Revenue growth. We all crave it.
So, earlier this year my colleagues and I teamed up with the Sales Management Association to conduct a survey of more than 60 large B2B companies to learn their top revenue growth strategies.
We asked them very tactical things about their sales pipeline management including how often they hold pipeline meetings, how much time they spend discussing each deal, and whether they discuss it in a group or with a one-on-one approach. We also asked them about their year-over-year revenue growth.
Our ultimate objective was to find out what the companies with the best revenue growth are doing around pipeline management. In other words, when it comes to managing your pipeline, what actually matters and what doesn’t can make a difference.
The result? Companies who do one of the following three things have substantially greater revenue growth than companies who don’t.
Three Ways to Grow Your Bottom Line
The survey feedback was eye-opening and encouraging. Here’s what we learned about revenue growth related to pipeline management:
- Companies that have a clearly defined sales process with defined sales stages had 18% greater revenue growth than those that don’t. (Tweet This Stat)
- Companies that spend at least three hours per month talking with each sales rep about their pipeline had 11% greater growth. (Tweet This Stat)
- Companies that train their sales managers on pipeline management had 9% greater growth. (Tweet This Stat)
Of the 62 companies we surveyed, only eight used all three of these sales tactics. Not surprisingly, they boasted an impressive 28% greater relative revenue growth than the other 54.
We’ll dive deeper into each of these best practices in more detail over the next few weeks. In the meantime, what are some of your pipeline management best practices? What hasn’t worked well? Let’s discuss in the comments below.