Best Practices for managing your Sales Pipeline
A sales force would of course be mostly pointless without a proper sales pipeline. Also known as a sales funnel, your sales pipeline is at the core of everything the sales department does.
Without it, growing a business would be nearly impossible. While a sales pipeline is a necessity, you have to make sure that it is operating optimally for the best possible results. Here are what we consider to be the best practices for managing your sales pipeline in today’s competitive market.
Best practices for managing your Sales Pipeline
Know Your Numbers
The most important part of managing your sales pipeline is knowing your numbers. After all, you won’t be able to predict revenue or estimate averages without the most accurate data. Make sure you choose the best KPIs (key performance indicators) to track the way your sales pipeline – and your business – are performing.
You also need to review your sales pipeline regularly in order to determine if there are any problem areas that need improving. You could look at performing a bi-monthly review, a quarterly review or an annual review depending on the fortitude of your pipeline. The most important thing is: always manage your sales pipeline closely so you can identify if there are any bottlenecks slowing down your process and analyse if it’s performing as it should.
Once you have established problem areas, you should then start chipping away at them by focusing on the small improvements first. This is because once you see how the small improvements will make a difference, you will be confidently encouraged to tackle the big changes.
Have your own playbook
It helps if everyone on your team is on the same page, which is why you should create a playbook/operations manual for the operation of your sales funnel. Make sure everyone who works within the sales department will have access to this manual in order to make sure that they are all full informed on each step of the sales pipeline.
Your sales pipeline is by far your company’s most valuable resource. Use these 4 tips to streamline your sales pipeline and you will be prepared to reach all of your revenue goals!
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