Eddie Reynolds’ Post

Sales Pipelines 101 - Everything You Need to Know Check out HubSpot's Complete Guide to Sales Pipelines! "Mastering your sales pipeline means mastering your results... A well-managed pipeline is dynamic, requiring constant attention, regular reviews, and adaptability to market changes and customer behaviors. Successful sales leaders and reps view their pipeline as a strategic asset, not just a reporting tool." https://lnkd.in/ePVpJda?

This list of mistakes and the 7 strategies to take now, is spot on. Many of the strategies are not obvious to the tech founder. https://lnkd.in/gCgVRSZ2

The Silo Impact on Sales: Beacon Worldwide has worked with dozens of organizations long term to assume often combined roles at the C suite level. This typically includes some combination of sales, marketing and operations. Titles like Chief Growth and Operations Officer. We often see one of the biggest inhibitors to sales is not the sales team, marketing or your competitors. It can be the failure to establish a customer/patient facing strategy that cuts across every department. While your sales and marketing teams (particularly digital), capability is important, Beacon has seen the failure to properly integrate across an organization have a devastating impact on revenue. To break down the often-unintentional silos, there needs to be a Board level dedication to a customer or patient-based sales strategy. The customer/patient journey needs to be reviewed objectively from every possible touch point, even when you think they are unrelated. For example, companies can be flawless in the entire sales cycle and then billing inaccuracies and untimely invoicing turns a very satisfied customer into a very unsatisfied customer. In other cases, we have seen call centers, the hub of communications with poorly paid and undertrained staff to handle the incoming or outbound calling expectations. Or, we have seen a host of locations that are disconnected due to the lack of SOPs based upon best practices. While good sales enablement, great marketing and solid operational efforts can all be helpful, if they are not fully integrated there may be revenue leakage points that are fully recoverable. Just something to think about but sales, marketing and operational audits ("SMO" audits) can be very helpful. Particularly if you are a small to mid-sized company under $500M. For more details, feel free to reach out. Carl Erickson President and CEO 603 745 8888

At some point, we all grapple with sales stagnation. When sales and revenue start to plateau, it’s often because we lack a clearly defined sales strategy. But even if you have one, how frequently do you revisit it? Odds are, it could use a refresh. To be effective, a sales strategy needs to outline a straightforward process, including how to measure and monitor its success. ➡️ https://lnkd.in/eUdKeE9t

Why aren't you selling more? It might not be the sales team When growth is slow it’s common to blame sales. But —sales inefficiency is almost always a symptom and not a cause. Before you instinctively fire your VP sales, ask yourself: Are we selling new business efficiently? Who are our most and least efficient customers to sell to? Why can’t we sell more to the efficient customer types? Are there inefficiencies in the sales process? Are our sales reps properly equipped without training, tools, and CRM systems? Are deals falling apart in procurement, negotiations, or during final approvals? Is our sales pitch aligned with the customer's pain points? Is our team confidently speaking to the most pressing needs of your Ideal Customer Profile (ICP)? If you’ve dug deep and the answer doesn’t seem to lie in the sales process itself, then it might be time to trace back to where your leads are coming from. Lack of sales is usually a signal of a broader business challenges—such as lead quality or misaligned messaging in your marketing. If you don’t have enough of the right leads, blaming sales won’t fix the problem. Before restructuring your sales org or pointing fingers, ask yourself: Is sales truly the issue, or are we just dealing with a poor pipeline? Next post, I’ll dive into how to diagnose the lead generation to see if your pipeline is to blame. Have a great weekend!

Founders and revenue leaders often complain that their sales process is taking too long. The first question I always ask is: "Too long, compared to what?" Are you still winning the deals, but it's taking too long? Or are you also losing more deals coupled with a longer cycle. Many times, their comment it based purely on gut feeling. But, it's important to dig into the following: ⏰Timeframe over which the sales cycle has changed; MoM, QoQ, YoY. Have you changed the way you measure sales cycle length during this time? 📝Do you have a documented sales process that you and your team all follow? Many times, the answer is "sort of." A founder-run sales process is way different than what a rep follows (I rarely see founders dedicated to a process). If there's no documented process, you'll see drastic differences between reps. 📈Have you changed your pricing model? Rarely do I see companies lower their pricing. Higher prices will always = longer processes 👩💼Has your ICP changed? Or, has your product changed, which has resulted in attracting different clients? A changing customer profile can alter your sales cycle. How well do you understand the prospects your talking to? Having a longer sales process isn't inherently a bad thing, as long as you understand the "why." For instance, if you're moving upmarket and expanded your product to where it now impacts more departments within an org, your process will take longer. To me, this is a great thing. It tells me that the product can provide more value to larger organizations. In this scenario, the team should be focused on driving more prospects into your sales funnel vs. focusing solely on compressing the sales cycle. Take this scenario. You've hired your first AE and they've been extremely successful in their first 6 months. You're ready to hire two more. 6 months after they've joined, all of your deals are taking longer. You've realized that you, as the founder, were on every call with your original AE, and now your time is being split between 3 AEs. I would immediately inspect your onboarding process and ongoing sales enablement. I'd bet you don't have one. I get it. Everyone wants their to close deals faster. It's a KPI you have to measure. But the solution to a long sales cycle is rarely figuring out how to shorten it.

"Is Your Sales Strategy Looking Forward or Stuck in the Past?" We’ve all heard the disclaimer: “Past performance is not indicative of future results.” This rings true not only for investments but also for sales. Relying solely on past sales as a performance measure can leave you blindsided. Yesterday’s sales success doesn’t guarantee tomorrow’s results. If you’re only tracking sales based on historical performance or target attainment, you may find yourself scrambling to react when sales dip unexpectedly. Ask yourself: -How many of your sales team hit their quota last year? -Do you know why some exceeded or missed their goals? -What are you going to do to change the results this year? If you’re unsure, it’s time to shift your focus from just outputs (revenue or margin) to also include inputs (sales activities). Every business has key activities that turn leads into revenue – like new opportunity creation, sales calls, product demos, showroom visits, or joint calls with vendors. Have you defined these activities and their KPIs? If not, how can you be sure your team is driving the right actions to achieve results? Tracking only revenue is like driving with your eyes on the rear-view mirror. To avoid unexpected obstacles, measure KPIs for sales activities. This approach not only improves predictability but also identifies skill gaps and provides pathways for training and development. Consider this: A study by Harvard Business Review found that companies with a standardized sales process can see up to a 28% increase in revenue. Yet, less than 10% of businesses have documented such a process. Don’t be part of the 90%. Let’s talk about building a unique sales playbook that sets you up for sustained success. I work with businesses every day to define, develop, and document their sales processes. Ready to future-proof your sales strategy? Let’s connect!

6 Common Ways Sales Professionals Waste Their Time (& How to Avoid Them), According to Real Sales Leaders https://lnkd.in/e-YFaQA3

Ready to take your sales team to the next level? Check out this blog for invaluable insights and actionable strategies to craft the ultimate sales playbook. With these tips, you'll be able to empower your team and boost your sales performance. Don't miss out! Read the blog now: https://bit.ly/3TPfQQd #SalesStrategy #BusinessSuccess #IDC

Halfway There: Revamp Your Sales Pipeline for 2024 and Beyond. June, and H1, may be in the rearview mirror, but for sales teams, the year is far from over. It's time to take stock of your first half performance and not just shift focus to the remaining months, but strategically build your pipeline for 2025, especially if your sales cycles are longer. Here's why: Analyze First Half Trends: Look at what worked and what didn't. Were there specific lead sources that yielded better results? Did certain product features resonate more with customers? Understanding these trends will inform your approach in the second half. Refine Your Pipeline: Evaluate the health of your current pipeline. Are there deals stuck that need a nudge? Are there promising leads that haven't been nurtured enough? Revamp your pipeline to prioritize high-potential opportunities. Start Building for 2025: For companies with lengthy sales cycles, a six-month window might not be enough.Identify potential long-term clients now and initiate conversations. Plant the seeds early to reap the benefits next year. Action Steps: Revisit Sales Goals: Are your initial targets still realistic? Adjust them based on first-half performance and market conditions. Double Down on What's Working: Replicate successful strategies and tactics from the first half. Invest in Long-Term Relationships: Start nurturing leads for future sales cycles, building trust and brand awareness. By taking a proactive approach, you can ensure a strong finish to 2024 and set the stage for a prosperous 2025.Remember, a well-stocked pipeline today is the foundation for a successful tomorrow.