All the company in any industries want to know how their product perform in the market and making money. They just don’t want to capture their cash spend but they also want a way to increase their productivity, efficiency and stay competitive in the marketplaces.
So, let’s discuss the term ‘pipeline management’ and how it is important for businesses?
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What is pipeline management?
Pipeline management is a process to identify and manage the product from manufacturing to sales team -within the supply chain. In simple words, Top performing companies know how to identify where their cash is flowing and to convert this flow of money to productive work this is called pipeline management. Top of Form
For the growth of any company, from the initial idea to establishing as a production company and eventually becoming a global market leader, it’s really no surprise that sales have been such a crucial factor in the team’s success.
What is a sales pipeline?
The term ‘pipeline management’ and ‘sales management’ both are similar. But do they mean actually same? Technically yes.
A pipeline is a largest chain from products waiting to sold. The aim is to move products from various stages to good fit for customers prospective.
But it is important to know the sales process (Backbone of any industry) – the process of transitioning product through the sales pipeline- from potential customer or quality leads to deal closing. It is a common activity and these activities are common to all products, including determining who the markets are, features to highlight, what price point, discovering the solution it can benefit and how, it never stops, even while the pipeline itself does.
Selling isn’t just about pushing products—it’s about creating meaningful connections with customers. However, no matter how skilled you are at selling, if the process takes too long, it can turn customers away and hinder your company’s progress. It’s crucial to prioritize optimizing your pipeline rather than solely focusing on quick sales.
Running a business involves juggling various tasks, from assisting customers to managing shipping and maintenance. While some sales move quickly, many require ongoing support even after the purchase.
Do you keep track of where each sale stands in your pipeline? It’s essential to know. When customers are deciding whether to buy, they often have questions like:
Does this product do everything we need?
Will it work smoothly with our current systems?
Do we need any upgrades or tweaks?
How well does the product’s timeline match our requirements?
Your ability to answer these questions and address any concerns plays a big role in where the deal stands.
The importance of a sales pipeline in CRM
It is very important to have a sales pipeline in CRM because companies need a good understanding of their cash flow to inform their business strategy and make informed decisions about how best to grow their business. Sales pipeline management is the process of identifying and managing all the moving parts — from manufacturing to sales – within a company.
Launching your own business isn’t a walk in the park, but it’s definitely achievable with the right game plan and backing. Many entrepreneurs opt for pipelines as their go-to strategy to ensure a seamless and prosperous journey to their ultimate goal.
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Examples of sales pipeline
While every business has their own sales or lead pipeline management system. At the first stage of managing the sales pipeline is understanding the different stages you need to track. Here are the few examples of what the pipeline is looking in different industries.
HealthCare
The pipeline of the healthcare industries usually focuses on different stages from appointment scheduling to post treatment follow ups.
- Inquiry made
- Appointment scheduled
- Consultation with doctor
- Diagnosis
- Treatment
- Post-visit follow up
- Feedback
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Manufacturing
- Prospecting
- Pre-qualification
- Proposal
- Negotiation
- Closing
- Post-sale support
SAAS
In a SAAS sales pipeline, multiple leads are at various SPANCO stages of the pipeline. SPANCO stands for:
- Suspect
- Prospect
- Analysis
- Negotiation
- Closing
- Order