The sales funnel is a great measure of your company’s health. It provides a clear view of the opportunities currently available to your sales team, showing you the revenue that your team is going to make in the months ahead. A well managed sales funnel will get all of your sales efforts well organised and put you in control of your sales results.
A sales funnel is a visual representation of the steps required to sell your product or service. The sales funnel gives you a complete overview of where in the sales process your money is.
A sales funnel reveals how many prospects you have in each stage of your sales cycle, and also details the conversion rates for each stage. This will tell you whether you have enough deals in your funnel to meet your goals, and whether you need to appoint special attention to certain deals.
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Number of deals in your funnel.
Average size of a deal in your funnel.
Close ratio - average percentage of deals that get won.
Average deal lifetime before it’s won - or sales velocity.
Measuring the sales funnel metrics of your business is the first step to effective sales funnel management. The following graph provides an example of a small team’s sales funnel with figures for the whole sales funnel as well as for each stage separately.
These figures are useful for benchmarking against current results and future trends. For achieving ongoing improvements, it’s good to complete this exercise at least once a year.
If your team has currently just 6 deals in the first stage of the funnel instead of 13, then it’s a clear sign that you should find and add at least 7 new prospects in order to achieve the numbers you’ve made previously.
This exercise will also start showing you positive trends – for example, you’re making great progress if you’ve increased the average deal value in your funnel to from 13,080 to 14,500.
Get deals from stage one to stage two quicker
Increase the volume of total deals
Increase the size of your deals by upselling
We’ve built a CRM-replacing sales management tool that’s not great for just salespeople, but for anyone wanting to get super organised 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.
As a social media agency who pride ourselves on communication, proactivity and results, it’s great that our sales support software shares this ethos. Since we started using Pipedrive we have never looked back, and our sales have increased as a result of being so organised.
Pipedrive is very simple to use on the surface but can become quite powerful if you dig a little deeper. I particularly like the integration with Slack, which helps keep the sales team up to date.
The workflow is perfect for our event management business, recording all booking information and giving reminder alerts. Being able to email clients via the app is great too.