For most entrepreneurs, the sales funnel & sales pipeline is quite similar. Some of them even think it’s two sides of the same coin. They think both processes are made to turn leads into loyal customers. However, as a Sales CRM Software Solutions Company, we believe there’s something you must know before making any decision like others. So what’s the difference? Let’s start with the definition. Shall we?
Sales Pipeline: Used by sales reps and sales managers, a sales pipeline is a tool that quantifies the market demand for their services and products. Regardless of what you are selling, this tool helps you to understand how your business is performing in the real world. By using this tool, you can take action to ease customer demand and build a more stable sales cycle.
Sales Funnel: A sales funnel, also known as a marketing funnel is used to move prospects through the sales process. This tool used to gradually improve trust and helps in building a productive relationship. This later help business to sell more valuable products.
1.) People who use the sales funnel only care about numbers. People who use the sales pipeline generally concentrate on enhancing the process.
2.) Sales feed the sales pipeline. Once a lead converted into a prospect, he/ she moves into a sales pipeline in the nurturing process. Done in the right way, the lead nurturing process can bring a lot more to the table. Of course, to do effectively, you have to use a sales CRM.
3.) Sales pipeline tracking ongoing active leads. On the other hand, a sales funnel is used to measure every step of conversion.
4.) A sales CRM software solutions company can develop a sales pipeline feature that shows a detailed customer journey to sales reps. Sales funnel outlines the customers’ journey from the point of view of the client.
5.) The sales pipeline report used to deliver resources where the most leads are. Sales funnel reports used by sales managers to enhance each stage and to prevent any lead leaks. Sales CRM can track the whole sales process.
If you had earlier thought that the sales pipeline and sales funnel is the same, don’t worry. Many entrepreneurs think this way. However, after understanding the differences, you should take the necessary actions. And the first step should be contacting a sales CRM software development company. Ask them about their experience in developing quality Sales Pipeline vs Sales Funnel and begin your journey from there.
CRM software for sales management is an exceptional business tool that promises great returns at an amazing cost. If your business goal is to grow, give it a try, you will get the result you deserve. You can acquire customers effortlessly and quickly with the right sales management software.
What used to be a niche concept of big conglomerate is today an accepted function in most businesses. There is hardly an organization that can afford to manage without Customer Relationship Management (CRM). By investing in CRM, one can expect a $5 return on every $1 spent in the CRM development process. The business has observed 41% of an average boost in its revenue. The conversion rate aggregately increases by 300% and the overall purchase value improves to 40%. In short, CRM is great. But how this tool able to achieve these numbers? Well, the reasons are stated below:
Customer loyalty and retention: The customer loves attention. If you are offering them enough personalized experience, they will buy from you again and again. However, keeping track of thousands of customers’ needs is a humongous work. Unless you have a Lead Management Software System in place. This software is designed to track customer’s information and manage them more productively. This data plays a crucial role when you are engaging with the customers. A sales representative can make use of this information to offer tailor-made opportunities that sales.
Recognise customer taste: Sales are the ultimate goal of any business. And a custom CRM software or Lead management software system helps to achieve this in many ways. First, they help to improve the customer satisfaction level. Later this results in higher sales. This software recognizes the customers’ tastes very easily by analysing their previous purchases. Needless to mention, your product and services must be industry standard. You have spent money on custom CRM software development company, that doesn’t mean you will decrease the service or product quality.
Increase efficiency: The lead management software system collects data and stored in a centralized database. Ready to be accessed anytime from anywhere. This relevant information helps for better decision making and an overall improvement in the operation of the business. The Custom CRM software has a positive effect on all functions of a business and assists in management reporting at all levels.
To ensure optimal ROI in Lead Management Software System integration and to know how to select the most reliable lead management software, you should engage with the best custom CRM software development company. Whose expertise and insights can help you diminish the failure rates and boost ROI.
The above list is not completed, We have hardly reached the tip of the iceberg. If you are interested to know more about custom CRM software development, you can read our previous posts.
A sales quotation is a particular document that carries information and prices about any product or service. This piece of document is generally produced by the request of possible clients. Who are interested to know the term of payments, cost of products, etc. before making the purchase.
According to market studies, a good quotation enables a business to boost business growth. In fact, professional quotation gets 47% positive response compared to generic email or estimates. Hopefully, you have understood the importance of professional quotation. However, how do you write a good one that sales? Find below the answer:
Know prospects’ needs: Before getting started, make sure you do understand your prospect’s needs. If you are developing a quotation without knowing the customer’s needs, you are destined to fail. But, how would you know exactly what your clients need? Well, to do so, you can take help from a sales CRM development company. They can build custom CRM software that can dive deeper to understand the customer’s needs. These tools can even generate quotations automatically based on customers’ preferences!
Personalized quotation: 75% of people show a positive response to personalized offers. Hence, study customer’s behaviour and understand what they love. Once you know what the customer exactly wants, personalize the quotation. Add elements that customer is exactly looking for. If you think it’s too much work, make use of sales CRM software. This business application can keep track of customers’ behaviour and how they interact with a brand. They can follow their social media consumption patterns and fetch essential data that helps to make a tailor-made quotation.
Make it fast: “Every second’s count”. Remember this while you are creating the quotation. Your prospects generally ask multiple suppliers for quotes. Time is the essence here. If you can send a good and personalized quotation fast you have the chance to turn prospects into loyal customers. Now, the manual process of making quotation takes time. It can take hours, even days. If you want to make this process remarkably fast and perfect, talk to a custom software development company. Why? Well, customer CRM software can do that and more, without making any error. Find more info here.
CRM software does more than just making an exceptional quotation. Custom CRM made by a custom software development company can track your sales, ROI, customer engagement, inventories and more with simple clicks. If you want to find out more about custom CRM software then you need to talk to a professional CRM software development company.