July 30, 2022, Comment off
Sales Automation as a Way to Increase Your Pipeline Velocity
Sales and marketing teams must adapt their methods of operation and technological foundations to take advantage of new opportunities. They must ensure that sales representatives and automation solutions complement each other. According to a McKinsey Report, early adopters of sales pipeline automation routinely report extended periods spent with customers, higher levels of customer satisfaction, efficiency gains of 10-15%, and the potential for up to 10% growth in sales.
Why do you need sales pipeline automation
Finding a method to track and seize opportunities is part of being a successful sales leader. Ultimately, the better you manage your sales pipeline, the better your company will generate revenue.
However, sustaining a sales pipeline that runs efficiently has several daily obstacles like:
- Constructing extensive pipelines
- Ensuring pipeline visibility
- Enhancing pipeline efficiency
- Accurate pipeline forecasting
- Reviewing team performance, gathering data, and guaranteeing accountability
- Increasing revenue through improved sales
Some sales managers are adamant about using a spreadsheet approach to B2B sales pipeline management. However, it is not advised to use this strategy as it is inefficient for handling B2B buying journey’s complexity.
You will discover that most of your time is spent on manual duties like data input rather than planning and networking.
Here are the proven benefits that sales pipeline automation offers:
Reduced administrative time spent on sales
Many of the manual procedures involved in sales can be eliminated when you automate your sales pipeline process. As a result, your sales team will have more time to devote to important tasks, like selling.
Reduced sales expenses
The costs of sales come in many different forms:
- Costs associated with obtaining customers may include lead generation, advertising, and promotion.
- Costs associated with providing customer services, such as costs for customer assistance, education, and training.
- Administrative and overhead expenses, which may include the cost of office space, employee wages, and software licenses.
You may cut all of these expenses through sales pipeline automation.
Increased sales and more deal closures
By providing a comprehensive picture of your sales pipeline process and managing your sales pipeline and customer lifecycle, sales pipeline automation can help you close more transactions.
A sales manager can easily track the best deals and where customers are in the sales pipeline by automating the funnel. Automation enables your sales team to concentrate on customers who are most likely to convert and give them the best service possible.
Additionally, automating your sales funnel can assist you in keeping better track of your progress, spotting opportunities, conducting precise sales pipeline analysis, and making necessary corrections to optimize your outcomes.
Increased sales productivity
Productivity is the secret to success in business. The more effective a company is, the more money it makes.
The same rule applies to sales teams. A successful sales force can transform a significant number of leads into customers and generate significant ROI for the business.
Although many strategies exist to increase sales productivity, sales pipeline automation is one of the best.
Using automation software, organizations can:
- Streamline their sales procedures and get rid of time-consuming manual chores.
- Concentrate on tasks that are more likely to result in successful closures.
- Get more accurate data and insights
Improving sales velocity through sales automation
A crucial parameter for assessing a sales pipeline is its velocity. It involves gauging the typical time to convert a qualified lead into a paying customer. Its formula is:
The number of deals you have in your pipeline multiplied by your overall win rate, average deal size ($), and the length of your sales cycle
You should also closely monitor conversion rates across various stages in the pipeline. It will allow you to find pipeline leaks where prospects disappear.
Sales pipeline automation lowers the cost of sales. It builds repeatable expandable processes and greater synergy between multiple departments. It also has the potential to increase revenue by automating outreach to clients in the sales funnel. Moreover, you can monitor your sales pipeline and increase sales velocity. Automation can also assist in keeping your pipeline clear by highlighting prospects that take a longer time to convert.