How to Track Sales Opportunities to Predict New Revenue
In this post, we are going to talk about how to track sales opportunities so you can predict new revenue that may come into your business.
If you want to grow your business, attracting new customers is an important strategy. Many of you will immediately think of marketing and creativity which can put many people off who feel like they are not a creative type. We want to stop you right there, as we believe that successfully bringing new revenue in your business is strongly attributed to a process rather than creativity.
Imagine you have a potential new customer; you may also call them a prospect. This is someone who has shown interest in your business or the products you sell. In most cases they are gathering information to determine if you have the right solution to fit their needs, and are not ready to buy yet. During that time you may have a conversation or a series of meetings with this prospect.
As time passes, you get busy in the functions of the business and simply forget to continue following up on that new opportunity. At the same time, the prospect has been looking at different solutions that fulfill their needs and without regular engagement with you, has decided to purchase from a competitor. As a result, your prospect never converts into a customer.
What you need to put in place is a sales pipeline.
A System for Sales Success
A sales pipeline is the process into which you funnel your prospects and opportunities, leading towards a sale. Using this process we are able to clearly track every unique opportunity and key information about them including the:
- Organization or individual you are dealing with
- Products or services they are interested in
- Potential value of each opportunity
- Likelihood of the opportunity turning into a sale
- Team member who ‘owns’ the opportunity
- Next step and the date that will be completed by
This last step is critical as many people don’t complete this step and fail to proceed the conversation into a sale by not defining the next action for each opportunity. Think about the last time a business or supplier you were talking to promised to send you a proposal or information package by the end of the day. Did you get that proposal?
Those who clearly define what they will do for you by a specific time, and deliver on their promises, tend to stand out. These are the people who persist with their opportunities and turn these relationships into new revenue for the business.
We have the expertise to help you set up a system and the processes you need to track and report on each opportunity. You will be able to better predict the revenue coming into your business which, in turn, will improve your planning and resource allocation over the year.
Let’s have a conversation if tracking your sales opportunities to predict new revenue in your business would benefit you. We would love to discuss how we can help turn your prospects into new customers. Give us a call at 559.924.1225 today.