Optimize Your Pipeline in 2023: Data-Backed Sales Strategies
With traditional outreach success rates falling below 2% and a demanding audience seeking more tailored experiences, it’s time to update your pipeline generation strategy.
To that end, we’ve compiled a comprehensive list of data-backed strategies to help you secure quality leads and double your sales pipeline.
Let’s dive in.
In 2023, Traditional Pipeline Generation Methods Convert Under 2%
The data is in: the traditional way of making cold calls just isn’t effective anymore. A few years back, sheer volume might have worked, but not today. Does that mean you shouldn’t do outbound calling anymore? No, but you need to adjust your strategy if you want to succeed in 2023.
So, what’s killing cold outreach?
But the challenge isn’t limited to just calls: modern email platforms are now equipped with advanced algorithms that filter out unsolicited emails and place them in the spam folder. As a result, many cold emails never reach the intended recipient’s primary inbox.
LinkedIn InMail might be a better alternative — it has a 300% higher response rate because you can reach anyone on the platform, regardless of your connection status. LinkedIn InMail is a direct and professional way to initiate a conversation with your prospects, without worrying about gatekeepers or spam filters. You can also get insights and feedback on your InMail performance and improve your messages accordingly.
73% of customers are more worried about their data privacy today than they were a few years ago. In the U.S., regulations like the TCPA make cold calling, especially without prior consent, a risky endeavor. This concern holds true in places with strong data protection laws like the European Union with its GDPR, or the UK’s Data Protection Act.
We simply don’t communicate the same way anymore. More and more customers, especially younger generations, have shown a preference for text-based communication or messaging apps over traditional phone calls.
If you think you only need to worry about this if you operate a B2C business, think again. Studies say that, by 2025, Millennials will represent 75% of the global workforce, and many will occupy decision-making positions. That is, you’ll likely need to convince a millennial to purchase your B2B product.
Cut Out 50% of Busywork With Automation
Did you know that nearly 50% of all work activities can be automated in an average business?
And now that AI has gained so much traction, Servion Global Solutions predicts that AI will power 95% of customer interactions by 2025.
Delegating all monotonous tasks (like call logging, redialing, call summary, and more) to a machine can save you 23 working days per year.
How does automation affect your pipeline?
Not only will you save time and resources (which already positively impacts your ROI), but your sales reps will also have significantly more time to spend generating a better pipeline – and they’ll be more motivated to do so when they can avoid repetitive tasks.
According to Hubspot, 61% of high-performing sales leaders use CRM and other software to automate some of their sales processes – for example, handling website visitors with an AI-powered chatbot that can answer their initial questions.
We conducted our own survey – 54% of our customers claim task automation AI is the number one method that helps their business keep up with the competition.
Increase Sales by 20% with Precise Segmentation
Using segmentation in marketing is a common practice – but it is less common to use it for sales calls. According to McKinsey’s research, you can increase your outreach success by 20% with proper segmentation.
But how should you go about doing it?
Sales experts commonly recommend segmenting your leads based on 6 criteria:
- Company Traits: Segment by industry, category, or type.
- Company Size: Startup or enterprise? Adjust your approach.
- Product Lines: Pinpoint relevant products or services for each lead.
- Location: Consider cultural, economic factors, and time zones.
- Job Title: A CTO and a Marketing Manager need different pitches.
- Potential Deal Size: Allocate resources based on value.
Proper segmentation sharpens sales precision. You can match your salespeople with the most suitable leads, based on their skills and experience, so they’ll be able to tailor their calls to each prospect’s needs and preferences, addressing their pain points, challenges, and goals more accurately.
And, you can increase your conversion rates and customer satisfaction by delivering value and solutions that resonate with your prospects. Take CloudTalk for instance: by targeting mid-market companies, we’ve achieved a notable 20% win rate, maximizing our ROI on outreach.
Conversational Sales Can Lead to a 15-fold Increase in Success Rate
But what exactly is conversational sales? It’s a method that uses multiple channels to communicate with potential clients, such as phone, email, social media, or live chat – whichever the prospect is most familiar with. It allows prospects to choose their preferred way of interacting with your business, whether it’s through text, voice, or video, increasing customer satisfaction from the first contact.
Instead of simply pushing sales, the method focuses on building trust and rapport, ensuring prospects receive valuable information throughout their buyer journey. It helps you understand their needs and challenges, and offer personalized solutions that match their goals.
Leveraging these insights, you can turning casual online chats into meaningful conversations by presenting tailored solutions for each specific case. Analyze the client’s primary objectives, observe trends in competitor strategies, and understand the driving factors behind their current changes. Recognizing potential complications they might face can give you a real competitive edge in offering precise, value-driven solutions.
You can commonly find SDRs taking these chats or following up with prospects after they’ve filled out an online form.
A strong AI chatbot can reduce your resolution time by 30%, saving you an average of 2 hours and 20 minutes per day. Modern businesses have been harnessing the potential of Intercom’s chatbot to engage our leads and answer their questions within seconds.
Our team has been leveraging conversational sales with increasing success. By integrating tools like Mindtickle into our processes, we’re able to gain deeper insights into our conversations. Not only does this ensure that prospects feel heard and understood, but it also allows us to dive deeper into a customer’s needs, decision-making processes, and unique pain points.
The Real-Word Impact of Modern Sales Strategies On Your Pipeline
Wondering if these new sales methods actually work? We gathered some of our favorite stories from our customers:
Revolut rapidly scaled their inbound SDR team from 0 to 500+ sales reps in 18 months and needed a single tool that could provide their fast-growing pool of SDRs with everything they needed to be successful. Within a couple of months, Revolut was able to improve upon its sales teams’ already high standards of performance and close more deals than they could have ever imagined.
PlanRadar encountered various tech and geographical limitations, but with the switch, noticed a 20% increase in how efficiently their team worked thanks to automation and international numbers. In just three months, they made 357,000 inbound and outbound client calls using 585 international numbers across 65+ countries.
SalesPassie needed to precisely monitor the activity of everyone on their team and make decisions accordingly. With improved pipeline automation, SalesPassie doubled their sales calls and talked 25% longer with potential customers.
In just three months, Splitty spent 18k+ minutes on inbound calls and 22k+ minutes on outbound calls. They’ve made 8,500+ inbound and outbound client calls using local numbers across 6 countries. Imagine what they’ll be able to do in a whole year!
These are just some of the many stories of companies making the most of modern sales methods. Remember, using the right tools and tactics in sales is a must if you want to stay ahead in today’s competitive landscape.
How will you redefine your sales narrative? The blueprint has been laid out, the tools are available, and the success stories are in plain sight.
Now, it’s your move.