A sales pipeline is an effective tool used by sales representatives to help transition new leads down a layered funnel-like system that ends with said lead becoming a customer. It is essentially a visual representation of the revenue expected to be generated on a deal or during a period of time, and consist of multiple stages, including:
- Initial Contact – The initial contact refers to the first time a lead has contact with your brand, and this interaction usually stems from the marketing efforts (ads, forms, surveys, social media interactions, google searches) of your business’s marketing department. After the initial connection has been established, the lead is then passed off to a sales rep to gather more information.
- Qualification – The process of qualifying a lead is determined by the criteria set by your business’s sales department. Fully qualified prospects are assessed through their answers to a host of questions (i.e., what do you do for work, can you afford our product or service, what do you need, how soon do you need it, etcetera), used to determine their viability as customers. If the likelihood of a prospect becoming a customer is high, then they are then transitioned to the next phase.
- Meeting – Once a lead is qualified, the next phase in the process is a meeting via a phone call, email, or in person. This is typically when a business unleashes a top sales rep or account exec to discuss the intricacies of the service or product the prospect is interested in purchasing.
- Proposal – After the meeting, and once the prospect has confirmed that they are still interested in what your business is offering, this is when a proposal is sent out to the prospect, detailing what product or service will be provided, how much the product or service will cost, and the duration of the contract (if necessary). It is not uncommon for prospects to try and negotiate for a better price or weigh their options with a competitor’s products or services to ensure that they are getting the best deal before signing.
- Closing – Once both parties have read over the proposal, and asked all remaining questions, this is when the contract is signed and the lead has officially transitioned from that to a customer.
After the deal is done, it is now time to try to increase the value of the customer by finding opportunities to increase revenue generated per sale, increase customer retention, and lower the expenses associated with serving of a customer by implementing sales strategies like up-selling and cross-selling.
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