Before going forward to tell how Sales Pipeline beneficial for business and how it plays an important role in any successful business. Let's discuss what the term "Sales Pipeline" means - A Sales Pipeline is a set of stages from where the prospect moves through from a new lead to the customer of any business. Or a visual representation of prospects are in your sales process, this process can vary from company to company.
The sales pipeline management tool is not just about giving you a real-time view of your sales pipeline but also helps you to filter the pipeline by teams, rep or departments for customized insights into your business. Salesforce also helps you in building a customize tools for creating dashboards, reports, and alerts to help with pipeline management.
Here below are ways to manage your Sales Pipeline:
1. Follow up: Always remember buyers today have more options than before, they need your help to make the right deal and purchase your product or service. The best sellers will make sure he/she keep following up with leads in order to take the buyer for the sale. But, the fact is most sales professionals give up after 2 calls – so make sure you will not do the same mistake.
On option is you set a reminder that notifies you each time you need to follow up with a prospect. Another solution is you can automate the entire process by using any of the sales email templates that automatically trigger out on a specific date or after a specific period of time (it can be a week or two after the call follow-up).
2. Focus on best lead: Evaluate your lead as they come will help you to accelerate your sales pipeline. However, spending time on leads isn’t enough, you need to spend your time with the right leads. You can figure out which lead has a serious interest, by allocating their budget, have the authority to make a decision, etc.
There is one more option, if you sort your sales dashboard from high to low, instead of by date, you can easily figure out which leads are the most valuable to your business. By viewing your sales activities for each lead, you can identify which leads are the most engaged and which ones you should then focus on.
3. Drop-dead leads: As important to focus on best leads, it’s equally as important to know when to let go of a lead, too. You need to learn dead-leads earlier so that you can focus on the next sales opportunity to close a big deal – without wasting any more time. Lead is considered as dead when they clearly state they’re not interested, or you’ve spoken to them multiple times but they are not showing any interest and not ready to move to the next stage of the pipeline.
4. Well-Defined Sales Pipeline Matrix: In the early stage of the sales process, it's your duty to define the potential pain points, obstacles that may be harmful to your business and effects sales too. You need to monitor the key sales metrics that it produces, such as:
- No. of leads in the sales pipeline
- Average size of the deals in your pipeline
- An average percentage of leads you close and you missed
- An average monthly report of the deal you closed and their time duration
- Tracking the results over time will also give you a strong indication of how any changes or improvements you make to your sales process are contributing towards overall growth.
5. Regular Pipeline Updation: Sales pipeline is constantly changing - new leads coming, leads move on to next stage, the deal closed. If you will not pay attention to your sales pipeline, in the coming future you will definitely suffer from these disorganized lead funnel which will make you inefficient and could lead to lost sales.
A sales pipeline related to the beating heart of your business. This means that if you don’t maintain your pipeline on a regular basis, then you risk losing out on new customers and your business could suffer. Hence, at Atocloud, we leverage the best technological solutions to plan, develop, and execute to offer an outstanding and high-performing promotional campaign. We tend to assist you with our wide range of Salesforce CRM Development Services to deliver the best, based on our clients’ desires.