On this episode of The Sales Gravy Podcast, JBJ sits down with Amy Franko, a sales expert specializing in the mid-market, to discuss pipeline velocity, qualifying deals, and the importance of asking the right questions in sales.
Amy shares her insights on how to overcome common sales obstacles and provides practical advice for improving sales performance.
Key Takeaways:
– Pipeline Velocity as a Critical Metric: Pipeline velocity is essential for sales success, particularly in the mid-market segment where businesses are reaching for ambitious goals. Monitoring how quickly deals move through the pipeline can significantly impact quarterly and yearly outcomes.
– Balancing Quality and Speed: Sales teams often struggle to balance quality with pipeline velocity. Moving deals through the pipeline quickly while maintaining high standards, avoiding the pitfall of focusing solely on speed without closing quality deals.
– Breaking Up with Prospects: One challenge for sellers is recognizing when to disengage from prospects who show little progress. Find strategies for professionally and respectfully "breaking up" with prospects to avoid wasting time on deals that are unlikely to close.
– Adapting to New Products: Sales teams can face difficulties when launching new products. Adoption often picks up once new products become measurable within the sales compensation plan, highlighting the importance of aligning comp plans with product priorities.
– Coaching Through Adversity: Amy talks about how mindset plays a critical role in sales success. Coaching sellers to handle adversity effectively, particularly when deals stall or face internal resistance from stakeholders, can make a significant difference in closing deals.
– The Importance of Ongoing Training: Continuous learning and training are vital for improving sales performance, especially in qualifying deals. The OutBound Conference provides an excellent opportunity for sales professionals to refine their skills, interact with industry leaders, and learn new strategies to enhance their pipeline management.
https://www.youtube.com/watch?v=fuBcg1JB2yE
Understanding Pipeline Velocity
Pipeline velocity is a crucial metric for sales teams, especially for those operating in the mid-market. Many companies in this space have dedicated sales teams and hefty goals, and pipeline velocity can be the difference between meeting targets or falling short.
At its core, pipeline velocity measures how quickly deals move through the sales pipeline. It’s not just about the number of deals in the pipeline but also how fast they progress from one stage to the next. If deals are moving too slowly, there’s a risk of losing momentum, and opportunities may slip away. On the other hand, moving deals too quickly without considering quality can result in low win rates or deals that aren’t truly solid.
In many mid-market organizations, sales teams find themselves in a balancing act. They want to move deals through quickly to meet their goals, but at the same time, they need to maintain a high level of quality. This balance is tricky, and many teams either rush deals that aren’t ready or slow down too much, risking missed opportunities.
The Challenge of New Products
One of the challenges sales teams often face is launching new products or services. Salespeople who are comfortable selling established products may be hesitant to push new offerings, even if they know those products are key to the company’s growth. Without the right level of comfort and confidence, sellers may not focus on the new product, preferring to stick with what they know.
However, when new products become part of a measurable sales goal or compensation plan, things can change. Sellers are more motivated to include the new product in their conversations with prospects. This shift can lead to increased pipeline velocity, as salespeople become more confident in discussing and selling the new product.
