Sales Pipeline Management Best Practices

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According to research by Vantage Point, 72% of sales managers hold sales pipeline review meetings with their sales reps several times per month.

However, 63% of respondents say that their companies do a bad job of managing their sales pipelines, which shows that there is massive room for improvement!

In today’s digitally-connected world, sales and marketing teams are now more data-driven than ever before. This means that not only do we have access to a wealth of information to work with, but we’re also far more accountable for it.

A recent report from CSO Insights found that “Executives are under more pressure than ever to understand the pulse of their business” – and at the heart of most businesses is the sales pipeline.

What is a sales pipeline?
A sales pipeline is a visual snapshot of where prospects are in the sales process. Sales pipelines show you how many deals salespeople are expected to close in a given week, month or year and how close a rep is to reaching their sales quota.

If you have a pipeline worth $100,000 in contract value and your conversion rate, from lead to sale, is 10%, then you can expect to close $10,000 worth of new business.

If your sales target is $20,000, then you will need to convert twice as many leads.

This is where pipeline analysis comes in. If you can identify improvements within your pipeline that will help you move more prospects from one stage to another, then you’re going to be more successful in your job.

And what is the biggest incentive for improving your pipeline?

It is revenue growth!

A study by the Harvard Business Review found that there was an 18% difference in revenue growth between companies that defined a formal sales process and companies that didn’t.

Furthermore, companies that mastered three specific pipeline practices saw 28% higher revenue growth!

For B2B sales in particular, having a healthy sales pipeline allows you to:

- improve your sales process,
- forecast future business results,
- analyze different sales strategies for your business,
- manage and allocate resources in order to close or service upcoming sales,
- review your progress for the current financial year, and
- know how far you are from your targets.

A sales pipeline plays a key role both in closing more sales deals and indicating the overall health and future direction of your company.

#SalesPipelines #SalesForecast #SalesTraining

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