A sales pipeline is a must-have for every business regardless of the vertical. Let's begin with looking at what a sales pipeline is in the first place and then proceed to how you can manage it. 🙌
A sales pipeline lets you visualize where the prospects are in the sales process. It involves all the steps you have to take as a salesperson to take a potential customer from the starting point of the sales process to the end of it.
A sales pipeline represents the health of your business in the present moment and enables sales reps to find out what they have to do to close deals.
Sales pipeline management refers to overseeing and managing the deals in the pipeline. It helps perk up the sales process. When you manage the pipeline well, you can track the activities involved in each stage, such as generating leads, cold calling and cold emailing them, and scheduling meetings to close the deal.
With the proper pipeline management, you can find out how well your sales process is working and what changes you can make for further improvement. It helps in finding out the roadblocks in the sales process and why some deals fare better than others.
For sales pipeline management to work, you have to build an effective pipeline in the first place.
The pipeline structure may vary from business to business but most often have the following stages,
It is a good idea to decide beforehand what you need to do at each stage of the pipeline.
To enable the smooth functioning of the pipeline, you have to do the following,
1️⃣ Use metrics
By using certain metrics, you will know how the sales pipeline is performing. The key metrics include,
2️⃣ Conduct periodical health checks
By reviewing the pipeline regularly, you will be able to track the pipeline's performance and find out when a metric is off balance and what you need to do to correct it.
3️⃣ Review the stages of the sales process
Regular review of the sales process stages helps you find out which of them are working well and whether you can add or remove any of them.
You have to understand that once you create a solid sales pipeline, it becomes pretty easy to manage it, and SalesBlink helps you with that!
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Last updated on August 31, 2022