Telemarketing is one of the most effective ways to reach your goals – and for most companies, the main goals are sales. Increasing your customer base or making more sales from regular customers is a guaranteed way to boost revenue and achieve business growth. Whatever sector your business works within, a telemarketing campaign can help you communicate effectively with your target audience and achieve specific sales objectives.
A lot of research has been done into sales and marketing, to establish best practice and understand consumer behaviour. To achieve selling success you need to be aware of the buyer journey, and you may see phrases such as ‘sales funnel’ ‘sales pipeline’ and ‘conversion rates’ thrown about. But the science of selling isn’t rocket science – you just need to know how to apply it to your company to meet sales targets.
What is a Sales Pipeline?
A sales pipeline is how we refer to your unique sales process. There are different stages of a sales pipeline, and you should be able to follow a typical buyer’s journey through each stage. Each stage represents an opportunity for a prospective customer to move closer towards making a purchase. Some buyers may even skip certain stages of the sales pipeline. There is no concrete example of the ideal sales pipeline, because buyer journeys differ from product to product, and company to company. Each business must create its own sales pipeline, and take action to guide prospects through it.
Understanding your distinctive sales pipeline is essential if you want to continue to increase sales and develop the company to its full potential.
Building a Successful Sales Pipeline
Once you’ve created your sales cycle it’s time to delve a bit deeper – determine how long the buyer spends in each stage of the process, and where your various marketing tactics fit in along the journey. You should also be working out your conversion rate at each stage, to predict just how many prospects make it through to the next stage of the pipeline. How likely is it that a lead will convert and how many leads do you lose at each stage?
The size of your pipeline is equally important. You can start to become more accurate using the sales pipeline method, by figuring out how many sales prospects you need to hit your sales targets.
For example, you can work out benchmarks according to each stage of the pipeline. By knowing the probability of conversion at each stage, you can work backwards to determine the exact number of actions (eg. calls) to take to reach the sales targets. If you need 1,000 deals or sales each year, divide this into months and then using the sales pipeline you can determine the exact figures staff need to make each day or week. You can also calculate the average length of a sales cycle, which is a useful metric.
There are many different ways to move opportunities through the sales pipeline, and a wider marketing strategy usually works best. For example, you could start at the top of the sales pipeline with a telemarketing campaign or a form of lead generation. This could be followed by appointment setting, to create warm leads. You could use digital marketing methods such as email campaigns, Google advertising and remarketing to make sure any potential prospects are led back to the company. The most important thing is not to lose any leads, so you keep hitting conversion rates at every stage of the pipeline.
How Telemarketing Improves your Pipeline
The most well thought out sales pipeline won’t be effective if you can’t find the sales opportunities at the beginning of the funnel. Lead generation is key for identifying sales prospects and finding new customers. There are various ways to build brand awareness and attract custom to your business, but telemarketing is one of the best tools for lead generation because it is targeted, and generates quality leads which are more likely to complete the entire buyer journey through the pipeline.
Conducting a telemarketing campaign with a professional marketing company can help to build an effective sales pipeline. Leave it to the experts to identify potential opportunities, warm up cold leads and follow up where necessary. Once prospects are through the first couple of stages of the pipeline, they can be passed over to the company’s in-house sale team who can do the important job of closing the deal or converting the customer. Obviously not all prospective customers will convert, so it’s important to have as many prospects as possible at the start of the pipeline.
Want to find out more about how telemarketing can make an impact on your sales targets? Get in touch with the team below.