Managing sales opportunities in the pipeline

The definition of your pipeline management:

How you organize your sales opportunities

To optimize your business, expand your activities and thus increase your profits, exploiting your existing relationships is a promising approach.

You can already find various tips for your relationship management. For this, consider the characteristics of an ideal account manager and follow the 10 commandments I have already described in the communication with your clients. You will also learn in my blog how to maintain your account properly and stay up to date. Furthermore, you will learn the difference between Price Clients and Relationship Clients and how to convince with articulated or implied knowledge.

However, the acquisition of new customers is also one of the relevant tasks in favour of the company's objectives. While you organize your account management in the account plan, opportunity management and pipeline management provide an overview and structure of your sales opportunities.

While you are now familiar with opportunity planning and it is a familiar term also outside of my blog, pipeline management appears much less frequently. But in fact, this is the relevant next step after deal qualification and opportunity selection.

So what exactly is a pipeline management about and why is it so important?

A sales pipeline is a summary of all sales opportunities that a sales representative, business unit or company is pursuing with the aim of closing deals.

The pipeline contains all relevant information about the opportunity, such as its start and close date, estimated probability of winning, maturity level, and estimated value.

It is an appropriate way to represent the sales process by providing a momentary snapshot of the quantitative characteristics of each opportunity in the process. It is used to analyze the status of opportunities individually and as a whole.

On this basis, a gap analysis is carried out, which shows the AS-IS sales volume as well as the sales that still have to be enforced in order to reach the target. It is used by sales representatives for action plans to move opportunities to the closing date and finally close the deals.

This definition provides a basic understanding of the importance of pipeline management. In the coming weeks the blog will cover the 7 steps of pipeline management and you will receive practical tips on how to use your sales pipeline to your advantage.