Pipeline Data for Sales Forecasting
The good news is: you’re not alone. Ineffective management, visibility, or even existence of sales pipeline data is one of the most common frustrations of business executives.
In fact, a recent survey conducted by Vantage Point Performance and the Sales Management Association found that 44% of executives think that the sales pipeline management of their business is ineffective.
The bad news is: this is hurting your growth. Here’s another statistic to tell you how much it’s hurting you:
A study by Harvard Business Review found that there is an 18% difference in revenue growth between businesses who have a clearly defined sales process, and those who do not.
That’s a big difference, and one that shows you have a problem worth fixing.
But why does a lack of ability to track your sales pipeline have such a negative impact on your business?
Here are three reasons:
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You can’t forecast sales accurately
Not knowing which deals you’ll be closing and when you’ll be closing them makes things difficult in many different areas of your business. If you don’t know what your sales team will be bringing in, other members of your team - such as in accounts or operations - will find it hard to manage their jobs effectively as well. Without knowledge of your conversion rate or the ability to forecast sales, you can’t plan, budget, or measure your success effectively, and that is a big problem.
So, you know the different problems associated with ineffective pipeline management, but what’s the solution?
The solution is an automated sales system that will move leads seamlessly through each stage of a digital funnel.
It is possible to entirely digitise the process of converting cold leads into hot opportunities. You can do this by setting up an automated system that drives leads into a funnel that will push them through from the beginning of the sales journey to the end. This saves your sales team valuable time, allowing them to focus purely on leads that are completely warmed up and ready to convert.
Prospects may be propelled automatically through the different stages of the sales funnel, but they are also easily trackable from one stage to the next. Digital tracking and tagging techniques give your sales team the ability to instantly pinpoint exactly where a prospect is in the pipeline. This prevents them from wasting time chasing cold leads, hunting through emails to work out what the next step is for a customer, and trying to organise their priorities.
There is an 18% difference in revenue growth between businesses who have a clearly defined sales process, and those who do not.
Not only will an automated sales system improve the productivity of your sales team; it will also provide you with accurate and easily visible pipeline data that will enable you to forecast sales, measure growth, and pinpoint problems.
Contact Leadfreak today to find out how an automated sales system will increase the visibility of your pipeline, release the potential of your sales team, and start growing your business revenue by up to 18%.