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A sales funnel is a visual representation of the stages that a potential customer goes through as they move towards making a purchase. It typically includes steps such as Discover, consideration, and decision. The sales funnel helps sales teams understand where a customer is in the buying process and what steps need to be taken to move them closer to a purchase.
A sales pipeline is a visual representation of the status of each sales opportunity that a sales team is working on. It includes information about the potential customer, the product or service being considered, and the stage of the sales process that the opportunity is in. The sales pipeline helps sales teams track the progress of each opportunity and prioritise their efforts.
In general, the sales funnel is a high-level overview of the sales process, while the sales pipeline is a more detailed view of the specific opportunities that a sales team is working on. Both tools are useful for helping sales teams understand their sales process and identify areas for improvement.
Other items to consider:
- The sales funnel is usually a top-down view, starting with a large group of potential customers and narrowing down to the final stage of the buying process. The sales pipeline is typically a bottom-up view, starting with individual sales opportunities and tracking their progress through the sales process.
- The stages of the sales funnel are often defined as discovery, consideration, and decision. The stages of the sales pipeline may vary depending on the specific sales process, but they typically include steps such as lead qualification, proposal, negotiation, and close.
- The sales funnel is a useful tool for understanding the overall effectiveness of the sales process and identifying areas where potential customers may be dropping out. The sales pipeline is useful for tracking the progress of individual opportunities and forecasting future sales.
- Both the sales funnel and the sales pipeline can be visualised using a variety of tools, such as a spreadsheet or specialised sales management CRM automation software.
If you’d like more information about sales funnels and sales pipelines, or if you have any other questions, feel free to contact us. Our team is here to help you understand these tools and how they can benefit your business.
We offer a range of services, including sales process consulting, sales training, and a specialised sales management CRM automation system. Contact us today to learn more and see how we can help you optimise your sales process and achieve your business goals.
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