Most likely the coronavirus (COVID-19) outbreak has impacted your business in some ways and will continue to do so. Demand across the board has softened. Remote working is the new normal.
Now B2B sales teams need to find new ways to fill their pipeline amidst the market uncertainty. Luckily there is one sales pipeline strategy that has been successful in this new B2B sales landscape.
What is a sales pipeline?
A sales pipeline is the journey a lead takes on their way to becoming a customer. There are different stages for each part of the sales process. A salesperson can help guide a lead to convert based on where they are in the pipeline. The sales team optimizes each stage and figures out what helps a lead continue on their journey by removing any barriers that may arise.
What does a sales pipeline look like?
A sales pipeline looks different for each company in order to reflect the unique journey. Lots of customer relationship (CRM) tools represent the sales pipeline visually – imagine a funnel.
Try this proven B2B sales pipeline strategy
So how do you increase your sales pipeline? We recommend using warm leads to fill up your sales pipeline.
Track job changes
The sales pipeline strategy is simple – track previous customers who changed jobs.
Why track previous customers who changed jobs?
37% of people changed their job in 2020, according to Zippia. This is the only lead source that automatically grows when your company grows.
As an example, if you have 10,000 customer contacts (including decision-makers, influencers, admin users, and power users):
- 2,000 of those are already at new companies, and
- 2,000 more will change their jobs in the next 12 months
That’s a total of 4,000 leads for your sales pipeline this year. More importantly, these prospects already knew your product from their previous companies.
They are more likely to respond and buy from you again compare to your average leads, and therefore yield higher conversion rates and lower your cost per lead.
During a time of uncertainty, businesses tighten their spending and therefore more hesitant to buy new tools. Having internal champions who have used your product to advocate during a deal could make a difference in winning and losing.
How to track previous customer job changes
Now it might seem like an impossible thing to track, but there are several tools that can help. Find a sales intelligence software that can automate this process. Once the process is automated you’ll have warm leads closing your pipeline gap.
Previous customers will help you increase your sales pipeline
Nobody ever regrets making fast and decisive adjustments to changing circumstances. In downturns, revenue and cash levels always fall faster than expenses. In some ways, business mirrors biology. As Darwin surmised, those who survive “are not the strongest or the most intelligent, but the most adaptable to change. - Sequoia Capital
Stay healthy, adapt quickly, and keep on growing!