The majority of your client’s trip is outside your control. With all of today’s technology and tracking capabilities, we want to believe we have more control than we do.
Businesses concentrate on creating sales funnels, running advertisements, and publishing on social media—all of which are linked with the traditional sales funnel. Instead of supporting the client experience, this modality focuses on increasing demand to attract new prospects in a hands-off transactional attitude. If you desire referrals, Sales Pipeline generation strategies are crucial, but not more important than your customer journey.
What Is Sales Pipeline Quality?
Sales Pipeline quality is a metric that measures the worth of the Sales Pipeline you generate since high-quality Sales Pipeline are more likely to convert into sales. A Sales Pipeline is considered a quality Sales Pipeline if they are interested in your product or service and have a high possibility of becoming paying clients in the future.
Lower quality Sales Pipeline, on the other hand, are either uninterested in your offering or, worse, are unlikely to pay for and utilise your product at any point.
High-quality Sales Pipeline usually have a good product fit which boosts brand loyalty and customer retention. They are simpler to nurture for your sales and customer acquisition teams—but they are typically more costly to obtain for your marketing team. But how do you know which Sales Pipeline are most likely to become customers? And how can you improve the effectiveness of your Sales Pipeline generation campaigns? Well, there is a concept known as Sales Pipeline scoring.
What Is Sales Pipeline Quantity?
Yes, quantity is necessary since not every prospect is a good fit for your company, and quality is necessary to ensure that your Sales Pipeline is qualified and likely to convert. It is neither/nor; it is both. Everyone appeared to have an opinion on which was “more” important. I feel it is asking the wrong question and seeking to justify an excuse.
We’ve spoken about what quality leads are and how they may help you enhance your ROI. But how can we acquire excellent leads if we don’t produce enough in the first place? Things start to become intriguing at this point.
If you have a restricted budget or are in the early phases of your business’s growth, focusing on lead quantity will be a more practical alternative for you. In summary, if you’re having difficulties generating enough leads to begin with, emphasise number above quality.
Did you know that it might cost up to seven times more to attract a new client than it does to maintain an existing one? A prospect has a 6- 15% chance of making a sale, but an existing client has a 50- 60% chance of making a sale.
So why do we only highlight the funnel? If a company properly knows their customer journey, they may design something in the shape of an hourglass, with the top focusing on increasing brand recognition and attracting prospects who haven’t heard of you yet. And the bottom line is centred on improving connections with current clients and learning how to give them with more than just transactional value.
How Do You Achieve the Ideal Balance Between Sales Pipeline Quality and Quantity?
There is no fast answer or magic wand for obtaining both quality and quantity, as there is with all balancing acts. Certain methods, however, can help marketers achieve appropriate quality at scale by bridging quantity and quality.
So, let’s take a look at three approaches to strike a balance between the two. Should you cast a wide net for a huge number of leads or a limited net for highly qualified prospects when organising your marketing initiatives? The answers vary according to the stage of your company, the size and complexity of your target market, your pricing point, and the type of your product.
Define Your Goal
One of the most crucial measures you can do to obtain a complete knowledge of both teams is to set goals and objectives. When creating expectations, have a fact-based outcome in mind rather than theoretical notions.
Marketing departments are in charge of producing a predetermined amount of “qualifying” leads, while sales teams are in charge of following up with these leads within a certain time limit. And this may be done efficiently with the help of an SLA.
To become buyers, marketing prospects must be closed by a sales professional. Unfortunately, there is occasionally a lack of coordination across those teams on who is in charge of what. A marketing-sales service-level agreement (SLA) establishes a common set of goals based on each team’s duties. SLAs are quantifiable benchmarks that represent marketing and sales objectives. An SLA’s clarity will result in a simpler marketing and sales funnel. SLAs, on the other hand, must be built and maintained cooperatively by both teams over time in order to be successful.
Delegate the Task to a Professional
This management job necessitates the ability to handle the goals of both teams. They should be able to solve problems and bring the two teams together in harmony. As a consequence, any lead generation activities will be more data-driven, which will help the organisation as a whole.
Sales and marketing teams must work together to achieve the optimum combination of lead quantity and quality. The ability to combine both divisions might benefit or hinder your plan. In this circumstance, having an expert who can handle both roles are crucial for striking a suitable balance.
Choose the Right People
Keep in mind the lead definitions that both parties agree on while striving to create a balance. Determining your ideal customer persona, or targeting the appropriate individuals, is essential for efficient lead scoring and lead production. An Ideal Client Profile depicts a prospective customer with qualities that imply that the value you supply via various services will greatly benefit their business.
Simply, this consumer is quite likely to make a purchase from you. Offering services to such a customer is mutually advantageous since they may employ your services, enhancing your bottom line. This contributes to the steady expansion of your company while decreasing resource waste for all parties concerned.
Conclusion
Your company is likely to fail if the amount or quality of leads you produce is insufficient. The two should have a good working connection. You must find a balance that is specific to your business.
There is always space for improvement, so continue to experiment, execute, review, and update your lead-generation methods to increase their efficacy and ROI.
Additionally, your lead generation plan must constantly prioritise both quality and quantity in order to efficiently grow your business.
Mfinity provides executives with brand clarity, marketing strategy, and operational efficiency in order to equip them to expand their company. Contact us today to get started if you are ready to grow your business.