How to Measure Sales Pipeline Health
As a sales professional, understanding your pipeline is crucial to ensuring your quotas are being reached. But there’s more to it than simply filling it up with as many prospects as humanly possible. If you’re not bringing in quality leads or forging strong enough relationships, a full pipeline – in your case – isn’t necessarily indicative of a healthy one.
So, how do you measure your pipeline health? Nudge can help with that.
Identify single-threaded accounts
The easiest way to understand how healthy your pipeline actually is by identifying single-threaded accounts.
Single-thread relationship selling is a one-on-one relationship between buyer and seller. You’re covering the account with a single contact instead of multiple contacts on the buyer’s end. Unfortunately, in SaaS, enterprise, and B2B sales this is a particularly risky move as there are almost always multiple people involved in the buying decision.
The likelihood of a deal closing depends heavily on the number of relationships your team has at the target account, what the strength of those relationships is, how active those relationships are and if they are with the right decision makers.
Pro-tip: Nudge doesn’t just tell you how many people at the company you know, but rather uses advanced machine learning to provide business relationship analytics that reflects the reality of those relationships.
Grow in-deal relationships as you move through the cycle
While it only takes one prospect to get the ball rolling, you’ll likely need many more people across the organization to opt-in to really close the deal. As you move further along the pipeline, it’s imperative that you’re watching those relationships closely. Are key decision makers getting involved? Are the majority of the buying committee giving you the green light?
Pro-tip: Nudge is able to help you identify who is at the target company, what their role and seniority level is and their connection to your initial prospect. Leverage that information to help you forge relationships with the right people at the right time.
One problem sales leaders tend to come against is how subjective the information they receive is when it comes to account help. Considering that 68% of sales are lost because the buyer doesn’t feel cared for, it’s crucial to understand how things are going from both perspectives (without having to jump onto each and every call or meeting yourself).
Pro-tip: Nudge gives you an objective view of each deal by allowing you to flag and score deals based on what stage they’re at in your funnel. This helps you prioritize what needs to be done, when, by helping you focus your attention on the deals that are further along the pipeline but are still single-threaded, therefore at high risk. We do this by syncing with your CRM, both in-app and via a weekly report, and flagging the biggest wins and red flags in your pipeline, all while showcasing your best reps.