Imagine this - overnight, you have 100x of the prospects you currently have. But you have no streamlined way of managing your prospects and how they move through your pipeline. As they say - with great power comes great responsibility. So, how will you go about tackling this responsibility?
We hope you have a proper sales process and a pipeline in place. A visual representation gives you an overview of the stages where your prospects are, as well as their number and conversion rates across different stages. However, even with a sales pipeline in place, you struggle to manage the increased influx of prospects and new leads.
Will you be able to seamlessly manage even 10x the current prospects as they move across your sales pipeline and sales funnel? The only way to do this is by leveraging technology.
In our case - in the context of a sales pipeline - the solution lies in sales pipeline management software and effective sales pipeline management. It brings to you the power of automation and data-driven approaches that you can inculcate in your pipeline management process to have a better understanding of your pipeline and how your potential customers are traveling through it.
What’s more? A sales pipeline management software directly impacts your win rate, lead generation, and takes your business revenue on an upward trajectory, while helping you shorten the overall sales cycle length.
Sales pipeline management software? Now, what’s that?
Essentially, sales pipeline management software is a cloud-based tool that helps you plan, track, manage, and modify your sales pipeline. It gives you a bird’s eye view of your prospects concerning your sales pipeline and the stage in which they are. That way, you get a chance to proactively work on identifying inefficiency, monitoring your sales team’s performance, making changes and adjustments wherever needed, creating relevant sales strategies, performing required sales pipeline reviews, and ensuring smooth deal closing.
Sales pipeline management tools are designed to help you plan your sales targets and allocate quotas and budgets accordingly while properly overseeing your sales pipeline stages. Apart from that, some other factors also make sales pipeline management software a must-have for today's sales teams. Some of those factors include:
- Mobile access: Remote work is increasingly becoming the norm. No matter what side of this debate you’re on - people are working remotely, and that is the truth. As a result of this, business tools are also becoming highly mobile-oriented - people require information in real-time. Sales pipeline management tools come with all sorts of mobile capabilities for different operating systems. This allows sales teams to have visibility of the sales pipeline whenever they require it - even on the go.
- Simplified data and information sharing: Sales pipeline management software simplifies the way you share data in your organization. The tools support role-based access that allows you to share access securely. In the absence of an automated system, this task of communicating and sharing information is full of bottlenecks. But not with sales pipeline management software.
- Other software integrations: Sales pipeline management software easily integrates with third-party tools that you use for your business operations. This includes CRM software, HR, customer support, MarTech, and other tools. In doing so, it provides a comprehensive picture of your organization and ensures you don’t miss out on any sales opportunity.
These benefits are by no means comprehensive, and the list is practically endless. But the point is simple - sales pipeline management software provides the features and possibilities that sales teams and marketing teams have been looking for for years. And all of these benefits directly impact business revenue and take it on a positive trajectory.
Let’s see how that happens.
Sales pipeline management software positively impacts business revenue
You might have the best sales team, and your sales reps might be extremely talented, but if they keep doing excessive manual sales activity and don’t do smart work, their potential will remain untapped. And as a result of that, your business’ potential (and potential revenue) will remain untouched, and the number of deals you close will be forever plateaued.
Sales pipeline management software acts as a perfect companion for your sales team to optimize their sales performance and your business as a whole. They allow you to create a standardized, streamlined set of steps, sales pipeline metrics, sales funnel, and approaches to be followed for sales pipeline management. They also give you as granular a breakdown as you require so that you get the complete information, and inform you about the stage of the pipeline your prospects are in.
In doing so, sales pipeline management software enhances your fault detection and process improvement skills, and reduces the amount of time it takes for you to close deals. That way, you take an improved approach to your sales pipeline and sales pipeline management, and you create techniques and strategies that work!
Apart from all of this, proper sales pipeline management is also important to identify qualified leads from dead leads. Otherwise, you might end up spending your efforts everywhere instead of targeting it to the leads that have higher chances of conversion. Another insight that can be gathered from sales pipeline management is knowing which interactions convince and/or other customers. That way, you can fine-tune your messaging and interactions for smoother deal closure.
As it would seem, creating a sales pipeline is just the tip of the iceberg.
The rest of the job is all about proactive and proper management of your sales pipeline so that you can make data-backed decisions that don’t come from a place of intuition but from a place of knowledge. After all, business intelligence in sales is beyond just call recordings or guesswork. It is about understanding data, finding patterns, and deriving actionable insights.
With that said, here are some benefits of using sales pipeline management that translate directly into your business revenue growth.
1) Improved sales forecasting - and, therefore, planning.
Sales pipeline management in a way that provides you complete visibility of your sales pipeline - including the different prospects and how they are moving in relation to the pipeline - is important for really understanding your sales. And when you’ve done that, it becomes easier to look at the bigger picture and make forecasts that accurately indicate the future. That way, you get a chance to plan your sales, resources, and activities in directions that are sure to give you immediate monetary benefits.
2) Recognize and improve the average time taken from lead to deal
Long sales cycles are a pain in the…well, you know.
Not only do they drain your energy, but they also cost your business a lot of time and money. If you could shorten your sales cycle - the average time it takes your prospect to turn from leads to deals - you would find yourself making and saving a lot more money.
Luckily, sales pipeline management software helps you do that. Apart from the forecast, these tools can also inform you about the average conversion time of your prospects. This is important information that can help you plan your campaigns and activities accordingly. These numbers also act as a benchmark for you to measure your sales team’s performance against.
Further, with sales pipeline management software information, you can also get an idea of your average deal size, and work towards improving or maintaining it, as needed by you and the decision makers.
3) Improve your team’s performance and help them optimize their work
As we mentioned earlier, sales pipeline management software gives you an overview of your sales cycle times, but that’s not all. The tool also gives you an opportunity to simplify your sales team’s work and build stronger relationships with them. You can use the SaaS software to monitor their work and aid them in their day-to-day operations and overall optimize their work.
4) Perform better resource allocation
Knowing how your prospects are moving across different stages gives you an opportunity to place your best sales reps in the right places.
The idea is to nudge your prospects towards deal closure, and by having your most efficient salespeople allocated, the task is sure to get easier. Sales pipeline management software makes it possible for you to do this by informing you about your prospect’s movement and your sales rep’s performance. You need to put the two and two together and perform resource allocation accordingly for the best results!
5) Spiral out, keep going - nurture better leads
Sales pipeline management software benefits are not just limited to your current leads. Using the information you gather from your pipeline management tool, you can tweak your outreach and other approaches in order to get more deals in your pipeline, which can then be converted into customers. With the right data by your side, it becomes easier to nurture leads and perform personalized activities.
The benefits are real, and so is the impact
Sales pipeline management software has revolutionized the way sales teams handle and manage their sales pipeline. In doing so, it has directly impacted business growth and helped save a lot of time, energy, and money. The benefits are undeniably real, and so is the impact of technology on how we perform our business operations.
Let’s take the impact up a notch with Wingman!
At Wingman, we have always been all about data and information. Our conversation intelligence platform is your revenue accelerator! It works by giving you all the insights that you require from every sales interaction that your sales reps have. And that is not all! Book a demo with us and experience actionable intelligence like never before!