A sales pipeline is a visual representation of your sales process that shows where your prospects are in the buying cycle, how many open deals you have, how long a particular deal stayed in each stage, and whether you have a good chance of winning a deal. It is nothing but a systematic method that one follows to navigate between multiple stages through which a sales prospect goes - from becoming a lead to becoming a customer - and a sales pipeline helps you determine where exactly your opportunities are. Besides, it also outlines the actions that you need to perform in order to convert a prospect into a customer.
2. When should I use multiple sales pipelines?
If the way your business works means that the sales process differs based on the product, service, or client, then you need to use multiple pipelines to monitor your sales processes.
For example, consider the sales process in a real estate business that varies based on the property location. The stages are different and have more intermediary steps for properties that are in the northern region. In this case, it would be beneficial to create a separate pipeline for properties from the northern region so that you can track the deal and prepare the list of follow-up activities based on the deal's progress throughout the process.
Similarly, if the real estate business handles different projects like:
Properties that are ready to move in to
It is likely that the sales stages for each of these projects will differ, so instead of accommodating them in a single sales pipeline, it is best to create three pipelines, one for each project type with the relevant stages.
By creating multiple pipelines, you will be able to monitor the stages and identify the root cause of delays or stagnation, keep track of the number of deals that are likely to close or churn, or amend the follow-up activities if needed.
Another benefit of creating separate pipelines is if a particular stage is removed from only one of your project types, you can remove the stage for the relevant pipeline without affecting the other pipelines.
3. How do I create multiple sales pipelines?
Pipelines can only be created for the Deals module. To create a pipeline, follow the steps below:
To create a sales pipeline
Go to Setup > Customization > Pipelines.
Click New Pipeline.
Enter a name and select the Layout to associate the pipeline with.
Add the Stages to the pipeline.
The default values from the Stage field from the standard layout will be available to choose from.
Click Create New Stages in the Sales option to add new stages.
Enter the Stage Name
, Forecast Type
, and Forecast Category
in the Create New Stage
The new stage will be added to the new master list of stage values.
Select the Set as a Default checkbox if you want this pipeline to be the default when creating a deal.
4. Is multiple sales pipeline same as a sales funnel?
The terms sales pipeline and sales funnel are often used interchangeably due to their similarities. However, there is a difference between the two:
A sales funnel gives a visual representation of the sales pipeline and displays the number of leads that enter and exit the funnel. This information may not be sufficient to show the sales team how many qualified leads they need to connect with to result in more deals.
A sales pipeline provides a more comprehensive view of a deal that allows the sales team to get an overall perspective of a buyer's lifecycle. It lets them:
Visualize and track the progress of a deal through each stage
Take necessary actions based on the stage the deal is in
Monitor how long a particular deal has stayed in a stage and take action to prevent stagnancy