CRM Pipeline: Make the Real Profits From Your Opportunities
CRM software came as a remedy for coping with the enormous amounts of data. It automates sales and marketing processes, offers insights into customers’ needs and improves communication as well. Due to CRM pipeline, business owners take advantages of visualizing and tracking every stage of sales performance.
A lot of companies underestimate the fact that even simple adjustments in this tool can considerably raise the levels of their revenue. So, the question is how to manage your CRM pipeline and drive your prospects from leads to successfully closed deals. Here are three useful points that will help you to enhance and optimize sales processes.
1. Structure of CRM Pipeline
Generally speaking, the pipeline is a box that stores all your sales opportunities. It can be pictured as an upside down pyramid with three distinct parts.
- Marketing department fills the top of this shape with leads.
- The sales team of your company drives the qualified prospects into opportunities through the middle part.
- The bottom of the funnel consists of forecasted profit and closed deals. Sales people manage this final component of CRM pipeline.
Apparently, the productive funnel should include defined inflow and outflow, as well as the speed of the prospect movement through a lead-opportunity-profit process. Marketing and sales departments are equally responsible for the conversion and bringing a measured number of customers to the bottom of CRM pipeline. The ability to monitor the performance empowers your staff with options that eradicate the impacts on the revenue levels and increase the load of ready-to-buy clients.
2. Valid Qualification of Leads and Opportunities
In the process of lead gathering, marketing team spends a lot of time and efforts on the prospects that are hardly to win or aren’t interested in company’s product or service. This process brings the drainage of the prospect customers and challenges the conversion process for the sales department. There are three approaches that may resolve these issues.
Service level agreement. Marketing and sales departments should draw a list of the number and quality of leads, follow-up activities and time boundaries for a separate deal closure. Due to these regulations, the company staff improves its collaboration. The marketing team will drive sufficient prospects into CRM pipeline, and sales people may sufficiently reduce the leakage of the leads.
Rigorous lead scoring. Sales opportunities depend on the quality of clients. So, your marketing staff should compile a list of conditions for accurate prospect evaluation. You should take into consideration the demographics and behavioral patterns.
- Using industry type, company size and geographical position, you have a picture of your targeted customer. So, the demographics define the market of your interest.
- Marketing automation provides the tools for tracking the customers’ activities in social media and the time spent by visitors on your site. With these behavioral attributes, you may draw a list of customer needs.
Lead recycling. It goes without saying that it is easier to converse existing customer than a new one. So, you should give up the leads that have fallen out of your sales funnel. Marketing team may nurture these stalled prospects and drive them back to your pipeline.
3. CRM Pipeline: Stages and Steps
The main prerogative of visualized process is accurately defined stages with specific sets of actions. However, some these phases depend on the duration of a sales cycle. It is recommended to compile a list of steps and choose only the most important for effective and fast deal closure. The numerous stages usually have a counter-productive effect. So, the most optimal and effective sales cycle consists of five steps.
Introduction. You figure out your leads and potential customers.
Qualification. During this stage, you divide your prospects into ready-to-buy and stalled.
Meeting. You represent your product or service to the clients.
Offer. Within this phase, you suggest some items and forecast the awaited profits.
Closure. The product or service is sold. You calculate the ROI and set up a budget for the future campaign.
It is worth to mention that every lead is a sale opportunity with its value. The possibility of successfully closed deal expands or diminishes proportionally to the number of your prospects. So, a number of your leads should prevail in 3 or even 4 times over some end customers.
As you can see, CRM pipeline is a unique and efficient tool that provides you with the critical insights into your sales processes. Apart from optimizing your company performance at the market, you may improve the revenue and fight off the challenges of losing your customers. The sales pipeline enhances the fruitful collaboration between your marketing and sales teams and streamlines company’s efforts for objective performance.
4. Post Scriptum
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