What Ebsta can do to measure sales pipeline health?
It’s that time again, new sales goals.
If you’re feeling a little overwhelmed with your sales goals, you’re not alone. But let’s face it, it’s never too late to get your head around a plan.
In the previous installment, we looked at how to improve sales pipeline accuracy. But we only scratched the surface. In this blog, we’ll be sharing what Ebsta can do to measure your sales pipeline health – in order to develop a true understanding of the quality of your 2021 pipeline.
So, how does Ebsta measure your pipeline health?
We’ve recently launched a Revenue Intelligence Platform to help empower world-class sales teams with the real-time insights they need to drive predictable revenue growth.
With Ebsta’s Revenue Intelligence Platform, sales leaders have total visibility to:
- See how your pipeline is trending and whether you’re on target to hit quota
- Benchmark previous sales performance to understand the health of each opportunity
- Analyze relationships, engagement, deal progression to identify risk quicker
- Effortlessly deep-dive into each opportunity to have visibility of what’s really going on
- Trust in your insights with accurate, automated data capture
One problem sales leaders tend to come up against is how subjective the information they receive is when it comes to account help. Considering that 68% of sales are lost because the prospect doesn’t feel cared for, it’s crucial to understand how things are going from both perspectives (without having to jump onto each and every call or meeting yourself).
Ebsta gives you an objective view of each prospect and customer relationship by allowing you to score relationships based on every activity, including emails, meetings and calls. This helps you prioritize what needs to be done, when, and by helping your Reps focus their attention on the deals that are further along the pipeline but have a low engagement score, therefore at high risk. We do this by syncing with your CRM, and assigning a score between 0-100 to each working relationship, indicating the overall health of the relationship.
The more interactions your company has with a Contact, Opportunity, Case or Lead – the higher their Score.
The Ebsta Score considers the following factors:
- Type & Quality of Interaction
- Volume of Interactions
- Direction of Interactions
- Recency of Interactions
Identify multi-threaded accounts
The easiest way to understand how healthy your pipeline actually is, is by identifying multi-threaded accounts.
Multi-thread relationship selling is the relationship between the buyer and seller, including everyone else involved in the deal. You’re covering the account with multiple contacts instead of a single contact on the prospect’s end.
The likelihood of a deal closing depends heavily on the number of relationships your team has at the target account, what the strength of those relationships is, how active those relationships are and if they are with the right decision makers.
Pro-tip: Ebsta doesn’t just tell you how many people at the company you know, but rather uses advanced machine learning to provide business relationship analytics that reflects the reality of those relationships.
Building a complete picture of relationships and engagement
While it only takes one prospect to get the ball rolling, you’ll likely need many more people across the organization to opt-in to really close the deal. As you move further along the pipeline, it’s imperative that you’re watching those relationships closely. Are key decision makers getting involved? Are the majority of the buying committee giving you the green light?
Ebsta is able to help you identify who is at the target company, what their role and seniority level is and their communication with your Sales Rep. Leverage that information to help you forge relationships with the right people at the right time.
Drilling into ‘opportunities at risk’
Timing in sales is everything – contacting the right prospects at the right time is always the number one goal. Furthermore, it’s basically impossible to track subtle triggers against each opportunity and quickly identify what’s looking good or starting to go bad.
Ebsta benchmarks previous performance to break down the DNA of previously closed won opportunities to create individual benchmarks for your sales team. You’ll be able to close more deals by focusing on building relationships, increasing engagement and moving through the sales process faster.
Improve sales rep performance
During sales meetings, it should focus on setting the team up for success to focus their efforts on the opportunities that matter most. Too often however, first-line managers end up spending valuable 1:1 time on inspecting the opportunities status and checking opportunities progress/changes, instead of coaching teams on strategy.
The time to inspect pipeline health and check opportunities progress is before a meeting, not during. The meetings should be about actions, not updates.
In Ebsta, you can quickly access all the data you need on the Opportunities being worked on, prospect engagement, and filtered down to each member of your team. With instant insight into what deals are moving, being stalled, or at risk, you can finally start focusing on strategy planning and helping your reps crush quota.
Monitor sales activity trends
With Ebsta, you can accurately track sales activities, stakeholder engagement and negative pipeline trends to highlight opportunities that need attention before it’s too late. Compare changes over time to see whether you’re trending positively or negatively toward your quota target.
Ebsta’s Pipeline Management predicts how much pipeline will likely be needed to hit the number you’re being asked to hit based on historical conversion rates so you can prepare and plan for out-quarter opportunities.
Tracking trends in real-time
Ebsta uses previously closed won opportunities to create an engagement score benchmark. As opportunities start to go cold due to a lack of engagement, Ebsta will highlight them so that you can focus your attention on re-engaging the stakeholders before it’s too late.
That’s not all, Ebsta’s Opportunity Activity View displays the most recent activities, including inbound and outbound emails, calls and meetings.
If you don’t believe us, check out what Copado had to say about us…
Bring the insights to Salesforce
Ebsta automatically captures information directly from mailboxes, calendars and CRM to develop a perfect, real-time representation of your relationships, activities and pipeline health.
Rather than relying on out-of-date records and pushing sales to spend time on low-value admin tasks, you can be confident that you have all the information you need at your fingers, whilst giving reps more selling time from eradicating unnecessary busywork.
Increasing Sales Pipeline with Data Insights
In summary, the opportunity pipeline is a great way for you to manage your day and create accurate revenue predictions. There are important steps that can help you support this but in the end it all boils down to fully committing and trusting your CRM system and one way to ensure this is to set it up so it reflects your business needs and your business needs only.
Your sales pipeline is critical to driving growth, but like your performance data, it’s not useful if you can’t gain insights from it. In order to truly increase your sales pipeline, you need to be able to have full visibility on where deals stand, new leads, and projected close/win rates.
When you have a deeper level of visibility, you can focus more on strategy rather than tactical execution of your sales plans. And that’s when you really start to see the performance take off.
Ebsta’s Pipeline Insights offers complete visibility into your pipeline so that you’re able to:
- Monitor engagement across every opportunity in your pipeline.
- Track whether opportunities are trending positively or negatively.
- Spot opportunities and renewals suffering from a lack of engagement.
- Dive into team activity within every opportunity.
Request a demo and we’ll give you immediate visibility into what’s really going on with your pipeline.
So what are you waiting for? Book a demo right away!