Accelerating Sales Pipeline Velocity In The Mortgage Industry

Accelerating Sales Pipeline Velocity In The Mortgage Industry

Any stakeholder in the mortgage industry ranging from lenders to real estate agents knows the effect of a stagnant marketing funnel. Even though the industry is full of new and revitalizing opportunities, some mortgage professionals still experience slow movement of these opportunities through their sales pipeline on their to being CRM softwarewon deals. Just like the actual velocity, the ‘pipeline velocity’ can be found by using a math equation and the results will help one know if he/she is growing or stagnating in the industry.

In the mortgage industry, the math equation can be expressed as; (Qualified Opportunities x Deal Size x Win Rate)/ Length of Sales Cycle. With this equation, one can know the rate at which opportunities are moving through his/her marketing funnel.

“Success in business requires training and discipline and hard work. But if you’re not frightened by these things, the opportunities are just as great today as they ever were. – David Rockefeller

Utilizing the Available Opportunities

As a salesperson, one must have tested the impact of social media and the effect of managing every potential client differently. With the use of client relationship software such as the CRM software, one can realize the opportunities that are available in a particular market. It’s the easiest way to follow up to the needs of each prospect. This is a key metric that will help you calculate your pipeline velocity. The number of opportunities that you generate depends on the efforts of the marketing team and the lead generation tactics a firm is employing.

Closed Deal/Win Rate

Now that the marketing pipeline is full of opportunities, it’s time to calculate either quarterly or monthly the win rate. This is the rate at which an opportunity ‘stays’ in the marketing funnel. The faster the rate at which opportunities are coming in and out of the pipeline gives you to win rate. Mortgage Triangle Software, dubbed as the TRIANGLE FOR SUCCESS, can be one of the software a mortgage professional could use to convince prospects quickly. With this hi-tech software, prospects can know the type of mortgages that suit them without having to hassle much. This software uses, the credit score, income and other costs are factored in when calculating eligibility for a mortgage loan. This is just one of the things one should employ to ensure that opportunities in the pipeline don’t drop out.

Deal Size & Sales Cycle Length

The social media for CRM software will help one increase the volume of the pipeline meaning that the deal size is likely to increase. Normally, smaller deals will be closed quickly while larger deals may take a lot of time. By analyzing past data, a company can clearly see the number of deals that were able to bring customer to retention phase. Those are the deals one should concentrate on so that the sales cycle length is reduced to increase the pipeline velocity.

Opportunities with high velocity are likely to close faster than those with low velocity. This is one of the way to get outbound prospecting success in this competitive industry. Once you evaluate the factors that are pulling back deals in your line of business, you can raise up measures to counter the fault to keep pipeline velocity as high as possible.

Speak Your Mind