What is Sales Pipeline

What is Sales Pipeline

January 13, 2020 2 By Luis Garrison


So today’s topic is sales pipelines. Hey, let’s get in to the good stuff That’s right It’s your boy George B Thomas from sprocket talk back again with another episode of what is in this video I’m going to explain exactly what a sales pipeline is and why a sales pipeline is important to your company Like what you see and want to keep learning more make sure you subscribe to our channel and hit that bell as well for instant Notifications make sure you stick around to the very end because I’m gonna share with you four ways that you can manage your sales pipeline Creatively efficiently and wisely at your company. So what is the sales pipeline? well good question a sales pipeline also called a sales process is a Specific sequence of actions that a sales rep needs to take so they can take a prospect into a lead to a marketing qualified Lead a sales qualified lead and of course what we want to get to a customer once each pipeline stage is completed The prospect is advanced into the next stage. These stages could be things like prospecting Qualification meeting consideration decision proposal really their customized to your company So why is a sales pipeline important for your company? Well, it’s all about measuring analyzing and iterating, right? I mean right iterating it’s important a sales pipeline helps you track the progress of deals that your sales team is currently working on and Expect it to close within a reasonable amount of time from here You can plan your needed services products future marketing and other company-wide initiatives You can also plan for the ebbs and flows of business, which always happen So how can you use an effective pipeline for your sales team great question Let’s dive into that right now One quick note to consider on two very commonly swap terms the difference between a pipeline and funnel a sales pipeline Reflects what a seller does during the sales process and a sales funnel measures conversion rates through the sales process now How can you better manage your sales pipeline? No that really that was a question You should probably be able to have an answer for that. Well number one It may seem super obvious But you need to follow up whether you’re using a CRM with reminders sequences like HubSpot uses or some other automation managing your sales pipeline efficiently starts with simply following up with the lead or customer number to Focus on the best leads and drop the dead leads this could bring tools like lead scoring into your workflow But it really comes down to managing your contacts Well in understanding where they are in the sales process you already know that the best prospects most likely to close typically have similar behaviors and Timeframes for closing look for those indicators. You also know when it’s time to let go of a lead It’s best to use data like scores and grades as much as you can But you also get to know your prospects and if they’re a good fit or not Use a mix of experience and data in your crm tool Number three monitor pipeline metrics whether it’s a sales dashboard Regular check-ins or setting up notifications keeping an eye on your metrics Like the number of deals in your sales pipeline the average deal size and your close ratio all help You better manage the pipeline and make smart business decisions Set aside time on a weekly basis to regularly review these metrics So you have an at glance view of the health of your sales pipeline and your business? 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 the overall growth number four Give your sales pipeline more content sure phone calls and emails are the heart of most sales communication But you also know that much of the time Prospects that you’re working with will require more Information to help them understand if your product or services is a right fit for their business for each step of the pipeline Think about what kind of content you can provide to your pipeline Summers prospects and leads to help reinforce your message and guide them through to the next phase So what kind of content should you be prepared to provide the answer lies in listening to what your potential customers have to say? Or better yet. They’re asking you During sales meetings, they’ll give you insights into the types of content. They want at each step of the pipeline They might ask you for something as simple as do you have an article that explains this or is there a product sheet I can? Download is there do you have a product sheet they can download? If you have this type of content, then send it. If not, then this information should be fed back into your marketing department So they can get busy now that you know What a sales pipeline is and why a sales pipeline is important Make sure you are implementing these tips to manage it well and gain the success that your company needs Don’t forget to subscribe to the channel and hit that bell as well before you go Make sure you’re being a happy helpful humble human along the way and let us know how you’re using sales pipelines to gain your company’s success