Blog posts by Tim Nevin

Managing the Probability of Your Pipeline

April 06, 2017 by Tim Nevin

Vetting your pipeline is a game of chance; it’s taking the time and energy to figure out which leads have a higher probability of turning into sales than others. So how do you calculate this probability, and thus confidently forecast your monthly, quarterly, and annual sales? Well, you have to start by understanding all of the variables that go into developing your pipeline. You have an existing customer base with the potential to place new orders, and you have an existing pipeline of customers in the current markets that you serve, but there are countless potential customers you might not even know about yet, and even if you do know of them, you might not have the necessary information to reach out to them in a meaningful way that will earn their trust and ultimately their business. Outside of the number of prospect customers, you also have to consider the size, variation, and time commitment of each potential order. Now, although this may seem daunting at a high level, there are solutions. Depending on the size of your company, the first step is to prioritize the time you spend on companies that either have the highest likelihood of closing a

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How Can NAICS Codes Help You Diversify Your Sales?

February 10, 2017 by Tim Nevin

Adopted in the late 1990s, the North American Industry Classification System (NAICS) consists of codes set up by the U.S. Census Bureau to separate manufacturers by sectors, subsectors, and industries. Most companies are familiar with this system at a high level, as it’s used by the government to collect, assess, and distribute data about manufacturing in 5-6 year cycles. However, if analyzed properly, NAICS codes can be far more important than simple identifiers used for federal purposes - in fact, they can play an active role in your company’s long-term strategy. If you’re looking to diversify your sales into new and growing markets, it’s important to analyze your competitors are already doing, and NAICS codes offer insight into some goods, services, and capabilities your competition is currently offering to their clients. The NAICS structure assigns two different sets of codes: a primary code based on the single manufacturing process that generates the largest sales for your company, and multiple secondary codes for your other (if applicable) major sales generating services. The majority of competing manufacturers – sometimes clients, even – are assigned the same codes, and targeted market research enables a company to compare and contrast what services they offer

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