- Sales Funnel Conversions
One great use of any sales funnel template is to coach reps on improving conversion rates. Tracking the historical conversion rates through the various sales funnel stages lets a sales manager know which specific areas reps require the most coaching. If reps are losing the highest percentage of opportunities between the demo and trial stages, managers can focus on what exactly they are doing at this phase of the sales cycle. [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
Managers should measure the time that each opportunity spends in each funnel stage against the historical data to get a more accurate forecast and prediction for how likely that opportunity is to close. If an opportunity has spent 10 days in the demo stage, and opportunities that end up as closed/won deals typically spend no more than 2 days in the demo stage, odds are this particularly opportunity is not going to close. [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″]
- Shape of the sales funnel
The shape of any sales funnel template should be widest at the top and narrowest at the bottom, where only the most qualified opportunities who are likely to close remain. At each stage, a meaningful conversion point progresses that opportunity onto the next stage, with each stage mapped to the corresponding point of where the buyer is in the sales process. The funnel should retain a smooth downward gradient between stages, with enough distinction between stages to provide managers with meaningful analysis. [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 to take control of any sales funnel template. 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.
[note][blockquote cite=”Steve Richards, Co-Founder, Vorsight”]InsightSquared was like shining a light in a dark room for us.[/blockquote][/note] [/one_half_last]