The “funnel” is one of the most powerful metaphors in B2B sales and marketing. It describes the passage of prospects through a buying decision process that hopefully will (but often does not) result in your successfully selling something to them.
A big headache for sales managers and sales directors are pipelines full of opportunities that stall and don’t materialize, also known as leaky pipelines. This leads to inaccurate sales forecasts, missed targets and embarrassing moments with senior leadership. The reasons behind stale and leaky pipelines can be plentiful. And, without a structured sales process and focused coaching, the problem may never go away.
Shortening the sales cycle has become a priority for companies working with b2b sales in recent years. And rightly so, the more time that passes by, the more difficult it can become to close opportunities.
Sales process and methodology sometimes get mixed up, which can become very confusing and costly. In order to maximize the effectiveness of a sales team, there can’t be any confusion between the two.
Imagine a sales person who was just hired for a B2B sales position. What type of sales organization will she be joining? Will she be treated to a full introduction program and learning the ropes from top performers? Will her sales manager assign realistic goals and dedicate time to coach her? Will she receive a steady flow of marketing qualified leads where there is already promising customer engagement?
The funnel/pipeline is a key tool for sales people and managers to assess performance. It provides so many insights beyond knowing whether you will make your sales goals.
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