[one_half] An effective sales funnel system with historical data and reporting capabilities allows sales managers to dive into more powerful sales analytics, produce more accurate forecasts and provide sales reps with specific coaching points. By studying their sales funnel, managers can pinpoint weaker stages in the sales process, determine where reps are struggling to convert and forecast sales and conversions correctly. Here are some important components of any top sales funnel system.

  • Sales Funnel Conversions
    Less qualified prospects drop off between stages as you progress down the sales funnel, with the accompanying conversion rates to reflect this.  A key aspect of a sales funnel system is honing in on specific stages, especially those with dramatic drop-offs, to coach reps who are losing a lot of their opportunities at that specific stage. The historical conversion rates of the sales funnel can also be extremely useful in forecasting future opportunities. [image source_type=”attachment_id” source_value=”33111″ align=”center” lightbox=”true” title=”Sales Funnel – Conversion Rates between Stages” alt=”Sales Funnel – Conversion Rates between Stages” width=”381″ height=”283″]
  • Time spent in each stage
    This metric, when used in the analysis of any sales funnel system, helps managers forecast future opportunities more accurately. If deals that end up being closed/won usually spend 7 days in the trial stage, an opportunity that has been in that phase for three times as long is not going to close successfully, regardless of how optimistic the sales rep working on it may be.  [image source_type=”attachment_id” source_value=”33112″ align=”center” lightbox=”true” title=”Sales Funnel – Time at each Stage” alt=”Sales Funnel – Time at each Stage” width=”381″ height=”272″]
  • The shape of the funnel
    The shape of the sales funnel is indicative of how functional and accurate the sales funnel is. Part of managing a sales funnel system involves ensuring that your sales funnel always maintains the same shape – widest at the top and narrowest at the bottom, with distinct drop-offs through meaningful conversion points at each stage. There should be a smooth gradient all the way down between stages – a funnel that has dramatic indents or sharp drops suggests to a manager that the funnel possibly features the wrong number and types of stages. [image source_type=”attachment_id” source_value=”31258″ align=”center” lightbox=”true” title=”Sales Management – Sales Funnel” alt=”Sales Management – Sales Funnel” width=”400″ height=”276″ autoHeight=”true”]

InsightSquared is the sales reporting and analyzing software you need for the most effective sales funnel system. A leaky sales funnel with unfulfilled leads at each stage can result in a great deal of opportunities lost, so make sure that doesn’t happen with InsightSquared.

Get a FREE Trial   ›

[/one_half] [one_half_last] Sales Funnel System in InsightSquared
[note][blockquote cite=”Steven Carter, SVP of Operations, Visible Measures”]InsightSquared is a fantastic sales management tool. We now have the visual reports of our sales and marketing in just a few seconds and we could never get these from our CRM in the past.[/blockquote][/note] [/one_half_last]