Sales pipeline management is a business practice that involves closely monitoring and tracking the sales process of a company, typically through some form of technology or program. The specific systems and practices may vary between companies, but the main objective is to ensure that each lead receives the proper attention and the company does not lose out on any potential revenue.
A sales pipeline refers to a clearly defined set of conditions and tools that cover the process of attracting potential customers and converting them to paying clients. Each businesses has a unique sales pipeline structure that reflects its product and industry, meaning that it must also establish its own process for managing the pipeline. For example, an e-commerce site may build its pipeline to attract viewers from online advertising to a special landing page, which contains several options for interaction that ultimately lead to viewing products. Similarly, an auto shop may have a sales pipeline that begins with mail coupons to find clients.
The management system includes both the entire pipeline and the methods for ensuring customers reach the appropriate end goal. Some businesses use a lead management program to track client information, which allows for a management system that includes calling clients who fail to make repeat purchases. A sales pipeline management system may also include automated actions, such as sending past customers email discounts or newsletters about current promotions. In all cases, the system helps the sales teams and managers track revenue and allocate resources appropriately.