A sales pipeline plays a key role in a prosperous business. Vantage Point research shows that 72 percent of the sales managers holding the sales pipeline analyzes the meetings with the sales representatives multiple times in a month.
But, 63 percent of the people state that their firms do the worst job to manage their sales pipelines which represent that there is a lot of space for upgrading.
Nowadays, in this digitally linked world, teams of marketing and sales drive more data than before. It means that you have access to a wealth of data, but you can also be responsible for it.
CSO Insights report stated that “Directors are under increased pressure then to get the pulse of the business” – and sales pipeline is the heart of most businesses. So you should have enough knowledge about the sales pipeline.
Sales Pipeline Definition
A sales pipeline is a graphical representation of where prospects are in the sales funnel stages. The sales pipelines and sales funnel represent how much deals salespeople are likely to close in a given year, month, or a week, and how near a representation is to reach the sales quota.
If you can classify the improvements in your pipeline that will assist you in moving more prospects from one stage to the other on the sales process, then you are going to be successful for your work.
Do you know what the great incentive for the improvement of your pipeline is?
Yes! You are thinking right. It is revenue growth.
Research by the Harvard Business Review stated that there was 18% difference in the revenue growth between the firms that stated a formal process of sales forecast and firms that did not.
Moreover, the firms that mastered three particular pipeline practices noticed 28 percent increased revenue growth.
For B2B sales strategy, having a healthy sales pipeline permits you to:
- Predict the results of future business
- Enhance the process of sales
- Manage and assign the resources to service or close the upcoming sales
- Examine different strategies of sales for your business
- Know how far you are from your goals
- Check out your progress for the present financial year
The sales pipeline plays an essential role both in indicating the overall health and future direction of your firm and closing the deals of more sales i.e marketing funnel.
How a Sales Pipeline Can Boost Your Business into 10x? Best Practices
Here are some of the best practice tips to assist you in transforming the way you can manage your pipeline. Let us start with practical sales techniques and we will discuss how to improve the whole management process of the pipeline to make a successful business.
Don’t Forget to Follow up
The people who want to buy have more chances, they require assistance to make the right decision and select your service or product. It took almost 3.68 sales calls to close a date ten years ago. Now, it takes 8+.
The best sales individuals will assure they keep following up with the leads to land the sale in a sales funnel process. It is not easy to follow up. It is regarded as the third great challenge for the sales teams.
Focus on the Best Sales Leads
If you look closely at your process of sales, you can notice that it takes almost the same amount of time to close every deal with sales funnel software.
In spite of this, you can make the best of your efforts, high-value sales leads, most sales-ready and avoid getting disturbed anything that would not push the needle for your business.
By looking at the activities of your sales for every lead generation, you can check out which leads get more traffic and which you should concentrate on.
Monitor Pipeline Metrics
Your sales pipeline is a breathing and living entity that alters all the time. Hence, there is a need to control the metrics of the sales that it makes, which involve several things such as:
- The average size of the deals of your pipeline
- The total number of deals of the pipeline
- Sales velocity (the average lifetime of a deal before it get closed
- Close-ratio (the average percentage of deal that you win)
Always make sure that you set out some of your time once in a week to review these metrics as they will provide you a chance to see the health of your business and your sales pipeline. This schedule will help you to boom your business in front of thousands of customers.