Is your sales team notorious for frequently providing a proposal only to lose the deal in the final contract stage? Have you noticed that your team has many incoming leads, but only a fraction of them are qualified? These are both signs of a leaky sales pipeline. Your sales pipeline includes all of your current deals and stage they are in, from incoming to won. Your sales pipeline should be tracked, measured and analyzed for every stage of the deal. So how do you know if sales are leaking through your pipeline?
Your CRM software should show you where you might need to plug a leak.
In Base CRM for example, the sales tracking report generates hard data to show your team’s success in converting leads to actual sales. And, more importantly, it shows you where your pipeline is leaking and so that you can figure why you’re losing those precious leads and turn them from drips to dollars. In the example listed below, six deals were entered in the Incoming stage, of those 6 deals, 4 were moved to the Qualified stage and then all four of those deals were moved to the quote stage.
In this example, all qualified deals made it to the Quote stage, but only two of four deals made it from the Quote stage to the Contract stage. Wondering why? The Loss Reasons by Owner report can shed some light.
The Sales Funnel Analysis report can be filtered by date range, team member or tag.
You can utilize the sales funnel analysis report to fix your leaky pipeline by:
1. Knowing the status of your deals
With this report, you’re able to identify the status of potential sales in your company’s pipeline and helps to plan the necessary next steps to secure new business or retain existing business.
2. Tracking follow-up items
By setting reminders, you’ll seal more deals because you’ll know whether you have completed necessary follow-up actions accurately, totally and within the agreed time period.
3. Improving your sales team’s conversion rate
The data generated readily identifies the members of your sales team that cannot convert quotes to sales as well as those team members who take too long in closing a sale. It provides you with a valuable repository of critical information about your own sales team. Analyze and repeat the actions that secured sales. Share the “do’s” and “do not’s” with your sales force so that all may benefit. Analyze how you could have done a better job to secure business at a new or existing client, and put those techniques into action.
Now that you know the strengths and weaknesses of your sales team members, you can provide them with the proper training to close more deals and become successful. The Base CRM Sales Funnel Analysis can fix your leaky pipeline.