Pipeline management is crucial for businesses to ensure that deals are moving forward in their efforts to convert potential customers into clients. If the pipeline isn’t managed efficiently, prospects may get stuck in one place for an extended amount of time, making it hard to meet sales quotas and revenue goals.
In the business sense pipelines resemble a supply chain in that they include the products you are selling, however instead of goods moving from manufacturing to shipping your sales pipeline holds leads that will eventually turn into customers. In order to maintain an efficient pipeline you must keep track of and analyze the proper metrics.
To ensure your pipeline is working to its fullest capacity and is efficient, you should first define and map out the stages. This enables your team to keep track of the progress of each prospect, and allows you to see if any one of these stages is experiencing trouble or isn’t able to take on the task.
Pipeline management also relies on a well-defined sales procedure that your team adheres to. Implementing a systemized process helps ensure that vital sales activities like follow-ups, relationship building and follow-ups don’t fall through the cracks and helps your team reach their sales target, growth goals and profitability goals.
Close is an application that can be used to maintain contact information as well as sales activity and metrics. This lets your sales team stay organized and allows other departments to access the data.
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