• WomELLE
  • Contact Us
  • Writers
  • Write For Us
  • Submit Article
No Result
View All Result

No products in the cart.

  • Login
WomLEAD Magazine
Podcast
SUBSCRIBE
  • Home
  • Magazine
  • Business
  • HER Story
  • Founders & CEOs
  • Leadership
  • Mentoring
  • Women
  • Wellness
  • Home
  • Magazine
  • Business
  • HER Story
  • Founders & CEOs
  • Leadership
  • Mentoring
  • Women
  • Wellness
No Result
View All Result
WomLEAD Magazine
No Result
View All Result
Home Business
Manage Sales Pipeline

How to Manage Sales Pipeline: A Step-by-step Guide for Sales Leaders 

The Editorial Team by The Editorial Team
January 23, 2023
in Business
Reading Time: 6 mins read

As a sales manager, you may have heard of the buzzword sales pipeline. The sales process is not just about finding a new prospect, it involves multiple steps, and you may have to get through different phases to manage the sales pipeline. Here is a detailed guide to help you understand how you can develop a more structured way to build a sales pipeline and close more deals. 

What is a Sales Pipeline? 

Before we dive deep into the process, let us understand the basics. We can say that a sales pipeline is a representation of the entire sales process. It is a systematic way of showing different stages of the process and explains about the potential buyer’s life cycle. A sales pipeline can efficiently explain to the sales representatives the journey of the potential customer. The success and conversion rate may depend on the customer’s response and the sales representative’s proficient skills. 

Sales Pipeline Stages 

To manage the sales pipeline, you should also understand the different stages involved in the process. Generally, any sales pipeline will involve the following stages: 

  • Prospecting: The first and most crucial step is to identify the buyer who is looking for the services. It is an attempt by the brand to get noticed by the potential customer. Different businesses adopt different strategies to reach their ideal prospects. While some may use cold calling and email, some may leverage videos and interactive marketing to reach the prospect. 
  • Lead Qualification: The next stage is to filter out who you want to sell to. You need to understand that everyone cannot be your customer. It is a vital stage as it could save you time from working on the leads who may not be genuinely interested in your product or services. 
  • Contact: At this stage, the sales representative may try to contact or set up a meeting with the prospect. It is a crucial stage and could even influence the buying decision of the potential customer. Make sure you do not push or rush the process. Try to keep calm and build interest in the potential customer’s mind to manage the sales pipeline effectively. 
  • Demo: A demo is one of the sales pipeline stages where you showcase the products and services to the prospects in order to convince them to act. 
  • Negotiation: It is the deciding stage that can make or break the whole process. Avoid arguing and try to find out new possibilities before settling down to an agreement. 
  • Closing: It is the final stage where the prospect may have decided to finalize or close the deal. Make the payment process and contract as clear as possible to make it easier for the prospect to make the decision. 

Read Also: 19 Quick Tips to Increase Online Sales

How to Manage Sales Pipeline Processes?  

The results can only be improved when you focus on each step of the process. Here are practical ways you may follow to improve and manage the sales pipeline more conveniently. 

ADVERTISEMENT

Follow Up 

Keep in mind that buyers these days are bombarded with multiple choices. For instance, you search for a pair of shoes, and you will get thousands of options. It is easy for the buyer to switch to another brand as they have multiple options. If you want to close the deal, you need to be more efficient in the process and follow up with the prospect more. Following up is not easy. You may automate the process and send them follow-up emails or can set up a follow-up call to discuss the challenges they are facing. 

Work with Sales Pipeline Management System 

It is not easy to manage the sales pipeline, especially when you have loads of tasks on the list. Discuss with your manager and talk about the need for a sales pipeline management system. The CRM software will help you evaluate which prospects or leads need more attention and how long it might take to close the deal. 

Choose the Right Leads 

As a sales representative, you need to make some hard choices. We understand that letting go of a lead is not always easy, but you need to be selective and choose the right leads. After the discussion and negotiation stage, you might have an idea of leads that do not deserve much attention. Leave the dead leads and focus on the good ones. Try to understand the reasons they stated and find out how you can convert them to high-value leads. View sales activity for each lead and focus on the ones that matter. 

Keep Track of Interactions 

You need to track and keep a record of each activity or communication. Try to streamline everything in one place, as it will help you understand when you need to revive a dead lead and when it may be ideal to let them go. If any prospect says they will take the services later, you will know and can approach them later to reignite their interest levels. 

Have Pipeline Metrics 

The sales pipeline process may differ for every prospect, and no approach fits all. You need to monitor each aspect and can manage sales pipeline easily by observing the metrics. For instance, you could measure the number of deals, the average size of deals, or the average lifetime of the deal before it is closed. 

Keep the Sales Cycle Short 

You cannot expect every prospect to wait around and go through the entire process. You must have a standardized process but adjust it accordingly to the prospect’s behavior. Try to keep the process short to reduce the challenges and barriers that may be involved in the process. 

Read Also: 7 Key Steps to Market Research Process

Provide Prospects Right Content 

Content plays a significant role and can help the buyer make the right choice. The more they know, the more likely they are to reach a decision. Provide the potential buyers with context and relevant information that may help them make the right decision. 

Measure and Update Regularly 

You cannot maintain the same process throughout the ages. You need to measure the effectiveness of the sales process and update it at the convenience of the prospects. Follow up consistently and find a way to convert the prospects into buyers. 

A well-maintained sales pipeline can be challenging to attain. You should tailor your approach and pay attention to the prospect’s behavior to the stages they are dealing with. Streamline the sales process by investing in a sales pipeline management CRM. Incorporate these strategies to manage the sales pipeline more effectively. 

Tags: building sales pipelineforecast reportideal customer profilesales pipeline analyticsSales Pipeline ManagementSales pipeline stages
Share36Tweet22Share6
The Editorial Team

The Editorial Team

Hi there, we are the editorial team for WomELLE to help you succeed in business. WomELLE is a community working to support women by helping them achieve their business goals through specialty services, leadership, mentoring, and networking. The magazine "WomLEAD" is to help you succeed as an entrepreneur, business owner and leader.

Related Posts

Planning Your Small Business Exit Strategy?
Business

Planning Your Small Business Exit Strategy?

February 7, 2023
How to Start Your First Marketing Campaign on Social Media?
Business

How to Start Your First Marketing Campaign on Social Media?

February 6, 2023
5 Myths about Women in Business
Business

5 Myths about Women in Business

February 4, 2023
Next Post
Jessica Rebelo, Founder of “Unleashed Potential: Life Coaching

Self-worth is Key in Relationship Dynamics: Jessica Rebelo

How to Overcome Shyness

How to Overcome Shyness: Nine Confident Ways 

Aletia Martin

Aletia Martin: Up your Marketing Game to Propel Business 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

WomLEAD Magazine

A print and digital magazine for businesswomen focusing on leadership, business, and entrepreneurship that made its debut in 2017 has WomELLE Magazine.

Follow us on social media:

Recent News

  • Planning Your Small Business Exit Strategy?
  • 50 Inspirational Quotes on Women’s Strength
  • How to Start Your First Marketing Campaign on Social Media?

Category

  • Business
  • Female Founders
  • Founders & CEOs
  • HER Story
  • Leadership
  • Mentoring For Women
  • Wellness
  • Women Today

Recent News

Planning Your Small Business Exit Strategy?

Planning Your Small Business Exit Strategy?

February 7, 2023
50 Inspirational Quotes on Women’s Strength

50 Inspirational Quotes on Women’s Strength

February 7, 2023
  • About
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2023 WomLEAD Magazine from WomELLE, Corp.

No Result
View All Result
  • Home
  • Magazine
  • Podcast
  • Business
  • Founders & CEOs
  • HER Story
  • Leadership
  • Mentoring
  • Wellness
  • Women Today

© 2023 WomLEAD Magazine from WomELLE, Corp.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?