Much like spring cleaning, the beginning of the second quarter is a great time to conduct a sales pipeline review. With prior year tucked away and the urgency of first quarter business handled, now is the time to look forward.

The Sales Pipeline Review Informs Your Sales Manager

The highest best use of your time can often be communicating with sales management. First, it confirms you’re on track with company goals and placing priorities where they belong. Next, it builds trust and can identify the obstacles, internal or external, hindering the progression of a sale.

A way to see around corners

Regular pipeline reviews keep sales managers apprised of their team’s status with each prospect, according to staff at Indeed​.com. Armed with these data, managers gain perspective and can develop new solutions or better training methods. From this position management may also suggest collaboration to resolve similar client issues.

Promotes more accurate forecasts

With study of their sales pipeline review, sales managers have the data to create more effective plans and strategies. Accurate predictions regarding future sales also informs executive decisions regarding long-​term investments and general health of the company.

A time-​saving exercise

More than just another sales meeting, a pipeline review will save time the long run. Given the manager’s experience, expertise and synoptic view, he may offer ways to eliminate actions while improving output.

Identify potential risks and challenges

Moving forward with a stalled deal can be difficult. Understanding buy-​side hesitation is always a challenge. Your sales manager may have you describe your communication and to explain the barriers. Collaborating to solve problems brings trust, confidence and success.

Prepare for follow-up

Your sales pipeline review should have a post-​meeting assessment at a prescribed frequency. You may be asked to revisit a prospect with a specific goal in mind. Further, there may be opportunity for trade-​offs or to take corrective measures.

Inside the Sales Pipeline

Again, according to Indeed​.com, the sales pipeline is a visible way to track your progress of selling to your prospect. Ideally, it illustrates a predefined path from prospecting to close.

B2B sellers may be working with what’s provided or is most convenient or comfortable. Variations may include a conventional CRM, a simple spreadsheet or a whiteboard.

A logical progression of steps

Prospecting:

Think of how you begin your sales process. Typically, it begins with selecting likely buyers, cold calling or perhaps a referral. Your business may have customers approach your company to fill a need or want.

Qualifying:

Sellers save time by asking quality questions at this stage. Proceeding requires the prospect meet the obligations or qualifications to complete the sale.

Consideration:

Consider your product’s appropriateness or suitability and the potential buyer’s authority to make the final buying decision. Ask: “Would this be questioned at the next sales pipeline review?”

Decision:

Sales negotiation comes down to the decision stage where each participant declares their position. This stage may require making concessions, trade-​offs and creating value.

Close:

The prospect being here shows you’ve achieved a level of trust, and the odds of closing are good. Establishing credibility will help ensure repeat business and lead to cherished referrals.

An Honest and Accurate Assessment

The value of a sales pipeline review depends on a full disclosure of what you know about your prospects. This is not the time for blue sky predictions or wishful thinking. Additionally, having a unified standard and common language to describe customers at each stage is helpful.

Depending on volume of accounts, limiting your sales pipeline review to the most promising prospects is recommended. This will focus on pending sales that are the most time sensitive and rewarding.

Regardless of your background and experience in sales, performing regular sales pipeline reviews can help you identify aspects of your sales process that can be improved.

Photo by RDNE Stock project on Pexels​.com