BUILDING A STRONG CONVERSATION PIPELINE FOR BUSINESS SUCCESS
In recent discussions, the concept of building a conversation pipeline has been hot topic.. Unlike opportunity or deal pipelines, conversation pipelines serve as the foundation for generating meaningful engagements and moving business prospects forward, especially for those new to business development roles such as BDRs and SDRs.
Here’s a comprehensive guide to creating and maintaining an effective conversation pipeline.
Understanding the Conversation Pipeline
A conversation pipeline is essential for continuously progressing in your business development efforts. Unlike a deal pipeline, which focuses on closing sales, a conversation pipeline is about nurturing relationships and keeping the dialogue open until the right opportunity arises. This is particularly crucial for BDRs and SDRs, who often face the challenge of distinguishing themselves in their early career stages.
Key Steps to Building a Conversation Pipeline
Update Your CRM: Ensure your CRM is always current. Every time you interact with a lead, update their information. This could include correcting spelling errors, adding industry-relevant links, or incorporating new contact details.
Set Next Steps: For every interaction, determine the next action. For instance, if a lead isn’t ready now but might be in the future (like reviewing their provider in 18 months), set a reminder in your CRM to follow up accordingly.
Leverage CRM Activities: Use the activities tab in your CRM (such as Pipe Drive, HubSpot, or Salesforce) to schedule follow-ups. If a lead indicates a future review, set a reminder a few months prior to that date to check in.
Connect on LinkedIn: After initial contact, connect with your lead on LinkedIn. Follow their business and engage with relevant posts. This helps keep you on their radar and builds a stronger relationship over time.
Regular Touchpoints: Schedule regular reminders (e.g., every three months) to stay in touch with leads. Use these touchpoints to share relevant industry news, articles, or content that adds value to your lead.
Add Value Consistently: Provide valuable content regularly. This could be your own collateral or external resources like articles, podcasts, or LinkedIn posts that are relevant to your lead’s industry.
The Long-Term Benefit
Maintaining a conversation pipeline ensures that no lead is forgotten. Even if an immediate opportunity doesn’t arise, you’re positioning yourself for future success. Over time, your knowledge about the industry and your leads will grow, enabling more effective and informed interactions.
Example
Consider you’ve identified a lead, John, who isn’t currently looking to switch providers but will review their managed service provider in 18 months. Here’s how you handle it:
Log the Interaction: Record all details about the conversation in your CRM, including the review timeline.
Schedule Follow-Up: Set a reminder for 15 months to chat to John about the review ‘as promised’
Engage on LinkedIn: Connect with John and follow his company’s activities. Engage with relevant content to stay visible.
Send an Introductory Email: Send a follow-up email summarizing your conversation and providing your contact details. Share any relevant content or resources that might interest him.
Regular Check-Ins: Find a reason to share insights, industry updates or relevant articles to remain front of mind. If you have webinars or events; even better as this is an opportunity to engage.
A robust conversation pipeline is vital for business development success. It’s not just about immediate sales but about building and nurturing relationships over time. By keeping your CRM updated, setting clear next steps, and regularly engaging with leads, you can create a continuous flow of opportunities and drive long-term success.
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