What is a sales pipeline and how can it help with sales tracking?
In simple terms, a sales pipeline is a visual framework that will help improve your sales tracking. A sales pipeline contains the amount of business your company attempts to win over a period of time. It also helps you to make informed decisions that will improve your sales process and grow your business.
The typical stages of a sales pipeline
You can picture a sales pipeline as a funnel with multiple stages. A typical sales funnel begins with an ‘Incoming’ stage where all business leads are gathered. Any lead that is a good fit for your business is then moved to a ‘Qualified’ stage for follow-up. After successful follow-up, a lead moves to a ‘Quote‘ stage for price quoting, and then to a ‘Closure‘ stage for final negotiations. Last but not least, a deal that’s won moves to a ‘Won‘ stage, while one that’s lost moves to a ‘Lost‘ stage. Using a sales funnel is a simple yet powerful way to visualize your sales pipeline and improve your sales tracking.
Critical insights about your business
Sales tracking is all about insights. Do you know the most common reasons you lose sales? Are you clear on which specific marketing channel is driving your best leads? Do you know where in your sales funnel all your current leads are sitting and what your next step is for each deal? These aren’t “nice-to-have” answers - these are critical insights you need to have in order to win more deals and grow your business. Using a simple sales pipeline for sales tracking will give you the ability to gain these important insights into your business.
Sales tracking with Base
Base is an easy-to-use app that will improve your sales tracking and give you great insights into your sales process. It's 100% free, so go ahead and see how it can transform your small business.