As a recent poll on my LinkedIn page showed, 67% of people believe that growing their sales pipeline will be their most important task in 2023. And I couldn’t agree more. But let’s be honest, building a sales pipeline isn’t exactly a walk in the park, it’s often seen as a necessary evil, a means to an end. But, what if I told you that there are some less conventional methods to approach pipeline building? And even better, what if I told you that AI and automation can play a big role in building pipeline at scale?
It’s important to note that conventional methods such as cold-calling, email marketing and LinkedIn outreach are still incredibly effective at generating pipeline. Cold-calling has a 2-5% conversion rate, email marketing has a conversion rate of 3% and LinkedIn has a conversion rate of 5-7% according to a study by Hubspot. These are all solid benchmarks to aim for, but let’s face it, it’s not exactly a thrilling way to spend your day.
One way to spice up your pipeline building is through personalization. Instead of sending generic cold emails to a list of leads, use AI-powered tools to personalize your outreach. According to a study by Epsilon, personalized emails have an open rate 29% higher than non-personalized ones. And if you really want to add a of “clever” to your sales process, try using gamification in your sales process. A study by Salesforce found that companies using gamification in their sales process saw a 14% increase in productivity. Imagine the thrill of closing a deal as if it’s a video game.
Now let’s talk about using AI and automation to build pipeline at scale. One way to do this is through lead generation. AI-powered tools can help you identify and qualify leads in real-time, which means you can spend more time closing deals and less time finding them. Here are some AI sales tools available in the market:
- Outreach.io
- Salesforce’s Einstein
- Gong.io
- Launchedtech.io (which is an audience engagement SaaS that just generates leads and pipeline without any of the groundwork)
- LeadSquared
- Hubspot Sales
- Clearbit
- Insidesales.com
- ToutApp
- LeadFuze
Another way to use AI is through predictive sales analytics. Salesforce’s Einstein uses machine learning to predict which leads are most likely to convert and provides suggestions on how to engage with them.
But don’t just take my word for it. Here are some real-life examples of companies that have used AI to build pipeline:
- Salesforce’s Einstein helped DocuSign increase their sales pipeline by 15%
- Outreach.io helped Slack increase their sales pipeline by 50%
- Gong.io helped Zoom increase their sales pipeline by 300%
In order to generate 1 million pounds in pipeline, a strategic plan could include:
- Reviewing the current sales process and identifying areas for improvement
- Setting realistic targets and goals for the sales team
- Utilizing AI and automation tools to improve efficiency and increase productivity
- Continuously monitoring and analyzing performance, adjusting the strategy as needed
- Providing regular training and development opportunities for the sales team to improve their skills and knowledge
So there you have it, some less conventional methods to approach pipeline building, and how AI and automation can play a big role in building pipeline at scale. Remember, personalization, gamification, lead generation and predictive sales analytics are all great ways to help you achieve your pipeline building goals in 2023. Happy selling, or as I like to call it “the game of selling”.
