Do you know? Can you quantify what’s in there? Can you reasonably estimate the likelihood of close and the time it will take to get there?
A client had with a tall order to nearly double revenue during a specified period of time. My question: “What’s in the pipeline?” Their answer, “I don’t know”.
How much is in your pipeline? To look, to count, to quantify can be unnerving. It’s what we beat ourselves up over as business owners, not knowing important stuff. Last week I HAD to do some clean-up bookkeeping. I had paid invoices I’d not marked as “paid” in nearly a year. So, my accounts receivable was deceiving me and I was nervous. Alas, I got help. “Bookkeeper, hold my hand please as we get to the real number. “ I was pleasantly surprised. I had more coming in than I expected. I’d beat myself up more than necessary. Avoidance causes me (and you) more stress, less good. We need good, pleasant surprises.
Back to that pipeline.
Put a dollar figure to every prospect you’ve connected with in the last three months that has indicated they need a solution. (They can go back in queue to be called on if it has been longer than three months. They can’t be counted as a likely buyer, even if you had the warm fuzzies when you talked.)
Did you talk about money? Hopefully so. Name that number. The next questions to answer: When did you speak with them? Where do your services/products stand as a solution for them? Was there confirmation that they would buy from someone? Was your company on the short list, i.e., are you a top three pick? If so, you can call that a 33% shot at winning the business.
If money was not discussed, you have no number unless you have a general amount of money you typically charge. If that’s the case, estimate low on both money and probability of close. I’m not skeptical. I am realistic about likelihood of purchase if money’s not been discussed and you don’t know where you stack up against other options.
For those in the pipeline in which timing and money have not been discussed, go back to the prospect and find out their intentions.Their intent determines your next actions and if the next steps involves the prospect, be sure to secure a commitment from them so your selling process has no loose ends.