The purpose of this data visualization is to understand how efficient your sales and marketing teams are at recognizing potential customers and creating a mutually profitable relationship with them. Not only does it help in examining the current business conditions, but it is also useful for analyzing the market and accurately forecasting the revenue that can be gained in the future.
However, you must realize that a sales pipeline is solely a research tool that can be used for understanding a business and its surroundings. To transform that valuable insight into profitable actions, you need to adopt robust systems and tools that can work seamlessly with your business processes and improve it.
A Customer Relationship Management (CRM) software service is one tool that can be extremely helpful in implementing the data obtained from the sales pipeline.
Lay Out the Framework
Before you can integrate CRM with the sales pipeline, you need to first properly structure the pipeline based on how it should represent the company’s processes. Communicate with your sales and marketing teams and set down the important parameters that you want your sales pipeline to convey to you, while also aligning with the business workflow. An ideal sales pipeline shouldn’t be too underperforming nor should it deliver too many details, as this can create more problems than you want to solve.
Generate a Sales Funnel
A sales funnel is a visual representation of the sales pipeline. The funnel segregates a customer’s journey into distinct stages and displays information about a customer in each stage. A CRM software service makes it simpler to create a funnel by centralizing and retrieving all the customer data from a cloud-enabled database.
The CRM system can automatically allocate customers to a set stage based on their current status in the database.By filling up the stages properly, you can view the number of customers in a single stage, how quickly they are moving across each stage, identify the presence of any bottlenecks in your processes and work to either minimize or eliminate them. You can also view in-depth information about a specific stage and study how the customers are being interacted by the sales team.
This not only ensures that your sales team is proficiently meeting the customers, but also lets you recognize emerging trends and align your business to react to them on time.
Nurture Your Leads
It is only practical to assume that you cannot convert each and every individual that has contacted your business for more information. However, sometimes a potential lead may require additional efforts from you to be successfully converted.
With CRM reporting tools, you can understand where your lead fallout is the highest, and adjust your sales team’s activities to focus and nurture the leads in that stage and keep them moving in the sales pipeline.
Rank Your Leads
All leads provide different value to the company; as such, it becomes important to segregate them on the basis of their expected profitability so that your sales team can prioritize the higher valued customers.
Interacting with the high quality leads at the right time and with proper nurturing is imperative to gain a chance at converting them into a long-term customer. A CRM software service allows you to prepare and plan on how and when you should approach the lead. Engaging with them too quickly may come off as aggressive, while doing so much later in the pipeline can make them feel neglected and result in a lost lead.
To sum it up, a CRM-enabled sales pipeline allows you to recognize problem areas within the sales journey, and come up with solutions for properly nurturing and improving the quality of a lead, and better sales team management.