We get this question all the time from our SaaS Founders: "How do we create our sales pipeline? Really quickly?"
As much as we'd like to give you simple advice, we have found that there are many factors that affect the speed and success of a sales pipeline. Let’s check out some of these critical success factors that play a role in building a sales pipeline.
Budget plays an important role when it comes to the sales pipeline. It is a deciding factor in how quickly you will be able to learn about your market and the tactics that work for you.
In paid media for example, a larger budget will allow you to build up a more significant number of clicks in a shorter amount of time than if you were working with a smaller budget. These clicks provide valuable information to you and your company, and the more the merrier. You could get the same number with a lower budget, but the duration would be longer.
Sales and Marketing Partnership
We believe it is vital for a company to have strong relationship between their sales and marketing teams. In fact, this is one of our requirements for companies that want to work with us.
The communication between these departments is crucial, as this allows feedback to be shared between the departments in order to find out what is and isn’t working. This also allows each team to hold the other accountable, which increases the success of a sales pipeline.
Along with this communication between the sales and marketing teams, executive leadership must be involved as an executive sponsor to further increase the accountability in each group, as well as evaluating and asking questions regarding joint team metrics.
In today’s fast-moving world, it is important to try many different channels when it comes to developing marketing qualified leads. We like to look at the idea of multiple channels as a stack of pancakes, with each pancake being a different channel or tactic.
These channels might include:
Paid media - Google Ads, promoted content on LinkedIn, air coverage from display advertisements, etc.,
Earned media - PR, articles about your company in trade publications, social media discussions, reviews,
Owned media your own content.
These are just a few of the numerous channels that your company can utilize to capture prospective client leads and further build your sales pipeline.
You might be asking; how quickly can I add pancakes (channels) to the stack? Well, that depends on your resources (time, knowledge, and money). Ideally, we tend to add, at the most, about one channel per month, but you can certainly add more or less depending upon your resources and abilities.
Metrics and Measuring
It is important to measure across the channels and find out what is most effective. Keep an eye on what is coming in through the top of the funnel and what is ending up as a Sales Qualified Lead. Track, track track. This allows you insight into which channels are actually converting to leads, giving you a better idea as to where to allocate your budget, putting more of your budget towards the more successful channels.
Stay tuned for the next videos in the series to learn more about building a successful sales pipeline!