How to Build a Data-Driven Sales Pipeline to Increase Your Win Rates
November 5th, 2019 By TechnoMile
You’ve heard it before. Sales is a numbers game. For every 1000 prospects, you may get 100 leads—and for those 100 leads maybe 10 will buy. This is your pipeline. When you couple these odds of winning with the fact that your budget for pursuing and winning these deals is limited, how do you choose which opportunities to pursue and fund?
What’s your pipeline approach today? Are you taking a Moneyball approach—basing your decisions on emotions, gut estimates, or unsubstantiated opinions? Or are you taking a data-driven approach where you have a strategy in place and rely on data for deciding which opportunities to pursue and fund?
It may seem like a no-brainer that it’s best to take a data-driven approach. In fact, we’ve found that companies that have tools and processes in place for budgeting and planning experience win rates 23% higher than those that don’t.
Every Business Development and Sales organization is unique. And every pipeline is unique. But what these teams all have in common is that they want to win, and they are more likely to win if they take a disciplined approach to budgeting and planning their pipeline. BD and sales teams know there is a cost for winning and that the costs of the lost deals are also factored in when determining profitability.
So think about it. Wouldn’t you like to understand your wins and losses better so that you could replicate those wins and avoid the losses? To do that you need to dial back on the emotion and use hard data.
But how do you do that? Download the whitepaper “Take Emotion out of Your BD Pipeline with Data-driven Planning”. In this whitepaper, we address many of the common questions we get from companies about budgeting and planning. This whitepaper will help you understand:
- Key indicators that tell you when you’re taking a Moneyball vs data-driven approach to budgeting and planning
- Key challenges that hold BD and sales teams back
- How to determine the probability of winning the deal
- How past data can help BD and sales teams predict future wins
- What best practices BD and sales teams can leverage to increase win rates
- How technology improves the budgeting and planning process
Once organizations remove the emotion and guesswork from the equation, the budgeting and planning processes become much easier and they see their win rates begin to increase. It all comes down to preparation, and only the companies with the tools and processes in place to plan, fund, and manage their pipelines are set up for success.
“Take Emotion out of your BD Pipeline with Data-driven Planning”