Sales reporting in Base serves a special purpose. You have the Lead Sources report to see where your leads are coming from, the Sales Forecasting report to measure future revenue and the Total Incoming Leads report that will show you who is bringing leads into the pipeline. One report that is often overlooked is the Sales Pipeline report.
Although it may seem confusing at first, analyzing your sales pipeline can help you pinpoint changes that need to be made to your sales process. Looking at the sales pipeline report below, you can see the flow of deals as they move through the pipeline from stage to stage. In this particular example, you will see that 21 deals were in the Incoming Stage. From that stage, 17 deals made it through to the Qualified Lead via Phone Call stage and then 13 deals made it through to Face to Face Meeting.
The important thing to notice in this report is the conversion rate from stage to stage. Naturally, the number of deals in your pipeline will reduce as they move closer to Closing. However, a sales pipeline report can help you identify the weakness in your sales funnel. In the example above, you can see that 80.95%% of the deals made it through to Qualified via Phone Call, 76.47% made it to the Face to Face Meeting stage, but then only 53.85% of the deals made it on to the Contract Negotiations stage. As a manager or a sales person, this should signal a huge red flag. Roughly 50% of the clients that are met are no longer interested after a face to face meeting. Thanks to this report, you now know exactly where you should focus on improving your sales process.
Why is this important? Ask any sales manager and they will tell you that every time they sit down with a young salesperson to talk about their progress, they instantly get excuses – “I don’t have enough leads,” “we’re too expensive,” “my leads aren’t qualified.” With a sales funnel report, the manager can sit down and filter to see that specific sales person’s funnel. Then they can quickly look to see exactly where the salesperson is having trouble. Rather than wasting time trying to identify the issue at hand, they can work together to formulate an attack plan.
The filtering included with the report in Base allows you to view the sales funnel for each specific sales person and a company wide snapshot. You can record and track your average conversion from stage to stage and then measure this against each sales person’s metrics.
Small tweaks to the pipeline can equal big profits. After you work with your sales team to improve your sales funnel, you will begin to see a change in your forecasted sales. When your team increases stage conversion, you will have more deals moving down the pipeline. Take control of your sales funnel now to pinpoint your sales weakness.