The Importance of Pipeline Management

As companies work to turn prospects into clients, pipeline management is key to ensure that the deals are moving forward. If a business doesn’t manage its pipeline effectively prospects could remain in one stage for an extended period and it becomes difficult to meet the sales and revenue goals.

In a business sense pipelines resemble supply chains in that they include the products that your company is selling, however instead of goods moving from manufacturing to shipping, your sales pipeline contains leads that will eventually be customers. To maintain an efficient pipeline you must keep track of and analyze the right metrics.

The first step in ensuring your pipeline is working at its best is identifying and mapping out clear steps of the process. This allows your team to track each prospect’s progress and to identify if any of these stages are having problems or can’t handle the load.

Making a sales process that is efficient and ensuring your team follows it consistently is crucial for the management of pipelines. Implementing a systemized process helps ensure that vital sales activities like follow-ups and relationship building don’t slip through the cracks and assists your team in reaching their sales quotas, growth targets and profit goals.

Another element of pipeline maintenance is using tools such as Close that allow you to keep contact information, sales activity and metrics current. This helps your sales team remain organized, and also allows other departments to access the information.