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What Is A Pipeline Management Software?
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The sales pipeline is a systematic and visual approach to selling a product or service. The sales pipeline is helpful in showing you exactly where the money is in your sales process.You’ll be able to understand at which stage any deal is, whether you have enough deals on the board to achieve your goals and quota, as well as understand whether certain deals need special attention.
The sales pipeline usually includes the following four metrics:
Number of deals in your pipeline.
Average size of a deal in your pipeline.
Close ratio - average percentage of deals that get won.
Average deal lifetime before it’s won - or sales velocity.
How to manage the sales pipeline?
Start by measuring sales pipeline metrics in your business. In the following example of a small team, there are figures both for the whole sales pipeline and for each stage separately.
The figures are useful benchmarks for current results and future trends. It’s recommended to complete this exercise at least once a year.
What you measure, you can manage
For example, if your company has just seven deals in the first stage, instead of the average of 13, it’s clear that you should quickly find at least six new opportunities to make the numbers you’ve achieved previously.
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For example, if your company has just seven deals in the first stage, instead of the average of 13, it’s clear that you should quickly find at least six new opportunities to make the numbers you’ve achieved previously.
You also start understanding positive signs; for example, you know that you’re making good progress when the average size of your deals in the pipeline is 16,000 instead of 13,080.
Use sales pipeline management software
It’s not easy to measure all these things. It takes some effort to gather the data on a regular basis, and sales pipeline software such as Pipedrive will help you do that.
Pipedrive is a sales tool for small teams with big ambitions
Pipedrive is a sales tool for small teams with big ambitions
We’ve built a CRM-replacing sales management tool that’s not great for just salespeople, but for anyone wanting to get super organized and close deals in less time.
About half of our customers liked us so much they switched from their existing CRM. The other half? Well they didn’t even know they needed Pipedrive until they tried it.
Get our free Sales Pipeline Academy
Fifteen-plus years of sales pipeline know-how condensed into one email course and ebook. The email course and ebook contain 11 salary-changing sales pipeline management lessons that will help you grow your sales by double digits.