What’s in your pipeline?
If you don’t know, it’s time to find out. Sales pipeline management is incredibly important because your pipeline directly impacts the company’s bottom line. Without proper maintenance, it’s near impossible for your managers to tell whether your pipeline will help elevate business this quarter or leave you in the red.
Unfortunately, many sales organizations do a poor job managing their pipelines. Only 46% of reps feel they have an accurate pipeline, yet they spend an average of two and a half hours per week creating sales forecasts based on inaccurate sales pipeline stages. Not only are forecasts inaccurate if they’re based on an erroneous pipeline, but you’ll be wasting valuable selling time putting together incorrect -- and thus unhelpful -- reports.
Incomplete or outdated pipelines lead to more than just lost productivity, however. According to new research from Vantage Point Performance and the Sales Management Association, companies with effective pipeline management had 15% faster revenue growth than those with ineffective management.
The infographic below highlights three best practices for pipeline management -- a clearly defined sales process, dedicated coaching time for each rep to help keep their pipelines healthy, and training for sales managers on how to maintain pipeline. According to the study, companies that became proficient in these three areas saw 28% higher revenue growth. That’s a number we can all get behind.