How Technology Can Help Generate Max Revenue from the Sales Pipeline
by Bhushan Jichkar, on Aug 24, 2017 12:17 PM
In broader terms, a typical sales pipeline comprises three levels – leads, prospects/opportunities and customers. There can be other levels in a sales pipeline, depending on how deep a sales team may want to drill down into individual components. For example, a sales team may want to classify the various sub-stages of leads, prospects and customers, in which case, there would be more identifiable levels in the sales pipeline. However, most of it could still be classified under the three primary levels of the sales pipeline.
The three levels of a typical sales pipeline – leads, prospects and customers – are all individuals essentially, with whom the sales reps interact with. The sales pipeline usually comprises hundreds of individuals, spread across the various levels of leads, prospects and customers. With so many people to track, it becomes quite difficult for sales reps to properly manage the sales pipeline. It has been noticed that sales teams often fail to follow-up on potential opportunities, something that limits the revenue generation potential of the sales pipeline.
So what can be done to effectively manage the sales pipeline and ensure that maximum revenue can be generated from it? Well, blaming the sales reps for goofing up would be one option, but as we all know, humans are programmed to make mistakes. The best bet would be to deploy technology tools that won’t forget, won’t get confused and can make the best predictions about potential wins. Sales teams can use Artificial Intelligence (AI) and Machine Learning (ML) based sales enablement tools that can gather data from various sources and recommend the best course of action for sales personnel. Here are some examples that explain how AI & ML based sales enablement tools can help manage the sales pipeline and boost revenue.
Automatic reminders: AI & ML powered sales enablement apps can set automatic reminders, letting sales reps know when to make a call, send an email, etc.
Access all data on a single dashboard: Sales enablement apps have made it possible for sales reps to access all the data and resources through a single dashboard. It has eliminated the irritating task of continuously flipping through various apps such as email, chat, CRM, etc.
Locate nearby opportunities: Sales enablement apps can identify all the various opportunities that exist in a particular city or area. For example, if sales reps are in a specific building to meet prospect A, the app can tell them that prospect B and C are also located nearby and can be approached. This will help sales reps to sell more every day.
Automate CRM: Sales reps are usually required to keep updating their sales activities on the CRM. This is important from the team’s perspective, but it can become a tiring chore for sales reps. Sales enablement apps can automate the CRM update tasks, thereby freeing the sales representatives. They can then focus on their core selling activities.
Identify the best opportunities: AI & ML powered sales enablement apps can crunch vast amounts of data and shortlist leads and prospects that have a higher probability of win. For example, if a sales rep has 30 leads and not much time to follow-up on all of them, they can use sales enablement apps to shortlist the leads that have a higher chance of success.
Sales enablement apps have truly transformed the sales organization and have helped sales teams to organize and manage their sales pipeline more effectively and efficiently. Human weaknesses and mistakes often clog up the sales pipeline, but with sales enablement apps, the sales pipeline becomes a robust revenue generation machine.