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Best Practices: Sales Pipeline Management for Financial Services

Published on June 15th, 2017

Photo: Image of Sales PipelineThere are many tools available to help you get the most from the sales process in any industry, such as in finance, for instance. One of the most visual, and systematic, is the sales pipeline. The sales pipeline will show you exactly where the money is in your sales process, and how to convert it, by tracking open sales opportunities. It is important to realize that the sales pipeline is a great tool, but it also requires effort on your part to assure that it continues to benefit you. Check out these best practices that will help you get the most from your pipeline.

Understand Your Metrics

To maximize the benefits from your pipeline, you need to master the numbers that play into it (your metrics.) For a financial services firm, this could include:

  • Number of leads created
  • Conversion of leads to opportunities
  • Average amount of sale or account created
  • Cycle length
  • Number of open opportunities
  • Average length of time each account remains open

When you see the numbers for what they are, and understand them, you’ll get more from your pipeline.

Make Small Improvements for Big Results

Work on one section of your funnel or pipeline at a time and make small changes. If you can find a way to increase leads, for instance, it will feed your pipeline through and through. Wearing blinders, so to speak, as you work on each area will help you make efficient and effective improvements.

Eliminate the “Sludge”

Just as you can get clogs in the pipes under your sink, the sales pipeline can get clogged with too. Think about the weakest opportunities or the leads that never go anywhere. It may be time to clean them from your pipeline so that the better options can flow through more easily.

Review, Review, Review

Just having a pipeline in place does nothing if you do not follow what is happening with it on a regular basis. Sitting down with your sales team to review the pipeline and look for issues that need improvement will help you get the most from this tool. In addition, doing this will help your staff to better understand the entire sales process—not just each individual part.

Use Industry Specific Software

There are plenty of CRMs and sales platforms out there, but if you aren’t using one that is targeted to the finance industry, you won’t get the results you need and want. DebtPayPro, for instance, is a financial services CRM software suite designed specifically for your industry. Using this program can help you understand your pipeline from an industry-specific angle.
Whether your financial services company is just implementing a sales pipeline or you are ready to make changes and understand things a bit better, the DebtPayPro team would love to help. Call or contact us online to learn more about our financial services CRM software and get ready to take your company to the next level.

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