5 steps to building a weighted pipeline for successful new business growth

5 min read

Why a weighted pipeline is critical

In our previous journal we looked at why a weighted pipeline is critical to creating a sustainable new business momentum in the agency, both by identifying short term revenue opportunities and forging future client relationships.

In this post, we will give you 5 simple and practical steps to building a weighted new business pipeline for sustainable, longer-term profitable growth:

  1. Keep it simple
    Creating a realistic and measurable plan starts by identifying short term opportunities – quick wins to boost conversion. Think also about the medium and long terms targets that you know will take longer to convert but will really change the shape of business and help you grow. Identify them and obsess about them, get close to the clients that you really want and share the desire with the agency and key external influencers.
  2. Engagement is key
    Getting in front of the right people and building valuable relationships is key; use value-based, human-focused content to engage with them and get noticed. Talk to prospects clearly about your offer, be single minded, be specific and identify the client benefit to working with you.
  3. Take your time
    Building trust and credibility doesn’t happen overnight and there will be peaks and troughs along the way. Think strategic not scattergun. While it will vary depending on a number of factors, for most businesses, the lifespan of a 18-24 month ‘nurture pipeline’ will typically yield 2 or 3 new accounts per year.
  4. Track your success
    Rather than focus solely on monthly pipeline revenue KPIs, look at your marketing activity metrics and network growth, from social media followers and newsletter sign ups to event attendees and website visitor. Is your company LinkedIn up-to-date? Are you easy to find on Google? Consider every single sign up or attendance as a potential new business opportunity.
  5. Referrals are your friend
    With conversion rates far greater than cold outbound lead generation, referrals can provide a much-needed boost to your pipeline. They are one of the most valuable forms of marketing, so ask clients to share the work you do for them and to refer people they know who could benefit from your services.

Finally, ask for help!

If you’re feeling anxious about your new business pipeline drying up and you’re experiencing a talent gap within your new business strategy team, don’t panic – you’re not alone! According to a Gartner survey only about 45% of sales leaders are confident their organisations have accurate sales forecasts.

Working with a third party, such as Beckon, can help implement and embed a marketing-led new business ​development strategy and equip your business to grow with confidence.