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 contract or have the largest contract size. By investing time into cold leads that can better impact your sales, you are essentially warming them up and taking the next step towards a worthwhile conversation with your prospective new customer. Some ways of doing this include investigating market trends or looking up company-specific stats, both of which can pave the way for a meaningful conversation without sacrificing lots of time or resources.
So why is this important? By researching potential customers and having meaningful conversations with your prospects, you’re building trust and placing confidence in the products and/or services you’re offering. Instead of receiving an impersonal cold call from someone who knows nothing about their business, the companies in question are having real discussions relevant to their specific needs or challenges. At the end of the day, talking with your customers (as opposed to talking at them) and nurturing the relationship increases the likelihood of closing a deal and thus generating new sales.
To jumpstart this process, companies often use the help of outside consultants and strategy advisors like MAGNET. By engaging with us, you receive full access to our commercialization center, comprising of a team of analysts that conduct high-value market research using your current customer base, historic customer base, and/or lists of brand-new prospects. We can help you compile intelligence needed to determine both your most valuable customers (MVCs) and your most valuable prospects (MVPs). These strategies will help you prioritize and target the appropriate clientele, thus capturing more sales and guiding you towards the necessary next steps for long-term growth.
Want to know more about how you can increase the probability of success with your pipeline? Contact Linda Barita at 216.391.7766, or get in touch with me directly at email@example.com.
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
HEADLINE The survey definitively shows that product innovation leads to more growth, while “grow your own workforce” strategies will be needed to fill the major labor shortages hampering small manufacturer growth. Emerging technologies like the Internet of Things (IoT), 3D printing, and digital manufacturing are beginning to enhance innovation and productivity, but still have significant room for adoption amongst Ohio’s small manufacturing businesses. ABOUT THE SURVEY Under the direction of the Ohio Manufacturing Extension Partnership (Ohio MEP), MAGNET: The Manufacturing Advocacy and Growth Network conducted a thorough survey of Ohio’s manufacturing base. Contributing approximately 20% of Ohio’s jobs (and driving in some regions up to 50% of Ohio’s economy), and generating a disproportionate amount of export revenues and Gross Regional Product, manufacturing is critical to Ohio. Greater than 95% of Ohio’s manufacturers are small (under 500 employees), and these manufacturers need to remain competitive both nationally and internationally to ensure our economy’s health. Ohio’s Development Services Agency and the National Institute of Standards and Technology, which runs the MEP, recognizes the importance of this sector and fuels MAGNET and the Ohio MEP program to directly serve and support innovation, efficiency, and growth in small and medium manufacturers. What manufacturers need
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