Setting up your Sales Pipeline

Sales pipeline is a visual representation of sales prospects and It allows salespeople to get a view of exactly where their money, deals, and other sales efforts. Sales pipeline will help sales managers and teams manage the often complex processes necessary to close deals.

According to research conducted by Vantage Point, it was observed that 72% of sales managers reflected upon the sales pipeline to conduct their weekly sales meeting. It was used a measure to understand performance and if the goals were being reached.

How to build a sales pipeline?

By building sales pipeline will give clear structure and create simplified way of tracking potential buyers as they move through the stages of the buying process.

You can also build a pipeline by constructing good idea to your customers and through converting a lead to customer.

Here are few stages to build a solid sales pipeline:

Prospecting – prospecting means identifying your ultimate customer profile and attain your target in market.

Preparation – means planning the activities by generating an opportunity and Develop according to needs, and researches on possible approaches.

Contacting – contacting refers sending a proposal to customers, Contacting can be done through sales rep or sales team can make an effort to contact with a prospect. This can be a face-to-face meeting, a phone call or an email and etc.

Presentation – Is representing your product or service which can be demonstrated how the product or service meets the needs of a potential buyer. A free trial or a product sample may be provided to the customer who will increase the willingness for the product

Handling – it involves a salesperson follows up the potential customer and find out what stops a able customer from making a purchase and provide solution to it.

Decision – the above mentioned stages provide guidance decides to buy or not to buy the product.

Post-sale – this stage is to ensure the long-term loyalty of your customers, stay in contact with them and this can bring satisfaction to your customer.

Best practices for managing your sales pipeline

  • By Creating a Formalized Pipeline Management Operations Manual
  • Using Sales the best tools and right technology
  • Help and Marketing Work Together
  • Dropping the dead leads and focusing on the best leads
  • Don’t lose your prospects
  • Better forecasts for better progress
  • Reduce the length of your sales cycle
  • Verifying the closed deals are being sustain the customer success.
  • Establishing and following up a schedule for pipeline monitoring.
  • Asking for Referrals and being prospect

For any business to be successful it is vital for the important stakeholders to be have complete control and visibility of the progress that is going through. One such important tool from them is the sales pipeline that would give them a clear understanding of the current and enable them to forecast on the revenue that could be achieved the sales teams.