There are usually two types of sales one is weighted sales, and the other is unweighted sales. It becomes very difficult for the sales team to estimate the value of their sales pipeline, and they end up making poor decisions. They must know about the value of their sales pipeline to estimate various factors, and among these factors, the business’s position is one of them.
There are a few prospects for any business and sales team with different probabilities of making a purchase. Some are more close to the end of the sales funnel and about to enter the purchase phase, and some will have lower chances of making sales. Depending upon these estimations, you can estimate how much you will be able to generate revenue from your sales in a given month.
Keep scrolling this article to know in-depth about the weighted sales pipeline and its benefits for any business.
What is a Weighted Sales Pipeline?
The weighted sales pipeline is one of the estimation methods that enable the sales team to estimate each lead’s value in the sales funnel. There are probabilities and possibilities that define whether the lead or prospect in the sales funnel will make a purchase or not. We rank and prioritize the prospects according to these probabilities, which we call the weighted sales pipeline.
Top Benefits of the Weighted Sales Pipeline
Many people ignore these estimations about the revenue a business will generate from its sales within a given month. They just focus on their sales activities but do not forget that the weighted sales pipeline is also one of the sale methods. These estimations are very crucial to identify where the sales team need to put more effort and what areas are more revenue-generating
Below are the most important benefits of the weighted sales pipeline method for any business.
Know the potential targets
One very important and difficult task for any business is to identify which prospects have the potential to make a sale or close a deal. The weighted sales pipeline method helps businesses clear their views about their target. They can easily identify what type of prospects have higher chances of becoming their potential customers. To identify these values of the prospects, you need an expert eye and research. Such demand makes businesses consult the sales company in Dubai to conduct research on the available prospect and then make calls to every prospect according to their percentage of making a deal. These calls and contacts with the prospects through any means will make them meet with you regarding purchasing the products and services you sell.
It helps you know your business position
With the estimation results you will gather from the weighted sales pipeline, you can easily identify your business’s position. If the prospects you reach have higher interest rates and probabilities of making a deal, then it means you are about to add more value to your business, and you can generate higher revenues with these deals.
Top 3 Essential Steps in The Weighted Sales Pipeline
In a weighted sales pipeline, you do not randomly make estimations regarding the revenue you will make. You need to follow some steps and rank your prospects, and these rankings will enable you to find the value of your earning within a given month or period.
The following are three basic steps that you perform in a weighted sales pipeline method.
The prospects interest stage
You need to rank the prospect according to their interest n your products and services. You must identify how far the prospect is in the sales funnel. The prospects at the very end of the sales funnel will be having more purchase rates ensuring more value to your business.
The probability of making a sale
Once you rank your prospects, the net important thing you have to do is give numbers to each prospect. These numbers will define the likelihood of the prospects closing the deal. It is obvious that the prospect with higher numbers will have higher probabilities of closing a deal. We call these prospects with higher probabilities as the value prospects for any business.
The date to close the deal
The last and very important in the sales pipeline is identifying when the most interested prospect will make a deal. To do so, you need to stay in touch with the prospects and not forget to follow up. You can take the help of experts to constantly stay in touch with the interested prospects and make them close deals with you.
Make your sales estimations correct to get accurate figures!
The weighted sales pipeline is all about making estimations about the output and numbers the sales team will generate for a business in a given period. To get accurate numbers, you must have implemented the right methods of estimations. The expert sales team and companies know what type of prospects can add value and income to a business and what type of prospects are of little importance. Keep the above-mentioned methods and point in your consideration while you estimate the value your sales team will generate.