A sales pipeline allows sales teams to understand exactly where their leads are in the sales process. If a deal is facing a roadblock, effective sales pipeline tracking will help you quickly find the problem and take the necessary steps to address it.
If you don’t know what next steps to take – or if you don’t know how many deals remain in your pipeline – implementing a solid sales pipeline strategy is your solution.
Read on to learn more about pipeline tracking and how it can improve your sales performance.
What is Pipeline Tracking?
Pipeline tracking is the act of monitoring and controlling potential sales as they move through the different stages of the sales funnel. By knowing where each deal is in the pipeline, companies can make better revenue predictions and more informed decisions on the use of resources.
Tracking Pipelines: A General Overview
When tracking a sales pipeline, pay attention to four main elements:
- The different stages of a deal
- How many deals close
- The value of the deal
- Where each lead comes from
By understanding these components, it will be easier to manage your sales pipeline and increase the number of closed deals.
Opportunity stages reveal where your potential clients are in their decision-making process. By keeping track of these stages, you can determine who is likely to convert and adjust your strategy accordingly.
Conversion rates measure how many potential customers end up purchasing something from you. Conversion rate tracking will help you understand how well your sales strategies are working. If you find that a low number of potential clients or customers are converting, there is likely an issue with your sales process that needs to be addressed.
Deal values measure the monetary value of all the deals in your sales pipeline. Tracking this makes it easier to calculate the revenue your pipeline could potentially generate. This will allow you to make more informed decisions when you choose sales opportunities to pursue.
Lead sources tell you how your prospective customers found you. This helps determine which marketing projects are producing the most leads. By recognizing what lead sources are effective, you can invest more time and funds into those strategies.
The Importance of Pipeline Monitoring
Sales pipeline tracking allows sales representatives to maintain a level of organization and productivity. By monitoring the progression of each potential client through the sales pipeline, they can allocate their time and resources towards prospects that are more likely to become paying customers.
By monitoring sales pipelines, you can answer important questions like the following.
- What stage of the buying process are my potential leads in?
- What leads have been in the pipeline for an extended period of time?
- Which deals are progressing quickly and which are experiencing delays?
- Place Goals.com Promo screenshot here.
Tips For Successful Pipeline Tracking
Use these tips to maximize the success of your sales pipeline tracking activities:
Define Your Objectives. Do you have a precise goal for revenue or lead generation? Are you hoping to acquire a specific number of accounts within a certain timeframe? Having a clear target will help you track the most important metrics and keep your team aligned.
Keep things straightforward. Don’t complicate your sales pipeline tracking strategy – it doesn’t need to be a complex task. It is just a way to keep track of your sales process and help you close deals. When your tracking system is easy to follow, your team will know what actions need to be taken to increase sales.
Gather data from every phase of your sales cycle. You can begin by monitoring the source of your leads, the person accountable for each stage of the process (from lead generation to closing) and each stage’s duration. This will allow you to quickly pinpoint delays or areas that need improvement.
Use sales pipeline tracking software. There are numerous software options that can help you monitor your sales pipeline – and each has its own unique benefits. Regardless of which one you select, use a solution that tracks all your sales pipelines in a single location and offers actionable insights.
Elevate Your Sales Performance with Goals.com
Unlock the full potential of your sales process with the right tool. Goals.com offers real-time commission tracking, automated reports, sales pipeline tracking solutions, and much more. These features allow teams to effectively monitor their progress and identify areas of improvement in order to close more deals and increase revenue. Maximize your sales performance with Goals.com’s simple yet powerful solutions. Schedule your free demo today!