A sales pipeline is a graphical representation of all the stages of the sales process that a customer goes through when purchasing a product.
The sales pipeline as a concept is based on the idea that all customers go through the same engagement scenarios when making a purchase. Thus, the first stage in a traditional sales pipeline is the informing/awareness, and the last one is post-purchase evaluation.
Why Is Tracking a Sales Pipeline Important?
You need to outline the sales pipeline to monitor and improve the efficiency of the lead nurturing. To analyze the effectiveness of your sales strategy as a step-by-step process, to find its strengths and weaknesses, you need to have a scenario of typical user interactions in front of you.
Sales Pipeline Template
To build a sales pipeline, the team needs to collect relevant company data first. This data encompasses the details about the sales team, customers, and the product itself. The first step is to prepare the following:
- a list of potential customers
- an outline of the sales process
- revenue targets & performance goals
- product specifications
The stages in the sales strategy may vary. Below you can find a plan featuring the most common stages. It can be used as the basis for your company’s sales pipeline.
1. Lead generation / Outreach
2. Qualification / Prospecting
4. Negotiating and proposal
5. Closing deals.
Be very specific about the criteria that signal to move from one stage to another. Consider breaking broad stages into smaller ones whenever needed. It will make it easier to complete the requirements and proceed from one stage to the other faster. Finally, always keep the sales pipeline updated.
Sales Pipeline Software
You can find a bunch of software solutions for sales pipeline management and optimization. If you are looking for a functional and smart all-in-one tool, consider Revenue Grid. It provides step-by-step guidance to sales process improvement using your sales data and, thus, creating a strategy that is relevant and easy to implement.