Sales pipeline management refers to the systematic procedure of tracking sales and predicting revenue throughout the sales cycle. The more control and visibility you have in your sales pipeline, the more income you would bring.

Developing a promising sales pipeline is possible via careful analysis and management skills training. An effective sales pipeline fine-tunes your sales procedure. It allows your sales team to visualise the critical insights related to customers.

In other words, keeping your sales pipeline healthy and controlled would bolster the revenue outcomes. But note that pipeline management is one of the most overwhelming aspects of the job of a sales leader.

In the past, communication only took place via phone and in-person meetings. Also, cold-calling was one of the most robust tools in the sales arsenal of companies. So with these things in mind, let’s explore the various aspects of a sales pipeline.

An Overview of the Sales Pipeline

Well, a sales pipeline refers to a series of steps that sales executives lead a prospect through the cycle. The primary purpose of this pipeline is to help you see where your opportunities lie in the sales process. Note that with the help of a sales pipeline, you would be able to recognise which stages need more attention.

Based on the identification, your team can focus on improving these stages to earn better revenue. Another key highlight of the pipeline is to help you forecast results and revenue. The term pipeline is being used to refer to the deals that travel from one stage to the other.   

How is a Sales Forecast Different from a Sales Pipeline?

Quite often, people have confusion about sales forecasting and sales pipeline. Note that pipelines and forecasts have a varied purpose. The sales executives usually use a channel for tracking the prospects. On the contrary, sales forecast provides information to the teams and managers regarding the way they should be preparing.

Note that a sales forecast is an estimation of the opportunities for the organisation in a given time period. Sales forecasts provide sales reps with comprehensive insights. Let’s take a glance now at the top ways to develop a sales pipeline.

Elaborating the Stages of the Sales Pipeline

Nowadays, many companies emphasise management skills training so that sales reps can develop their pipeline. Always remember that copying from templates would do you more harm than good.

Moreover, the pipeline stages should comply with your customer’s buying journey. In simple words, you would be able to keep a tab on the progress and predict revenue. Here are some of the integral components to consider while defining the pipeline stages.

  • Awareness

Your customers should realise that they have a pain point or opportunity.

  • Considering Various Factors

After identifying the pain point, they should develop the assessment criteria and research the potential approaches.  

  • Final Decision to buy

Note that here the buyer has finalised the strategies and now comparing the prices and services of the other brands.

Always go for Qualified Leads

Note that when you are chasing the wrong leads, you are wasting your time and energy. In simple words, you should refrain from pursuing false leads all the time. After your sales team introduces new prospects, you should check whether they are prospective customers or not.

It is that type of stage where you are assessing the lead thoroughly. Here are some of the most common questions that would help in the thorough assessment of the information.

  • What is the size of their organisation?
  • What are the types of solutions they want?
  • Is there any time period in which they want the goods?
  • Where is the location of the buyers?
  • Do they belong to any specific industry domain?

Call Center – Always remember that a qualified lead would have higher chances of conversion. So before chasing leads, ensure that they are always qualified.