Health Insurance and Payment sales is a never-ending process of prospecting, outreach, more outreach, closing deals, and then repeating. One of the best ways of sustaining the “sales pipeline” is by creating a steady flow of qualified leads and managing your CRM. According to the Technology Advice report, companies that use pipeline management see 28% greater developing compared to those that do not.
We’ve compiled some tips on how to continuously increase your sales pipeline to up your sales.
The phases of your sales pipeline should be aligned with the Buyer’s Journey. The Buyer’s Journey is comprised of three phases:
Awareness: Here, your leads understand they have a problem/challenge and are in the process of understanding it.
Consideration: Your leads understand the challenge and are researching how to fix it.
Decision: Your potential customers have chosen the approach they want to fix their problem and are comparing companies.
Keeping the Buyer’s Journey in mind, the phases of your sales pipeline should look like this:
Identify: A visitor comes to your site and takes action like filling out a form, participating in a webinar, or asking questions in the comment section of your blog. You can also prospect and develop a list of your ideal leads.
Lead Nurture: Here, you can start sharing informative content using strategic Lead Nurturing Emails every week. These are not sales pitches, but help your lead discover their issues. Use monitoring software to engage with potential customers who respond to content related to specific topics.
Engage: Starting a conversation about the issues and objectives over email or a call will help you determine whether the person has a problem you can help with. After the call, you can build a rapport and trust and can set up further discussions.
Discover: You can ask questions and find out more about your prospects difficulties, objectives, and obligations. It’s a good idea to know their circumstances in this phase and to not sell your option just yet.
Prepare your presentation of a customized solution: Created a tailored discussion about what you have learned from the prospect. Keep in mind to use their language and supplied information.
Suggest a tailored solution: Your leads agree to a meeting with you by phone or in person and you suggest a remedy.
Agreement review: When the prospect has requested a remedy, you should prepare a contract to go over with them to straighten out all the details and eliminate any disagreements.
Close: Your clients agree and sign the dotted line, then make a payment.
You must have specific objectives for every phase of your sales pipeline. This will keep your sales team encouraged and will improve the chances for success. For example, you can have the goal of closing 120 sales a year. This means 10 a month.
Once you have defined the phases of your pipeline and developed your objectives, create a sales dashboard to help you track development. The dashboard needs to be updated every day with vital information about your sales pipeline. At a glance, you should be able to understand where you are and what your strategies are. You can build a dashboard using a spreadsheet or an innovative CRM software like Hubspot. Look at Hubspot’s Advanced Sales Dashboard here. The dashboard should help you keep track of:
According to sales master Colleen Francis, many salespeople find themselves caught in the “sales trap.” This is a scenario where a lot of time is taken to make sales but not enough time is take to produce leads. With time, these cause a dry pipeline. To stop this, you should make sure to fill your pipeline continuously. Here are a few ways to maintain a consistent pipeline of leads:
Buying lists: Although the majority of salespeople find purchased lists ineffective and inaccurate, in some cases lists can be helpful to fill a pipeline of leads.
Lead generation services: Much like buying lists, this suggestion can be hit-or-miss, but specialized services can add some good names to the mix.
Build your own list: With professional experts like LinkedIn, you can build a list of relevant companies and find the people who work there. Then, use it to find the best emails and phone numbers to help you build your pipeline.
Inbound Lead Generation: It’s ideal to get leads to come to you. These leads have an understanding of your brand name and have some rate of interest in a topic related to your remedy. The level of their interest could range from seeing your website, opening up an email, downloading premium content, asking for a trial, or completing a form. To find out more about finding leads online to constantly load your pipeline, look at “Generating Leads Online: The Birds and the Bees“.
As you send out proposals and close sales, take time to find new leads to fill the top of the pipeline. This should be a daily exercise to make sure that the pipeline is always flowing. Identify the number of potential customers you need in the Engage phase to meet your sales targets. Fortunately, there are sales monitoring softwares available that could help you keep an eye on the activity of your potential customers in the sales pipeline.
If a prospective customer ends up being uninterested or stays in the same phase of the pipeline for too long, it’s time to reevaluate them. From time to time, clean your pipeline to make sure you are concentrating on qualified leads that deserve your interest. You will have the ability to prepare more and have better sales projections because of this. Cleaning up your pipeline also includes making sure the information is correct. For example, if a prospect leaves your target company, take them out of the pipeline and find a new decision-maker in the firm. Check your goals periodically to make sure they are working and practical.
Developing a stable sales pipeline can be tricky for even the best sales representative. Completely understanding who your leads are and where they are in the Buyer’s Journey will help you set up a flowing pipeline. This process belongs to a bigger body of marketing and sales strategies called Inbound Methodology.
But it can be really hard to do this alone. We at Responsify work with Health Insurance and Payment sales and business development pros to offer strategy, support, and help developing an inbound leads pipeline. By collaborating, we help marketing and salespeople purposefully draw in brand-new website visitors, convert them to qualified leads, and then pleased consumers.
We’ve helped many sales pros integrate Inbound right into their existing sales process. Don’t hesitate to schedule a cost-free strategy session to help you review your properties and find the best ways to keep your pipeline full!