Identify That Pyrite...

Refer Where Is Your Pyrite?

Pipeline Model

Refer Surf That Pipeline

Surf That Pipeline...

'Manage Your Pipeline' is a phrase much used in sales - but often an activity that isn't very well undertaken. 

A healthy sales pipeline is crucial to long term continued success in sales.  This includes a variety of activities, including:

•  Finding, qualifying and engaging with new opportunities.  This is prospecting activity - this is the activity within the funnel that points opportunities to your pipeline.
• Managing opportunities within your pipeline.  This is healthy sales activity to move opportunities from the top to the bottom of your pipeline
• Closing opportunities. 

So managing your pipeline is just a consolidation of many of the sales activities you do in isolation anyway - so why is it so difficult for many to do?

It is very easy in sales to become excited over an opportunity - this is what we're there for.   Accordingly, a lot of time is focused on the bottom of a pipeline as this is where the opportunities are most pressing.

The sticking point in many sales peoples' pipeline management is continuing to do all the activities even when they're busy - particularly those at the top of their pipeline.  

Failing to do this creates gaps in your pipeline - areas where you have dead spots of no opportunities.  These will typically happen a period not long after you've been busy working on the bottom of your pipeline.  The trick is to have many people at many stages of the sales process throughout your pipeline.

None of the individual activities that make up 'managing your pipeline' are unique or bespoke.  The trick is doing all of them, all of the time - regardless of how busy you are.   

Find The Right Line

In motorsport, you often hear the expression 'go slow to go fast'.  The fastest car on the track often looks the smoothest, the neatest, the most composed - in fact, they look slower than some behind them.  They are perfectly on line with no wasted motion.

Absolute speed is critical - but wheel spinning, over steer etc scrub this speed and means you need to go quicker to recover the lost time.

Selling isn't much different as an analogy.  There is always pressure to sell quickly - targets, deadlines, management.  Like motorsport, the ultimate speed of the sales process is dictated by many variables - client circumstances and pressures, you and your team, the complexity of the sales process and client need. 

It is your skill as a 'driver' of this process, being able to see and react to the conditions, which determines how you and your finish.  Too slow, and you won't win, too fast and you won't finish. 

These many variables in sales often mean mean you need to slow down and take the time to find the right 'line' through the sales process.   Of course, this line differs for each client and, unfortunately, the client can change the conditions at any point through the process. 

How good a 'driver' are you?

As a 'team manager', do you have the right skills in the right places to find this line? 

Superior Service

Success doesn't come from doing your job.  

You pay someone to build you a house to a certain budget and within a certain time frame - and they do this.  Is this good or great service?  

Some clients would think so.  It is actually disappointing that some clients think someone doing what they agreed to do and you paid them to do is good or great service.  This is just the definition of service.  
 

Memorable service doesn't come from meeting an expectation it comes from exceeding it..

You need to redefine the expectation of the client and yours.  This isn't about under-promising and over delivering - it is about proper client centric, solutions driven service aimed at helping your customer (not just  you). 

Sure, you need to do the piece of work the client engaged you for well - but memorable service comes from the extra service you deliver that the client didn't expect you to deliver but is meaningul to them.

Also refer Win, Win, What?

I'm Glad You're Happy With Your Current Supplier

'I am quite happy with my current supplier' or 'I'm not looking to change suppliers'

Is this an 'objection' or a statement of fact?  In sales, we view this as an 'objection' - but is it?

For some who despise direct sales - this is the perfect excuse to thank them for their time and exit the conversation striking a number against their sales activity and reinforcing in their head why direct selling doesn't work and is a waste of time.

There are some scenarios to consider here amongst other possibilities

1. The are genuinely happy with their supplier and their supplier with them.  The relationship is more of  a partnership. 
2. They think they are happy with their current supplier as nothing is going wrong.  They may be oblivious to what they don't know and what they could be getting. 
3. It is merely the business equivilent of 'I am just looking' that the retail sector gets as they're busy etc

Having completed your preparation properly before making the call, you understand that they are a desireable client.  You want to work with them or at least explore the potential to do so - hence your call.

Should you expect that if you view them as a desirable client - their existing supplier does as well? 

If you were their current supplier, would you want your clients to convey this level of loyalty and satisfaction?

The very reason you're calling is why they are happy with their current supplier - they are a good business.  This isn't an objection - it is an indication that this is the very type of client you want to work with.

Should you then go in to every call expecting this response and be able to deal with it? 

It isn't the reason to stop making direct calls - it is the indication you're making the right ones!

Where Is Your Pyrite?

Growing a portfolio is an important part of a sales person's job in most instances.

'Prospecting', as this behaviour is often referred, comes from mining as they explore for minerals, ores etc. 
You don't see a seasoned miner digging holes everywhere in the vain attempt to hit the mother lode.  Sure, not every hole they dig is a success, but they look for the 'markers' that are likely to mean what they are looking for is nearby to improve the odds.  For example, iron pyrite is often found near gold deposits or kimberlite near diamonds.  So miners look for these to help point them to what you're looking for.

Prospecting for clients isn't much different - you need to think about it before 'digging many holes'.  Here are 5 key questions to ask yourself when developing a prospect focus:

1. What does my ideal client look like?  What are their characteristics - eg size, staffing, activity etc.  Of these, which are the most important/crucial to making them 'ideal'
2. Where are you most likely to find them?  What industries, areas, markets, associations, advisers/partners/intermediaries will you see them most often? 
3. Why would they do business with you?  What is your message, your value add or USP?  This should align to what makes them ideal (a value match)
4. Who are they?  Knowing the above - who are these prospects?  Who should you be doing business with?
5. How do you connect with them?  What is the most appropriate way to engage with them and their business.  Is it directly or being introduced?  Do you know someone who knows them (from Where)?  Do you need to participate in an industry group/association (again, from Where)?

Understanding the above helps distill who you should be connecting and talking with to develop meaningful, value based relationships.  It helps minimise wasting your and your prospects time and energy digging for something that isn't there.

Where is your pyrite?