You may think a 100% selling rate is a dream. Well, it’s the penultimate goal of every sales person, sales team, and business. It is not impossible but it takes a lot of effort and takes a lot longer to achieve since not every engagement by every sales person with a prospect results in immediate sale or conversion into a buying customer. The reality is that 80% of sales require five follow-ups after the first meeting and that at any given time 56% of your market are not ready to buy, 40% are set to start, and only 3% are actively buying. That process from initial contact with a prospective customer up until an actual sale occurs is called a sales pipeline.
It is like a visual snapshot of where prospects are in the sales journey. It shows you how close your salespeople are to hitting their sales quota as well as how many sales you’ll be closing in a given week, month or year. Also of importance is how you’ll go about doing those. Maybe you have your own particular method of handling potential customers or a distinct way of following up to close a sale. Whatever it is you just may not be aware that you already actually have a sales pipeline.
Managing your sales pipeline enables you to track open sales opportunities as they move in the pipeline. You can also determine problem areas in each pipeline stage and patch them up. Properly managing your sales pipeline affords you more control over your sales figure which will more likely produce positive results. And successful sales mean more revenues for your business.
Pipedrive is an award-winning CRM platform built around a proven sales pipeline management methodology. It provides you an efficient overview of the sales pipeline that displays your deals according to different sales stages. This allows you to see clearly the progress of your team and determine which deals should be pushed. Surveys reveal that only 25% of leads are legitimate and should advance to sales, while 50% of leads are qualified but not yet ready to buy. With Pipedrive’s Timeline View feature, you are able to distinguish leads that are worth nurturing so that your salespeople can focus on them, and you can follow the progress of your sales teams as they work on those leads.
Although sales pipeline look more or less the same (shaped like a funnel) , its elements can be tweaked, modified and adjusted to reflect movements of deals go through the stages. Changes can be introduced to reflect and match the parameters that you set. Pipedrive lets you fully customize your pipeline at all levels to fit your unique sales process. You can add as many sales stages, team members, or activity types as you need. You can assign each stage an appropriate name and start completing actions. If there are features don’t need at the moment, you can turn them off and on as you wish.
The sales pipeline will be continually filled by you salespeople with deals and frequently adjusted to reflect the elements added to it. It is a dynamic mechanism that needs to be taken care of keep deals healthy and moving. A healthy pipeline indicates a healthy business. There are certain indicators that will show if your pipeline needs some nourishment. These include:
There are many other telltale signs of an ailing sales pipeline such as not knowing what your sales team is doing, losing valuable sales data, not having an idea of your lead to win ratio, or considering every customer as the same (they are not!). In business, it is dangerous to thread on wrong assumptions as much as it is dreadful to have no idea at all of what’s happening.
This is why it is vital that you have a system like Pipedrive which offers an unobstructed view of your sales pipeline to keep everything organized and have you in control of the complex sales process. It has features not only to enhance your sales funnel but also to equip you with the right and relevant information so that whenever it is needed, you know where and how to take action and empower your salespeople to hit their goals.
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