A sales pipeline gives you a visual indicator of how much business your organization is trying to conduct over a specific period. Typically, you will imagine your sales pipeline in the form of a funnel, with the wide-open mouth the first stage of a reducing process that results in more sales.
The more organized your sales department is and the more information you can gather regarding the sales process, the better equipped your organization will be to improve not only the amount of sales you generate but their quality and size. A standard practice among businesses seeking to take advantage of the latest in computer technology and software is to improve their sales pipeline management processes.
To begin, you have the incoming stage where you acquire leads through various methods (marketing, customer referrals and the like). At this point, your team evaluates the leads, hopefully eliminating the poorest prospects and identifying the best qualified leads.
Once your sales team has qualified a lead, it’s time to follow up and then begin price quoting. After you successfully negotiate the deal and achieve closure, the transaction moves to the status of “Won.” Those that didn’t make are relegated to the “Lost” category.
Keeping track of this process with sales pipeline management software will streamline your operations, letting your sales team work far more efficiently and helping you focus your attention on increasing the size of each future sale.
As a premiere software development and consulting firm based in India, we at OpenXcell have vast experience helping our customers with their sales pipeline management efforts.
Lead generation through marketing, public relations, advertisements, social media and direct mail.
Trade shows, seminars, webinars and other events also bring in leads, as do outbound and inbound calls.
Qualify leads through follow-ups, opt-in emails, in-person meetings and conference calls.
Close the sale.
Celebrate and start qualifying new leads.
When you use our customized solution for your sales pipeline management, your sales team will start to see dramatic improvements in the sales process from lead to closing.
You can see all aspects of the sales funnel, with details such as the number of current leads, the status of each lead as it edges toward qualification, and what steps need to be taken to get to the next level and win the deal.
Armed with this information, you can better predict your near-future sales.
Imagine how your organization would benefit if you could see the precise stage in the sales pipeline where deals start to go sour. Your team may be lackluster when it comes to quoting prices to customers, for example, requiring a change in their approach.
When you use evidence-based information to qualify leads (such as using historical comparisons and other detailed data), your managers can more quickly qualify out bad deals instead of spending any more time on them. This lets your team use its time much more effectively, which of course enhances your bottom line. With customized sales pipeline management, you won’t have to wonder, for example, whether your sales force is being accurate in their claims about customer interest. All information passing through the sales pipeline is easily observable at any time by management, and relies on evidence rather than guesses or hopes about possible sales.