Packing the Pipe

New sales solve most of life’s problems. The best way to keep new sales flowing is by maintaining a full pipeline at all times. A full pipeline produces consistent and predictable sales.

Maintaining a pipeline is a lot easier than building one. However, there are some tactics that can be used to build pipeline quickly. If you are just starting in sales or you neglected your pipeline, there are ways to get money flowing in quickly.

Before we start, I use both a CRM system and a physical pipeline. I built a pipeline in Excel and that is what I use. I like the visualization of seeing accounts move in the pipeline and I get a dopamine kick when I move them. How you manage your pipeline is up to you. This is what works for me.

Flooding the Pipe

Depending on how you prospect, the activity you need do may vary. In person is more effective than the phone. The phone is more effective than email. And so forth.

A good flowing pipeline has between 150 and 200 active accounts on it. You can determine your personal criteria for what makes the pipeline. For me it is groups where I have meet the decision maker. If I haven’t I leave them in the CRM system.

In the first 3 - 4 weeks of this process, the goal will be to stack the pipeline with a little over what you consider full. I would aim for 220 or so prospects.

The first step in building pipeline is to contact a lot of prospects. This is the one time where spraying and praying is going to be our friend. Contact at least 100 prospects in the first week.

Do not prequalify. Do not do a lot of prep work. Just talk to as many potential prospects as possible. Qualify or disqualify on the spot. As always, make sure you take notes on each prospect.

Qualifying the Pipe

Now that we have hit our first 100. Throw out the unqualified leads. The rest we are going to sort.

Start with the prospects that just renewed or re-contracted your services. Put those on your calendar to follow up with monthly until the time where you can effectively have a relevant conversation about being a contender for the next contract.

I follow up with those leads monthly. The conversation is simple. “I know you are not renewing for a few more months, but I was thinking of you and wanted to say hello incase anything has changed. No it has not. Great talk to you soon.” I just want to stay in their minds as the person associated with my products.

With the other leads, put them all on the calendar to follow up with the next week. Yes. We are going back and talking to them again.

The first objection is rarely accurate. 10-1 says that the person you spoke with didn’t even catch what you are selling. They were interrupted and want the interaction to end. So they said what they said. We are going to confirm the objection.

When you start the next interaction, lead with the objection you got last time. For example, “Last week when I was in you mentioned that you were all set. I was thinking about you and wanted to swing back around. A lot of times my product can be confused with others in the XYZ Product category. Do you currently have a ABC solution in place?”

Now they at least need to verify that the objection they gave you is true and most likely reveal the vendor. Or they will have to come up with a new objection.

(Side note: for leads that I didn’t get to speak to the decision maker on in the first go around, I call within 48 hours. If I do speak to them, I still go revisit with the other leads to confirm the objection. If I did not speak with the DM, I go back that following week to see if I can catch them.)

Sorting the Pipe

Now that we know the real objections and have a rough idea of where the prospect fits in the sales cycle, we plan a follow up strategy. As you are sorting and planning out the follow up, put it directly on the calendar. What goes on the calendar gets done.

The prospects that have been nice enough to tell you when to follow up are first to be sorted. If the prospect says it, it is true. So use their cadence until you close them or find out that they misled you. Get these prospects on the calendar first.

For prospects that we cannot get a hold of the DM, I stop in (or call) every 7-10 days. I follow with an email the same day and a call (if the first method of contact was stopping in) within 48 hours.

Prospects that appear ready to buy now follow the same strategy. Weekly contact with emails following every touch. If they have not moved in a month, consider loosening up the contact frequency.

The prospects that do not have a solution in place get followed up with every 10-14 days. I continue on this frequency until they buy or move in a competitor.

All other prospects get monthly follow ups. This includes prospects with competitors, perpetually not interested, and the ones with the rockstar gatekeepers (one day I will stop in while they are on vacation!).

Not all prospects will make the pipeline. If they are qualified, never stop following up. They will need you one day.

Rinse and Repeat

In the second week, fill the rest of your calendar with more new prospects. Repeat the same process. Initial contact, second contact, and sort.

Keep this going until you have 220 active prospects in your pipeline. Now you just have to maintain your pipeline. As you close business, add in new prospects.

Never let the pipeline fall below 220. Always be on the high side. Whats the worst that will happen? You will close more deals?

Take Aways

In sales it is pipeline over everything. A full pipeline, creates an abundance of new sales. New sales solve all of life’s problems.

Keep your pipeline full. Check on it everyday. Good habits create good outcomes.