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 organized 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.
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.
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