work of calling and finding great technology sales leads. It will make things more efficient for the sales force, and they will not have to spend all of that time cold calling. They will already have great leads that they will be able to use, which means that they will be making more sales. Outsourcing is going to provide a business with quite a few benefits. Once a company understands these benefits, they will be more willing to acknowledge what a great choice outsourcing leads can be.
Better Utilization of Company Resources
Using a company for technology sales leads means that the in-house resources you have will be able to concentrate on other things. They will be able to focus more on the product and the sales that they are going to be making from the leads they receive. Rather than worrying about finding and generating new leads, the sales staff will be able to provide each of the customers with the full attention needed. This can foster a better relationship between the company and the customer, and it can do wonders for sales.