What is B2B Sales Pipeline?

A B2B sales pipeline is a visual representation of prospects at various stages of the sales process. The sales pipeline also represents the number of deals and their estimated value. It also informs about the number of open deals available and identifies those that need attention immediately.  B2B pipeline advises sales reps about the offers to pursue first, where they should concentrate their energies, and how much money they can expect to make in the following months. A proper and well-managed B2B sales pipeline removes the possibility of error that’d occur because of guesswork and helps the sales team to meet their quota and perform well. Let’s get into the stages of the B2B sales pipeline-

Important stages of B2B Sales Pipeline

Lead Generation-

This is an essential stage of the B2B pipeline. During this stage of the B2B sales pipeline, the salesperson conducts thorough research on the individuals or companies who may be interested in buying their product or service. A lead is a prospect who has taken an initiative or replied to a marketing campaign and has shown some degree of interest in the product. Depending on their distinguishing characteristics, various sorts of leads usually have different attributes and close at different speeds. Identifying the type of lead you're dealing with is a crucial first move.

Initiate Contact-

In this B2B sales pipeline stage, the sales representative contacts the lead to understand their business and business requirements. This usually involves a brief introduction call during which the salesperson asks some simple questions to get a good sense of the client's query. The aim of this call is to collect information that will assist you in navigating the rest of the sales process. The objective here is not to leap right into providing a solution. Rather, you can approach your lead's circumstance with interest in order to begin building confidence and establish trust.

Follow-Up Call-

Now that you have understood the problem of your prospect, you’ll get back to them with an outline of the solution. The goal here is to not blurt out every detail but to provide a summary of the same, and understand the further challenges lead could be facing. It might not seem but it is an essential part of the B2B pipeline.

Learn the Details-

In this phase of the B2B sales pipeline, you are expected to grab the opportunity to learn some of the important details of the prospect. Details like who the potential customer is probably buying from, few strong factors why they should buy from you, and reasons why they might not purchase from you. You can use this information to evaluate the chances of securing a deal. 

Schedule A Demo or Meeting-

If the lead is interested in your services, you can set up a demo or You may also try to arrange a meeting with the decision-maker in order to secure the deal. Most buyers prefer to see the product and its working before making a purchase, so arranging a demo can increase the chances of closing a deal and is an effective B2B pipeline deal stage.

Negotiation-

The lead has shown an interest in purchasing your services or products and has now entered the negotiation phase of the sales pipeline process. You negotiate on cost, facilities, terms, and so on in order to make a successful sale, and then send your proposal. 

Few tactics that can be used by a sales rep-

• Plan and prepare for the negotiation beforehand.

• Letting the prospect talk first so that you never over-promise in order to seal the deal. 

• Constructing a sense of urgency by delivering appealing, time-based discounts. 

• Never offer a variety only stick to specifics. 

• Only after all rounds of negotiation are completed should a new contract be reviewed and produced.

Close the Deal-

It is the final and hard-to-reach stage of the sales pipeline process. If the contract is set to close, the prospect will make the deposit, meaning a closed deal. When it comes to sales, you must stick to your word- outstanding goods, great customer service, and continued support, all should be provided.  Do this, and your clients will increase as they refer companies to you. Even at this critical stage of the B2B sales pipeline, the deal may go either way – the prospect turns into a buyer, or they postpone or cancel the deal for any reason. If the deal is not closed, mark the prospect as “nurture” and check on them sometime later.

Conclusion

The sales pipeline will assist management officials in understanding the overall performance of the company, and serving as early detection for weak points in an area or product. A successful B2B sales pipeline management offers crucial insights into financial indicators that show which negotiations are most likely to turn into a closed deal.

Lead generation is without a doubt the most crucial part of the process. Global Trade Plaza is a leading name in the online B2B marketplace. The lead generation and marketing services of Global Trade Plaza are praised by several clients in the industry. They provide genuine and sales-qualified leads to their clients at a budget-friendly price.