Fremont Smith, vice president of High Start, a Boston-based consulting firm that helps bring new products to market offers tips on creating and using a sales pipeline.

Managing a Sales Pipeline: Getting Started

Your first step is to identify an account’s total budget, the likely length of the sales cycle, and the key decision-makers. “If sales people are not trained and managed to establish these three critical pieces of information, they will continually be over-optimistic about their pipeline,” says Fremont Smith. “In a worst case they will spend all their time writing proposals for unqualified leads, the whole time being certain that the deals will close any day.”

Of course, it’s not always so easy to gather that information from prospects without sounding pushy. So Fremont- Smith spends a lot of time coaching salespeople on language.  For instance, asking “Are you the decision maker?” will often alienate a prospect. Instead, she suggests a softer approach, such as “We find that with this kind of purchase, decisions are made by a lot of people on the executive team, and the process of really understanding your needs goes smoother if I can gather information from everyone.”

Similarly, a prospect reluctant to discuss budget may be coaxed into giving up a number when offered a range, such as  “our accounts often fall between $10,000 and $30,000; where are you most comfortable?”

Read the full article at Inc.

Earlier this week I met with Meridith Elliot Powell. I love talking to Meridith. She’s full of energy and positivity and I always come away energized to get to work. Her company is now called Motion First and there is a completely new website in development. For now, check out her current site if you are interested in business strategy and sales coaching. Motion First is based in Asheville , NC are they work with a variety of small businesses.