More than you think… and never stop
Introduction
One frustration many people in sales face, is not knowing how many of the new opportunities in their pipeline will turn into new business. We’re often asked one of the most important questions in sales ….”when do I know I have enough in my pipeline so I can stop looking for more?” We helped one small business answer that question for themselves.
The firm is a specialist provider of HR consultancy services. Unlike their competitors, they don’t solely focus on ensuring their clients are compliant with the relevant workforce regulations and policies. Instead, they use a unique tool to assess the key drivers of their clients’ businesses, such as their workplace culture, approach to personal development planning, and creating positive and productive team dynamics.
Challenge:
The two owners were seeking to grow their revenue but knew there was something missing in their approach to finding and winning new work. They had a sizeable client base and attended regular networking events. They both felt that their existing pipeline was robust enough to meet their growth objectives, but they also understood that sales isn't an exact science.
They admitted they became frustrated when some opportunities in their pipeline stalled or simply didn’t move forward, as this threatened their ability to hit target. They recognised that on occasions this led them to question their own sales abilities and damage their confidence. Our role was to help them overcome any potential self-defeating thoughts and understand the volume of prospecting they needed to undertake so they could comfortably answer for themselves the question of how much prospecting was enough.
Solution:
We designed a training and coaching programme for both founders that focused on prospecting, pipeline management and articulating the value of what they bring to their existing clients. In addition, we helped them structure and implement a price revision and develop a process to work with strategic partners.
Outcome:
Overall, the training and coaching resulted in an increase in revenues of 18% over a 10 month period. In addition, more effective processes were implemented around pipeline management, follow up and referrals. New business opportunities are now approached using a ‘value added’ approach rather than just competing on price. The business continues to thrive and they both now know exactly how to answer the question of how much prospecting is enough …. “It’s more than we thought, and we never stop looking for more.”
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