The sales pipeline management is a crucial tool in the hands of the sales team in a business. Experts relate revenue growth with pipeline management. Businesses, which have a well-structured sales process, can fetch a greater revenue growth as compared to those who do not. Now, that is a strong indication of how critical a sales pipeline is for the sales force of any company.
In other words, a sales pipeline can be regarded as a detailed visual snapshot of the opportunities available in various phases of a sales process. You can also regard it as a set of actions taken for conversion of sales leads into customers. The deals’ visual representation is useful to keep track of the daily status while it progresses through your pipeline.
Many people perceive that sales funnel and sales pipelines are one and the same but it is a misconception. It is like a coin’s both sides having the same value and yet different designs. Sales funnel and sales pipeline are discrete in terms of data and its representation. While sales funnel is all about leads and its conversion, sales pipeline is related to deals.
A sales pipeline entails all phases of your sales process as a sales representative moves a sale deal from the beginning to end. On the other hand, a sales funnel refers to the various phases in the purchasing process that the leads travel through prior to becoming your customers. Typically, the sales process of a business should be well-aligned with your buyer’s journey.
Who can deny the fact that there is zero business without sales? It is every business’ lifeblood irrespective of its nature of business or size. The importance of having a sales team in any organization is actually self-explanatory.
However, when there are obstacles to sales leads, your sales pipelines can get clogged. Inefficient lead management and lengthy sales cycles can also lead to big uncertainty. Hence, it is crucial to make sure that your sales team is empowered with the proper tools to develop a powerful sales management system. On one hand, the focus of the sales manager is on the implementation of sales operations, processes, and techniques to meet the sales goals, the aim of sales pipeline management is to concentrate on a single primary element, which is the sales process.
In fact, modern solutions such as sales CRM system can be useful to see how many deals are open, each deal status, the division of deals among the sales representatives, expected sales and many others through a sales pipeline.
Is your business selling multiple products or is catering to more than one market? Are there different sales processes for each market for your sales teams? If the reply is in affirmative, you have chosen the right sales CRM. For instance, Freshsales appreciates the need for bigger features for a growing business. That is the reason the software features Multiple Sales Pipelines. Businesses can easily configure several sales pipelines within Freshsales and each of them has a distinct set of deal phases.
Suppose your business has both an outbound, as well as inbound sales teams. Every team would be having a distinct sales process to ensure the conversion of potential customers into paying ones. Here is a close look at the different ways the feature can be useful for your business.
Ways in which sales and ops managers should define the sales pipelines
You will find the configuration page for your pipeline in the software’s Admin Settings. There is a default sales pipeline that is already set up in Freshsales. It can be renamed as “Inbound.” You can also change the names for your phases as well. Likewise, you can have a different pipeline for the outbound team. The software can also enable data migration from a different CRM for small business. If the uploaded zip file already has the information about the pipeline, all the sages and pipeline will be created by the software automatically and the deals are assigned.
The scenario could be such that your organization has an inbound, as well as, outbound pipeline but you only use inbound sales. In that case, the question is how to select your default sales pipeline?
A sales representative can select the pipeline, which is most relevant to the sales process of their team. Go to the Profile Settings Page of your software; make sure that the “My Pipeline” has been set to that pipeline, which is used by your team. In this case, it will be “Inbound Pipeline.” After this is done, all the deals are generated in your Inbound Pipeline. Thereafter, you may continue using the Freshsales software in the same way it was being used earlier.
Ways in which sales managers can manage deals over multiple pipelines
In case you are a sales manager responsible for multiple pipelines, this feature can be used in two different ways:
· A custom report can be generated when you want to look at all the pipelines managed by you. It will be also possible to analyze the data in a chart view or in a tabular form.
· Create a Custom View when you want to view each sales pipeline’s status separately.