In today’s post, we will focus on the sales pipeline.
The sales pipeline is a graphical representation of the sales process that illustrates the theoretical path of the customer to purchase a good or service.
With the help of the sales pipeline, we can follow the path to the purchase of a potential customer, who in the end becomes the happy owner of our products or services. Graphical presentation of the buying path allows for a better understanding of the sales process and conclusions. Importantly, thanks to the sales pipeline, we can measure and thus forecast sales results, which are expressed in revenues and profits.
Thanks to the sales pipeline, we can predict how many contracts will be closed in a given period (week, month or year).
Having a sales pipeline allows you to better estimate the company’s future revenues. It also allows you to estimate the time needed to achieve the results set for a given period.
The effectiveness of the use of the sales pipeline is confirmed by the Harvard Business Review study:
(…) there was an 18% difference in revenue growth between companies that defined a formal sales process and companies that didn’t.”Source: https://hbr.org/
Therefore, we can see that the defined sales process generates more revenues. To define a sales process, you first need to know it, and that is what the sales pipeline is for.
Salesforce CRM gives you right tools that will help you get to know the sales processes in your company better. Identifying the sales processes in your company will allow you to make more accurate forecast for company’s revenues and profits over a specific period of time.
As an official Salesforce partner, we will be happy to advise you on how to do it! We design, implement and train your employees to use a dedicated CRM system built on the of the most advanced Salesforce technology!
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ME PL Solution Team