The sales funnel
The sales funnel is the most useful report and analytical tool used in sales. It answers the questions associated with you sales pipeline that allow a sales manager to answer the following questions:
- What is my sales prognosis for any specific time frame?
- How long does it take from the initiation of a sale to get to revenue generation?
- Where are the areas of improvement in my sales process that can be influenced to change both the volume and value of sales?
- How changes (both internal and external) effecting my sales.
A sales funnel in practical terms is a report.
It starts of with leads and moves through the process step by step. e.g. it could contain the following steps:
- Leads
- Prospects
- Offer made
- Offer accepted
- Contract signed
- Processing order
- Delivery
- Invoice raised
- Invoice paid
At each step you would see the data like:
No. - i.e. number of leads, prospects or invoices raised.
Value - the value of the leads, prospects or invoices raised.
Time - time counter from the beginning of the process.
The sales funnel is a dynamic report, so whenever it is generated it need to have a time stamp as a reference point.
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