The sales funnel is a valuable visualization tool that depicts the progress of sales opportunities as they narrow down to new customers. It provides a transparent view of all leads available to the sales team and how they are being managed as they move throughout your sales process. In order to be effective, regular sales funnel reviews are necessary, and should be done on a regular basis; monthly beween Sales Operations and the VP of Sales, quarterly between VP of Sales and CEO, and annually with company leadership/board/shareholders.
As we all know by now, data provides immeasurable value for sales benchmarketing and tracking performance. During a sales funnel review, data can show trends, performance, leading & trailing indicators, and more. This data is gathered and analyzed by the Sales Operations Manager before being reviewed with the VP of Sales and so forth.
When reviewing the sales funnel, there are 10 main things that Sales Operations should continally be tracking, the CEO and VP of Sales should be looking for:
- Activity - monitor leads entering and exiting the funnel, where and how they are entering
- Movement - how leads are moving through the funnel, find/fix clogs
- Quality - quality of leads entering the funnel
- Insight - trends among prospects discovered in the funnel
- Key accounts - identify top opportunities that need to be nourished
- Too full/empty - sales funnel should always be 3x fuller than actual sales goal
- Time - find out how/where reps are getting stuck in stages of the sales process
- Content - information/marketing materials given to opportunities in the funnel and find what propels forward movement
- Set-up - determine if funnel is too long/short, remove any complications/unneccesary steps
- CRM - ensure the funnel is properly mapping to your CRM system
Review your sales funnel with regularly to ensure it's working for your unique sales organization and increase win rates. The sales funnel is a fluid tool, meaning it will morph over time. Revisiting it on a regular basis ensures it stays up-to-date, and use of best practices for lead scoring/analyzation, time management, marketing support/content development, and CRM usage/reporting.
Don't have Sales Operations, or are your Sales Operations underperforming? Sales Result can help. Whether you’re struggling with execution of sales plans, mapping sales territories, or analyzing your sales funnel, we can provide a solution that streamlines sales and gets your organization on track for sales success.