For any business, sales have far reaching impact on the topline. Sales management can be chaotic if companies still operate on legacy systems and spreadsheets that run into thousands of lines in one workbook. Integrating them from time to time can be tedious affair. Your business’s agility stems from upgrading and staying ahead of the curve with systems like an ERP compatible to handle your business especially your sales. Sales Pipeline Management is one of the most important systems- sometimes being referred to as the lifeline of your organization.
Sales Pipeline reflects the journey of an interested lead or a prospect from one stage to another before making final purchase. Stakeholders can view this pipeline, recognise opportunities and take necessary actions towards it. Sales Pipeline can be optimized by breaking it down into different stages, isolating the issues and reviewing it for the business using metrics. You can clearly view the number and value of the deals, conversation rates like win rates, sales cycle length which all points to whether marketing and sales efforts are directed towards the right direction. A well-managed sales pipeline translates to satisfied customers and your customer lifetime value (CLV) rising exponentially. Setting sales metrics, reviewing reports depicting this metrics can be a guiding light for your sales representative.
For example, manufacturers or traders would have a client interested in their business. The clients would fill an inquiry form reaching company’s database. An inquiry response would open a line of communication and quotation can be created. This quotation once accepted would mean that a prospect is in business with the manufacturers. This is the ideal use case however nuances exist with quotations being rejected and another being created to cater better to the customer. This ever-changing customer needs and demands need to be catered to. Hence an ERP system can work best to unify all your sales efforts.
At ExpandX, we offer an ERP that provides a variety of reports that complement your sales efforts. Some of them are:
1. Funnel Aging Report: reflects details of how long a customer has been in the sales funnel and record the average sales cycle length to benchmark for future.
2. Pipeline report informs the opportunity stage that each client is at. This same report can be viewed by sales team to keep track of the customers in the pipeline and take actions to complete the deal. It also gives you an idea of the top line and the bottom line giving you the opportunity to understand your possible cash flows.
3. Funnel Sharing report explains employee productivity by assigning a percentage towards goals met. Your sales team can use the funnel sharing report to communicate goals set in the organization. Sales manager can track employee performance.
These reports let business owners and sales team dig deep and improve their workings towards the larger business goal.
For more information write to info@expandx.in or WhatsApp- 9448717207
Author: Rhea John, Marketing Intern, ExpandX Solutions Pvt. Ltd
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