One of our enthusiastic clients implemented the call back workflows we discussed last week in icoSales’, using our sales force automation, and brought us to a perfect example of why these lead workflow concepts need to work together. If you do not implement pipeline management in conjunction with the call back periods you will not compel loan officers back into the pipeline to hit the frequent call backs. In their implementation they executed the call back intervals automation flawlessly, but did not consider today’s topic–pipeline management.
Pipeline management has traditionally been associated with the most fundamental of concepts within lead management, working leads or calling on prospects. However, so much is missed within this topic if that is your singular view of pipeline management. Instead it should be a very organized process that consists of the following:
- Total pipeline size
- Inflow of new leads
- Evaluating each lead as it is worked
Total pipeline size is very important for two key reasons: one, it ensures that you are controlling the pipeline to a size that you can effectively work in a given time frame; and two, it ensures that you are being effective in turning leads into sales or at least you are not wasting any more of my marketing dollars. Remember:
“These are the new leads. These are the Glengarry leads, and to you they’re gold but you don’t get them. Why? Because to give them to you would be like throwing them away. They’re for closers.”
This highlights the total pipeline and the new leads concept well. If you are not constraining these two variables in your Internet lead workflows then I will guarantee you are throwing leads in the trash can.
Check your numbers. If you do not have constraints that work together on these two variables then your worst sales people are chewing through new leads and throwing the old ones in the trash hoping for the one call miracles. In fact, my favorite sales call was one when I asked a prospective, and now client, to bring me a list of his loan officers racked and stacked by conversion and production. Guess what? The top guy, closing at over 19% and about 15 deals the previous month, took in only 32 new leads (remember this was working a pipeline too) for the month. The bottom guy, closing at something with a leading 0 and a decimal point and closed 2 deals the previous month, took 250+ new leads. Talk about opening a prospects eyes to lost production.
So, what is the answer on the total pipeline and new lead allocation? Considering individuals sales pace and the design of your organization (do you have a contact team or is a loan officer working it cradle to grave), I recommend a pipeline that allows you to touch every lead, on average, of once every 48 hours. This general rule typically puts most pipeline rules at 100-150 total leads. Then, new lead allocation, becomes a blended combination of maintaining a balanced total pipeline level and maintaining motivation. I generally recommend anywhere between 3-7 new leads per day.
Finally, and probably one of the most effective pipeline management concept of the three is evaluating each lead, every time it is worked, this creates an active pruning and nurturing of leads that ensures that your sales force automation is constantly handling that lead in the most effective, sales converting way.
Sales Clip of the Day: