One of the most crucial factors determining the success of any organization is sales. Business owners must track and oversee every deal to ensure that none is slipping out of their hands. But how can they do so?
The best customer relationship management software provides a feature to develop sales pipelines. This feature is a critical component of CRM.
Defining Sales Pipeline
A sales pipeline gives you an eagle view of your deals. Using this, you can visualize the specific actions taken by your sales reps to move an opportunity from lead/prospect to a full paying customer.
Sales personnel often confuse the sales pipeline with the sales funnel. However, it is vital to note that there is a subtle difference between the two. A sales funnel visually represents the number of opportunities that cross one stage to the other and their conversion rates.
The Need for Multiple Sales Pipelines
A business with a wide range of products or services can use the CRM to create distinct sales pipelines for different processes. These pipelines are customizable depending on the various stages that match your sales processes. For instance, if you have separate sales processes according to your target’s geography, you can develop distinct pipelines with designated deal stages for each pipeline.
Multiple Pipelines Streamline your Sales Processes
A CRM tool provides a default pipeline that you can customize. Based on your sales processes, you can build different pipelines that have customized stages and probabilities. You can also modify the view for these pipelines and track the status of each separately.
As you create distinct sales pipelines for different processes, you can manage multiple sales teams and monitor their day-to-day performance. You can analyze the progress through different stages and identify bottlenecks, if any, causing a delay in the closure of deals. Moreover, you can identify deals that have been stagnant for a long period and set a timeline and strategy to revive the same.