Learn how to improve a sales pipeline to help you close steady and repeatable insurance deals.
In the insurance sales industry, a healthy sales pipeline ensures steady, repeatable success. Whether you are just starting out or a seasoned veteran there are always ways to improve a sales pipeline. No matter which strategies you use, the key is discipline and regular check-ins. Building a habit of reviewing your sales pipeline is the first step in growing your business. Once you review your process, use these five strategies to improve a sales pipeline.
Fill your pipeline with qualified leads.
If you can fill your pipeline with qualified leas from the get-go, you’ve already figured out one way to improve a sales pipeline. Using the expert services of HBW Leads, your business will be set up for success right from the start. With exclusive double-verified leads just for you and your agency, your pipeline will be well-stocked. You will be in a position to expand your sales and sustain long-term success.
Keep an eye on your win rate.
One way to improve a sales pipeline is to keep track of your data. Specifically, keeping an eye on your win rate can uncover areas for improvement. Calculate your win rate by measuring the number of leads or business opportunities compared to the number of completed sales. For instance, if you had 40 leads that converted to 18 sales your win rate would be 45% (18 divided by 40 times 100). And while a single win rate might not seem useful. Collecting this information over the course of many months and years can help illustrate growth, challenges, and trends.
Pay attention to deal size and average sales numbers.
Another set of metrics to review to help improve a sales pipeline is deal size. This isn’t just the sales amount per deal but also the average deal amount. By tracking averages you can notice trends based on time-of-year, global and regional events, and insurance industry trends. Pay attention, though, to the outliers in your pipeline. The high-value deals, as well as the smaller dollar deals, can teach you something about your customers as well as give you insight for future prospecting. All of this analysis will help you from leaving money on the table.
Build your professional network.
If you’re struggling with lead generation, social selling is a great strategy to improve a sales pipeline. Networking shouldn’t just be about connecting with other insurance industry folks. It should also include reaching out to neighbors, family, friends, and professionals in adjacent industries. Become an insurance industry expert in each of your social circles.
Take advantage of online communities based around your location. If you sell car insurance, get to know your local auto shops and car dealers. If you sell home insurance, build out your network of realtors in your area. Spending time on networking increases your opportunities for referrals added to your sales pipeline.
Leverage your CRM software.
Lead nurturing is an important step in any sales pipeline. Especially with insurance sales, it can take weeks and even months of nurturing before closing a deal. An excellent tool to use to keep track of your lead nurturing is a Customer Relationship Management (CRM) software. Most CRM software is customizable and lets you set up different ways to track your sales pipeline. This is especially important if you’re working with a team of agents helping each other move leads through the pipeline. A CRM helps keep everyone on the same page and up to date on a lead’s progress. But even if you work independently, having a CRM software that gives you regular snapshots of accurate data is an effective way to improve a sales pipeline. CRM Software prevents leads from slipping through the cracks and calls your attention to aging leads that might need some additional outreach.
Take a page from the HBW Leads playbook and let them take care of your lead generation needs. HBW Leads has insurance and technology experts who will provide you with exclusive leads so you can spend more time reviewing your process to improve a sales pipeline.