PGDM Retail Management (2022-24)

Trimester-iii

Retail Selling and Negotiation Skills

A Subject Report
on
“Sales Pipeline and Sales Funnel Management”

Under the Guidance of

Prof. Dr. Priti Saxena
Mr. Apurb Sinha

Presented By:

Rohit Kriplani - 42
Shivangi Tripathi - 45
Shreyas Mohite - 48
Siddhant Gangawane - 50
Sparsh Poddar - 52
INDEX

 Acknowledgement
 Introduction
 Objective
 Methodology
 Approach
 Key learning/ observation
 Conclusion
 ACKNOWLEDGEMENT
We would like to express special thanks of gratitude to our Faculty Prof. Dr Priti
Saxena as well as our Dean Prof. Dr Swapna Pradhan who gave us the golden
opportunity to do this wonderful project on the topic Sales Pipeline Management
& Sales Funnel, which also helped us in doing a lot of Research and we came to
know about so many new things we are thankful to them.

Secondly, we would also like to thank our fellow mates who helped us a lot in
finalizing this project within the limited time frame.
INTRODUCTION
Sales pipeline management is the process of tracking and managing potential
customers as they move through the sales process. A sales pipeline is an
organized, visual way of tracking potential buyers as they progress through
various stages in the purchasing process and buyer's journey. Often, pipelines
are visualized as a horizontal bar (sometimes as a funnel) divided into the
various stages of a company's sales process. It involves identifying leads,
qualifying them, and nurturing them until they become paying customers.
Effective sales pipeline management helps businesses to prioritize their sales
efforts, identify areas for improvement, and increase revenue. By understanding
where each lead is in the sales process, sales teams can tailor their approach and
provide targeted support to help close deals.
The stages within your sales pipeline are like stops on the road as you make
your way toward your destination. Clearly defined stages help your sales reps
know the exact steps they need to take to close a deal. Each of the sales stages
requires maintenance and a customer-centric strategy.
The stages of the sales pipeline include:
 Prospecting
 Lead qualification
 Meeting
 Proposal
 Negotiation
A sales funnel is a visual representation of the journey from your prospect’s
first contact with you until a completed purchase. It helps your sales team
understand where they need to follow up or alter the sales process due to drop
off in the funnel. The sales funnel definition prescribes that it acts like a funnel,
meaning it is widest at the top and narrowest at its the bottom. Each stage of the
funnel pushes your qualified prospects into the next stage and drops those that
are not a fit for what you offer. The top of the funnel is where new leads, or
prospects, enter the buying journey, while the narrow bottom reflects how many
of those leads are converted to customers by the end of the sales process.
The stages of a sales funnel can vary, but a traditional model follows these
phases from top to bottom:
 Awareness – prospect become aware of a brand or
product/service.
 Interest – prospect shows genuine interest in a product or service.
 Desire – prospects show desire to purchase when it becomes clear
the product/service meets a specific need
 Action – prospect decides to purchase product/service.
OBJECTIVE
The objective of managing the sales pipeline and sales funnel is to increase the
efficiency and effectiveness of the sales process by:
1.Identifying potential customers or leads and prioritizing them based on their
likelihood to convert into paying customers.
2.Tracking the progress of each lead through the sales process and identifying
bottlenecks or obstacles that may be preventing them from moving to the next
stage.
3.Providing sales teams with insights into the sales process and customer
behaviour, allowing them to make data-driven decisions to improve the sales
process.
4.Forecasting future sales revenue based on the number and quality of leads in
the pipeline and the conversion rates at each stage of the sales funnel.
5.Improving communication and collaboration between sales teams and other
departments, such as marketing and customer support, to ensure a seamless
customer experience throughout the sales process.
METHODOLOGY
Enhancing Sales Funnel and Pipeline Management Methodology

Determine and label the steps: Outline the sales pipeline's and sales funnel's
various steps and the conditions under which leads are advanced.
Focus on hot leads: Sort leads in order of their value and likelihood of becoming
paying customers.
Use a chart or graph to track where individual leads are in the sales cycle and
where they might be getting stuck.
Data analysis: Use information gathered from the sales pipeline and funnel to
pinpoint problems, such as high drop-off rates or low conversion ratios, and
develop strategies to address them.
Modify as necessary: Apply the knowledge you've gained from analysing the
data to adjust the sales process, such as adjusting your lead generation tactics or
your sales messaging.
Budgeted Income: Make an accurate revenue forecast by analysing the quantity
and quality of leads currently in the pipeline in addition to the closing rates at
each funnel stage.
Cooperate productively: Encourage communication and coordination between
different teams involved in the sale, such as sales, marketing, and customer
service, to give customers the best possible experience.
To ensure steady progress, it is important to keep a close eye on the sales
pipeline and funnel and make adjustments there as needed.
APPROACH
1. Conduct a comprehensive analysis of your current sales pipeline and funnel
to identify areas of improvement.
2. Define each stage of your sales pipeline and funnel, and establish clear
criteria for moving leads from one stage to the next.
3. Prioritize leads based on their potential value and likelihood to convert into
paying customers.
4. Implement a visual representation of your sales pipeline and funnel to track
progress and identify any obstacles or bottlenecks.
5. Analyze data from your sales pipeline and funnel to identify areas for
improvement, such as high drop-off rates or low conversion rates.
6. Use the insights gained from data analysis to implement changes to your
sales process, such as refining lead generation strategies or improving sales
messaging.
7. Forecast future revenue based on the number and quality of leads in the
pipeline and the conversion rates at each stage of the funnel.
8. Foster collaboration between sales teams and other departments, such as
marketing and customer support, to ensure a seamless customer experience
throughout the sales process.
9. Regularly monitor and optimize the sales pipeline and funnel based on data
analysis and feedback from sales teams to ensure continuous improvement.
10. Provide ongoing training and support to sales teams to ensure they
understand the sales process and are equipped to effectively manage the
sales pipeline and funnel.
KEY LEARNINGS/OBSERVATIONS
1. Sales Pipeline Management is an organized, visual way of tracking
potential buyers as they progress through various stages in the
purchasing process.
2. The Sales Pipeline focuses on processes from business and
marketer's viewpoints, and the stages of the Sales Pipeline typically
include lead generation, prospecting, qualification, contact, proposal,
negotiation, and retention.
3. The best practices of Sales Pipeline Management include never
reducing the Sales Pipeline, following up with leads, not allowing the
pipeline to rot, conducting regular pipeline reviews, and knowing your
sales metrics.
4. Benefits of Sales Pipeline Management include helping businesses
prioritize their sales efforts, identifying bottlenecks in the sales
process, finding forgotten prospects, and closing deals faster.
5. Sales Funnel focuses on the elements of the normal sales process a
salesperson would follow to close an opportunity and provides an
easy-to-understand view of where a prospect is in the sales cycle and
what the next steps are likely to be.
6. The Stages of Sales Funnel include prospecting and lead
generation, qualification, the proposal, commitment, and the sale.
7. Sales Pipeline Management and Sales Funnel both have their
unique advantages and functions. While Sales Pipeline Management is
focused on managing individual leads through the sales process and
identifying areas of improvement, Sales Funnel is useful for
understanding the overall customer journey.
8. Sales Pipeline tools like Lusha, Zapier, and Engage Bay All-in-one
can be used to manage the Sales Pipeline effectively.
9. By combining Sales Pipeline Management and Sales Funnel
approaches, businesses can develop a comprehensive sales strategy
that maximizes their chances of success.
Overall, it is important for businesses to understand and effectively manage
both Sales Pipeline and Sales Funnel to improve their sales performance and
revenue.
CONCLUSION
It can be concluded that effective management of the sales pipeline is essential
for the success of a business. The importance of having a well-defined sales
process, utilizing sales technology tools, and implementing sales training
programs to improve sales productivity.
 Sales pipeline management is a critical process for businesses
looking to improve their sales performance and increase revenue.
 By tracking individual leads through the sales process and
identifying areas where they need to focus their efforts, businesses can
streamline their sales process and improve their overall sales
performance.
 While the sales funnel is useful for understanding the overall
customer journey, the sales pipeline provides a more detailed view of
individual leads and their progress through the sales process.
 By combining these two approaches, businesses can develop a
comprehensive sales strategy that maximizes their chances of success.
Monitoring and analysing key performance indicators (KPIs) such as conversion
rates, sales cycle length, and deal size are critical to optimizing the sales pipeline.
By tracking these metrics, sales teams can identify areas for improvement and
make data-driven decisions to increase revenue and drive business growth.
It emphasized the significance of communication and collaboration between sales
and marketing teams. Aligning the two departments can lead to more effective
lead generation and lead nurturing, ultimately resulting in higher conversion rates
and revenue.
Overall, It underscores the importance of continuous improvement in sales
pipeline management. By implementing best practices and utilizing the latest
sales technology tools, businesses can optimize their sales pipeline and achieve
long-term success.
The importance of understanding the customer journey and developing a sales
funnel that aligns with the stages of the buying process. It also emphasizes the
significance of effective lead generation and lead nurturing strategies, as well as
the use of technology and data analysis to optimize the sales funnel.
In conclusion, the sales funnel is important for a customer-centric approach to
sales, effective lead generation and nurturing strategies, collaboration between
sales and marketing teams, and continuous optimization. By implementing these
best practices, businesses can create a high-performing sales funnel that drives
revenue growth and helps them achieve their business goals.