A weighted new business pipeline is more important than ever right now.

5mins read

A weighted new business pipeline is more important than ever right now.

The challenges facing businesses as they struggle to grow (or to simply maintain consistent revenue) are bigger than ever and, as we deal with the triple whammy of economic, political and social turbulence, it’s tempting to put the sales and marketing budget on hold while you prioritise delivering client work.

Q4 tends to mark a crucial point in the sales and marketing calendar for most agencies. Post-Covid, though, what we’re actually seeing is a squeeze on resources as clients turn their focus to recruitment. Meanwhile, you’ve exhausted your little black book, the phone has stopped ringing and that all-important sales and marketing plan is gathering dust. Just like that, your new business engine stops ticking.

I know, from experience as a marketing and new business consultant that a short -term, ‘hand to mouth’ approach is unsustainable. When business leaders give in to that nagging feeling that they’ve neglected their pipeline, panic sets in, which in turn leads to bad decision-making. A perfect storm waiting to happen. The good news is – it’s not too late to get started or revisit it.

Weighted new business pipeline: What is it and why do I need one?

While it’s virtually impossible to predict successful pitches or forecast new business wins, a weighted sales pipeline will help you to target the right clients with the right level of engagement.

weighted new business pipeline gives a bird’s eye view of the full potential value of opportunities across every stage of the new business process, from first point of contact, through all of the nurturing process right through to when you get your first brief or pitch. It assigns a value (percentage) to each prospect and ranks them based on their stage within your sales funnel. If you create this across all of your new business activity you will have a granular, more accurate and reliable means of forecasting success/revenue.

Sounds simple, doesn’t it?

But this isn’t just a quick fix when ‘things go a bit quiet’. For the long-term benefits it will deliver for your business, a weighted pipeline takes investment, patience and commitment from all stakeholders.

Creating and nurturing a weighted new business pipeline will help you to:

  • Focus on the prospects that are most likely to convert quickly
  • Manage accurate revenue forecasting by providing insights into the total value of prospects you have in your pipeline and what stage they are at
  • Build your business’s confidence to continue to invest in marketing that is working and pushing your prospects through your sales funnel, from credentials, to brief through to appointment

The next journal post will focus on the 5 practical steps required to create a weighted new business pipeline – and how Beckon can help you achieve long-term new business success.