6 Ways to Grow Your Sales Pipeline Year-Round
Growing your sales pipeline is not a task your sales team can just complete at the start of the year and check off the list — it’s an ongoing process that requires year-round focus and management. Companies that actively grow and manage their pipeline generate more leads, convert at a higher rate, and earn more revenue than companies that don’t.
But effective, consistent pipeline management can feel like a daunting task for sales managers and teams who have no shortage of active selling to handle every day.
The good news is that with the right tools, tactics, and approaches, you can integrate pipeline management seamlessly into your internal processes and strategies, making it a natural part of your overall sales cycle that drives results without needing daily attention.
In this article, we’ll go over why pipeline management is so critical to your sales results and specific strategies and tactics for how to grow your sales pipeline year-round.
Let’s get started!
- A sales pipeline is different from the sales funnel in that it focuses not on the customer journey, but on a company’s system for guiding them through it.
- Marketing and sales team alignment results in more leads converted and a 38% higher sales win rate than companies who aren’t aligned.
- 84% of all B2B buying decisions begin with a referral. Both clients and business partners can be effective referral sources.
- Content marketing yields more leads and conversions than any other marketing method.
- Every company should be using their CRM system and other tools to maintain a data-driven pipeline growth strategy.
Why your pipeline needs constant focus
Your sales pipeline is your company’s system for moving prospects through the sales process, from lead generation to qualification and nurturing to negotiation to closing the deal. It should be tailored specifically to your organization — your target audience, internal processes, and overall business model — while following standard best practices for B2B pipeline building and management.
It’s important to note that your sales pipeline is different from your sales funnel. In short, your sales funnel is focused on your customer’s journey through the purchase decision making process. Your sales pipeline is your organized strategy for moving prospects through this process to ultimately make a sale.
Below is a good visual example of how the two concepts are related but different:
Companies should always be practicing active sales pipeline management. According to the Harvard Business Review, companies that effectively manage their pipelines experience 15% higher overall growth rates and see 28% higher revenue growth on average.
Strong pipeline management also creates higher levels of internal performance visibility and enables better forecasting, resource allocation, and sales team management. In short, it allows for smarter, more informed decision making that increases your sales ROI.
Let’s go over some specific, actionable ways you can make sales pipeline growth a constant for your organization.
How to grow your sales pipeline year-round
Don’t slow down when things are going well
A common mistake sales teams make is to embrace the all-too-welcome slowdown that comes after a month-end push or when sales numbers are looking ahead of forecasts. While it’s understandable for some downtime to exist, these slower periods are also an opportunity to double down and create a cushion in your sales pipeline.
Experienced sales reps and managers know that even the most carefully-developed forecasts won’t always be accurate. When you encounter unexpected challenges or sales take a hit at another time in the year, you’ll be glad your cushion exists. Even better — doubling down during these times is much more low-pressure than working to hit numbers at month-end.
Here are some low-pressure but effective ways to grow your pipeline even when it’s healthy:
- Review your prospect portfolio and touch base with dormant but high-potential leads
- Spend time on LinkedIn and other networking groups to look for opportunities
- Review performance metrics to look for ways to improve your sales process
- Reading about industry news and trends to pinpoint potential buying triggers
Collaborate with your marketing team
Alignment between marketing and sales enables better targeting and more accurate messaging at the beginning of the pipeline, leading to better-quality leads that convert to sales at a higher rate. Companies with strong alignment between marketing and sales experience 38% higher sales win rates and are 67% better at closing deals.
Here are some key ways you can align your teams:
- Collaborate on the development of ideal customer profiles and buyer personas
- Share goals and KPIs regularly (they will likely differ a bit between the two teams)
- Hold periodic meetings to review results and make adjustments as needed
- Establish clear processes for qualifying and passing off leads from marketing to sales
Watch the video below for a deeper dive on strategies for better marketing and sales alignment.
Pursue referrals from current and past clients
Referrals are by and large one of the most effective ways to earn high-potential leads for B2B companies across industries. Research shows that 78% of B2B referrals create a viable lead for that business, and 84% of all B2B buying decisions start with a referral. To boot, referrals and word of mouth marketing are two of the most impactful factors on B2B buyer decisions.
A good referral program can be a massive — and mostly passive — source of pipeline growth for companies who set it up right. Online referral forms (on both your website and in email) and offering incentives to current clients in exchange for referrals are two of the best ways to begin a referral program that generates leads without requiring a heavy lift.
Every company works with vendors and partners to keep their business running. Just like we do with customers, we put our best foot forward to partners in order to maintain strong working relationships that help our companies succeed. Partners can be just as important a source for referrals and leads as current customers.
Think about it: if someone you know asks for a referral from you, one of the first places your mind goes is to the companies you work with.
You can grow your sales pipeline by maintaining strong connections with business partners and staying on the lookout for lead opportunities that may arise from the relationship. And when you put your focus here, you’ll be surprised how many leads start making their way to you on their own.
Publish great content
There’s no doubt about it: content marketing is absolutely essential for companies who want to grow their pipelines in today’s B2B environment. B2B buyers are doing anywhere from 57-70% of their research independently on search engines and company websites before they ever get in touch with a company directly.
So what are they using to get information and evaluate options? Online content.
Publishing consistent and high-quality content such as blog posts, downloadable assets like ebooks and whitepapers, and video on YouTube or other social media platforms yields 3x higher lead generation and 6x higher conversion rates than all other marketing strategies.
Content marketing has additional benefits particularly relevant for B2B companies:
- Establishes brand authority on topics and products, building the critical brand trust needed to close deals
- Improves your search engine rankings for higher visibility
- Builds a stronger network for your company within your niche or industry as peers see and share your content
Developing and launching a content marketing strategy is no easy feat. That’s why many companies outsource it to agencies who have the expertise and resources to execute it for them. But whether you’re handling it in-house or contracting out, content marketing is an absolute essential for pipeline growth.
Maintain a data-driven strategy
Technology today makes it inexcusable to not leverage data for better business results. Tracking your sales strategy’s performance metrics and mining them for insights on a frequent basis makes your company more responsive, agile, and targeted. It also enables you to make smarter decisions. All of this will reflect in your results.
An easy but impactful first step is to look at your CRM’s potential to inform with data. Train your sales team on how to see and use the data. Make it an active, required part of your sales process. As you begin to succeed, you can expand out to other analytics sources like your social media platforms, website CMS, and Google Analytics.
In almost all cases, these technology tools are doing the bulk of the work for you. You just need to leverage the data that already exists to grow your sales pipeline and improve sales results.
Our outbound email software and lead generation services are custom-built for startups, consultancies, marketing agencies, and other B2B organizations. Schedule a quick call with us and find out how we can help you win more clients.