The goal of most businesses, especially from the sales side, is to turn as many leads as possible into customers. Many different things have an impact on that goal during different stages of your sales process. One of the best ways to optimize your company’s sales is to pinpoint where opportunities for improvement lie.
Analyzing your sales funnel through sales deal tracking software and funnel tracking is a great source for pinpointing opportunities. Instead of trying to comb through raw data in numbers, you’ll be able to visually determine where changes can be made to increase sales effectiveness.
In this article, we’ll take a look at what sales funnel management is, the benefits of funnel tracking, as well as some of the top options for funnel deal and funnel tracking software.
Sales Funnel vs Sales Pipeline
Your sales funnel and sales pipeline are similar and often misunderstood to be the same thing, but they are indeed two different things entirely. It’s important to understand the difference to understand why tracking your sales deals and sales funnel management is important.
Think of your sales funnel as the deals from the customer side. The sales funnel follows the stages in your sales process that the leads go through before becoming customers. While your sales pipeline is made up of every stage sales reps follow in your sales process to move a deal from initial prospect to closed deal.
Sales funnels can vary in specifics from company to company. But, in tracking your deals and sales funnel, you’ll more than likely be looking at deals as your prospect is in the awareness phase (which will have the largest number of prospects), followed by the consideration phase, and finally the decision phase. Instead of looking at these things in raw line item numbers, you’ll be looking at them in visual depictions in the shape of a funnel.
But why exactly should you be tracking your sales funnel? Let’s take a look.
The Benefits Of Funnel Tracking & Deal Management
As we have briefly touched on, funnel tracking and deal management allow you to pinpoint where improvements can be made to increase the number of prospects converted into customers. More specifically, you’ll be able to pinpoint exactly where along the sales process in your funnel those opportunities for improvements may lie.
You may have prospects dropping out of your funnel in the middle consideration phase because your products or services don’t match their needs. Or you may be experiencing a bottleneck at the top of the funnel because of slow response times from sales reps. These are just a few examples of leaks in your sales funnel.
Funnel tracking helps you quickly pinpoint these issues. It’s often very difficult to discern where problems and opportunities exist through analyzing line item spreadsheets. With funnel tracking, you can visualize opportunities to optimize your sales team’s efforts to retain as many prospects as possible who are going to be ready to buy. Reps will be more effective in discerning hot from cold prospects in the qualifying phase, prospects will be able to be tracked at every stage of the buyer journey, and follow-ups will be made automatically at just the right time throughout the sales process.
With the improvements in the sales process made possible through deal and funnel tracking, your company will also be able to build more genuine connections with prospects because you will be able to offer more tailored solutions. Leading to more loyal customers for the long-term.
In deal management through funnel tracking software, you will be able to monitor important key performance indicators (KPIs) in real-time. For example, you’ll have a way to forecast sales revenue for the months ahead by knowing how many prospects your sales reps are currently working on (lead velocity rate). You’ll also be able to break down the rate of conversion at each stage of the funnel, the total number of opportunities within each stage, and the length of time prospects spend at each stage.
Take advantage of the potential opportunities for additional revenue in your sales funnel and stop leaks along the way by utilizing robust software that is available.
Benefits of utilizing funnel tracking software summarized:
- Organize leads entering the funnel and improve lead qualification
- Increase the number of prospects that are converted into customers
- Improve sales effectiveness by pinpointing leaks in your sales funnel
- Optimize the sales process to retain the most amount of prospects as possible
- Offer more tailored solutions to solve your prospects’ pain points
- Improve resource allocation
- Determine effective sales cadences to reach out to prospects at just the right times
- Monitor critical KPIs to get a clear picture of your sales funnel and processes
- Bring leads down to the bottom of your sales funnel faster by streamlining the conversion process
Top Funnel Tracking Software To Manage Your Sales Deals
With today’s sales technology and visual capabilities, sales deal management is way past Excel spreadsheets. There is even software available that makes it possible to handle deal management in your CRM directly.
The best part is you don’t have to have a lot of technical experience to utilize these tools. Here are some of the options available for sales funnel tracking software:
When utilizing sales technology, it is important to use robust tools that serve multiple purposes. If you are looking for options for the best field sales tool with deal management capabilities, Map My Customers is your answer. Built with the outside sales rep in mind, Map My Customers’ mobile CRM allows you to house all of your customer and prospect information, customized sales funnels updated in real-time, and territory maps all in one place. Not only can you visualize your sales funnel and track prospects through each phase, but you can also view your deals and prospects on your territory map color-coded per funnel stage. Make informed decisions that will help you grow your sales revenue with Map My Customers.
Another option of sales CRM with built-in sales funnel management, Pipedrive helps you visually organize your business and make data-backed decisions to improve sales processes. In this sales platform, you can manage leads and deals and track them along every step of the sales funnel. You can create unlimited funnels and pipelines with customized stages to fit your sales cycle. Filter the funnels by stage, per rep, etc.
If your team actively uses tools from the Google Suite, like G-Mail or Google Calendar, the sales CRM and funnel management software from Copper integrates with GSuite tools seamlessly. Optimize your sales processes and keep your finger on the pulse of your sales funnel. Copper helps you qualify, track, and measure the opportunities in your sales funnel so you can nurture them into thriving, long-term customers. View each stage of your sales funnel and visually pinpoint opportunities and conversions. With Copper, your sales reps can focus on the leads that are most likely to close.
Zendesk Sell is a highly effective sales funnel tracking software and CRM tool that can help you get a firm handle on your sales funnel and processes. You’ll have a bird's eye view of precisely what's happening within your customer base and get granular within every one of your prospect opportunities. With Zendesk Sell, you can include notes about conversations, meetings, and roadblocks, and you can track status updates and more. This tool works well for the small to medium-sized market and even individual entrepreneurs.
AllClients is a sales CRM and automated marketing system that helps you manage your sales process effortlessly using their deals tracking system. Track every opportunity that comes into your business along every step of the sales funnel. The AllClients deals dashboard is completely customizable to match how you do business. At any time you can see your deals in both a sales funnel view and a sales pipeline view. You determine what the layers and steps are in your sales process within the AllClients platform as well as all the details that should be included as your company’s deals are being worked.
Propeller is an easy-to-use funnel tracking software that helps you manage your entire sales operation and stay on top of every lead, opportunity, and deal. You can keep your finger on the pulse of your sales funnel and prevent any other leads from leaking out unnecessarily. With Propeller, you can create your sales funnel quickly and easily, add different stages, and start tracking fast. You can also create sales funnels for every service, product, rep, or team to track multiple processes and keep your sales team focused. Also, create automated funnel snapshots to gain full insight into your sales process, win rates, revenue forecasts, and other KPIs.
Try Deal & Funnel Tracking Today
As you can see, tracking your sales deals along your sales funnel allows you to quickly pinpoint what is working, what isn’t, and where new opportunities might be hiding. Your sales reps will have the insight they need to focus on the right prospects at the right time and boost sales effectiveness.
Deal and sales funnel tracking does not have to be difficult. With robust software available, you get complete visibility into your sales funnel. You can view everything from where leaks might be present to how quickly your team converts prospects into customers to real-time insights on lead behavior.
With the knowledge gained from tracking your deals along the sales funnel in real-time you can streamline your sales process and convert more prospects into loyal customers for your company.