MarketStar Blog | Sales

Key Takeaways

• Pipeline management and sales forecasting are often confused – they’re closely related, but not the same.

• Sales pipeline management is about changing today’s activities, whereas forecasting focuses on predicting future results.

• Accurate pipeline management can help drive both short-term and long-term forecasting.

Sales pipeline management and forecasting are two terms that are commonly thrown around interchangeably in a sales force. They are significant to any business, and most companies invest big in the latest tools and technologies to manage these two activities.

However, pipeline management outshines forecasting when it comes to business growth.

Before we find out the top reasons why organizations should focus on pipeline management, not the forecast, let’s discuss the difference between them.

Pipeline Management vs Forecasting: The Difference

Sales pipeline management is tracking and managing incoming sales leads across the different stages of the leads’ journey until the deal is closed.

Forecasting, on the other hand, is the act of predicting future business activity/outcome. It is based upon specific assumptions, such as a defined sales strategy or targeted prospects.

The Importance of Focusing on Pipeline Management

Your sales team has the potential to double the current revenue they are currently generating. 

All you need to do is ask your sales managers to hold an additional meeting focused on pipeline management along with their regular data scrubbing meetings. This helps the sales team members evaluate the leads in their pipeline, retain the good deals, and release the bad ones.

Here are the top 5 reasons why it is important to focus on pipeline management and not forecasting:

1. Enables You to Know Your True Opportunities

Pipeline management encourages better conversations between your sales manager and sales reps.

Your sales force can go through the pipeline and understand what opportunities came in new, what left the process, and what opportunities are where in the process stages. This will enable your team to better understand the sales reps’ activities and ensure the right actions are performed to close deals.

2. Calculate Metrics Easily

It is easy to calculate metrics such as sales closing ratio, cycle length, etc. if you have an effective sales pipeline which is being tracked and managed with a defined set of steps.

The data thus collected will help your organization understand the current quarter’s closures and foresee future quarters, helping you make better business decisions.

3. Build an Accurate Forecast

With pipeline management, you can easily and accurately forecast the lead conversion probabilities based on current and past data.

Pipeline forecasting is a comprehensive approach to revenue forecasting that considers every factor of each potential deal. Sales pipeline forecasting calculates a deal’s probability, based do how long it has been in the sales pipeline compared to an average sales cycle.

Not only does this help predict future sales, but also helps improve pricing, marketing strategies, and product development. 

4. Nurture Leads

Using information gathered from a sales pipeline, it is considerably simpler to guide potential clients through the various stages of closing a deal.

A sales representative has greater freedom to create more tailored interactions with leads based on their requirements, wants, and interests when they have information about them. The bonus is that sales representatives can establish rapport more easily.

5. Provides Marketing Direction

Most organizations are implementing automation processes to keep their contacts warm until they become active leads and to keep existing customers engaged by providing customer success and upsell opportunities – this will help the sales teams actively work the prospects in the pipeline. 

Wrapping Up

Managing a pipeline is not as difficult as you imagine.

It can be a cost-effective and profitable business strategy. Some businesses rely on a healthy pipeline to succeed, expand their revenue and attract more customers.

Therefore, follow these best practices to build a robust sales pipeline and ensure it is in the finest shape if you want your company to triumph when it comes to outselling rivals in the sales game. 

The year 2024 paints a vivid picture of the future of sales: a turbulent landscape of intensifying competition, evolving customer expectations, and relentless pressure to adapt. To thrive in this environment, businesses must embrace holistic growth strategies that transcend traditional models. In this context, Sales-as-a-Service (SaaS) emerges as a transformative approach, offering unparalleled efficiency, scalability, and access to specialized expertise. 

The B2B landscape is undergoing a profound transformation. Gone are the days of siloed decision-making and linear sales cycles. Today, complex buying journeys orchestrated by multi-stakeholder teams, coupled with pre-purchase research that often bypasses sales reps, necessitate a drastic shift in approach. Sales leaders and their teams must become adept navigators, attuned to the subtle currents of change that will reshape the 2024 sales landscape.

Key Takeaways

• Leveraging the latest sales tools can help streamline your sales processes, enhance customer relationships, and propel revenue growth to new heights.

• According to LinkedIn’s State of Sales Report 2022, an impressive 40% of sales professionals have closed deals worth over $500,000 without meeting the buyer in person.

• A robust CRM tool fosters stronger customer connections and propels your sales efforts towards success.

• Lead management tools enhance business lead generation and conversion efforts by centralizing lead storage and streamlining lead management processes through automation.

Are you looking to increase your sales and close more deals in 2023? Investing in the right sales tools can make all the difference in improving your sales cycle and achieving your goals.

With the right tools, your sales team can streamline their efforts and focus on what matters most – selling. From lead generation to CRM, every aspect of your sales strategy can be optimized with the right technology.

In this fast-paced world of business, having the right sales tools can make all the difference. Whether you are a small start-up or a large corporation, having access to the latest technology can help you streamline your sales processes, improve your customer relationships, and ultimately drive revenue growth.

Choosing the right tools for your business can seem like a daunting task. But fear not! In this blog, we will explore the key factors to consider when selecting sales tools and provide you with an overview of the top sales tools your business needs in 2023.

Why do we need Sales Tools?

To succeed in sales, you need the right tools at your disposal. Sales tools allow you to find and track prospective customers, connect with them, and close more deals.

A wide variety of sales tools are available on the market, and the best tool for you will depend on your specific needs. However, some of the most popular and essential sales tools include customer relationship management (CRM) software, sales intelligence software, lead generation software, and proposal software.

The right sales tools help streamline the sales process, providing salespeople with the necessary insights and information to target the right customers at the right time. This allows them to focus on building relationships and adding value rather than getting bogged down with administrative tasks.

Access to the latest and greatest sales tools is essential for sales professionals in a rapidly evolving business landscape. Failure to keep up with the latest trends and technologies can result in lost customers and top sales talent.

Elevate your Sales Game with These Must-Have Sales Tools

Discover the numerous options for sales tools to boost your success at every stage of the sales process! From must-have Customer Relationship Management software to powerful Sales Analytics tools, this list of sales tools is sure to take your game to the next level.

1. Analytics and Reporting

 Say goodbye to manual data collection and hello to automated insights. Analytics and reporting tools collect, analyze, and present sales data in a clear and concise format, like a report or dashboard. With the plethora of features these tools offer, you’ll be able to make informed decisions and take your sales to the next level. Some common features include:

• Sales performance tracking: Allows sales teams to see how well they are performing against their targets and identify areas for improvement.

• Data visualization: Helps sales teams to see the trends and patterns in their data and gain insights into their sales performance.

• Custom reporting: Enables sales teams to create customized reports to meet their specific needs and see the data that is most important to them.

• Dashboards: Provide a visual representation of sales performance, with key metrics and KPIs displayed in real time.

• Data export and integration: Allows sales teams to export and integrate their data with other tools and systems, such as CRM or accounting software.

Top Tools

Tableau is a powerful data visualization and business intelligence software used to analyze and present data in a meaningful way. It enables users to connect to various data sources, create interactive dashboards, and publish reports in minutes. Tableau’s intuitive drag-and-drop interface and interactive features make it easy for users to explore and analyze data, uncover trends, and gain insights.

Tableau also provides robust collaboration and data-sharing features, allowing teams to share insights and work together to find solutions. It is widely used across various industries, from finance and retail to healthcare and technology, and is known for its versatility and ability to handle large amounts of data.

2. Customer Relationship Management (CRM)

Customer Relationship Management (CRM) is a powerful software application that revolutionizes how businesses manage and analyze customer interactions and data throughout the customer journey. With a CRM tool, sales teams can store, manage, and analyze customer data, including interactions, transactions, and behaviors. It helps you deepen customer relationships and drive sales success. Some of the key functions of a CRM tool include the following:

• Contact Management: Allows sales teams to store and manage customer information, such as names, contact information, and communication history.

• Lead and Opportunity Management: Helps sales teams track and manage their interactions with potential customers, from lead generation to closing deals.

• Sales Pipeline Management: Enables sales teams to see the status of their deals and the progress of their sales pipeline and make data-driven decisions about which deals to prioritize.

• Marketing Automation: Helps sales teams automate repetitive marketing tasks, such as email marketing, lead nurturing, and lead scoring, to increase their efficiency and effectiveness.

• Customer Service and Support: Enables businesses to manage and resolve customer support issues and track customer satisfaction.

Top Tools

• Salesforce – Salesforce is a cloud-based CRM platform that offers a wide range of sales and customer management tools, including contact management, lead and opportunity management, reporting and analytics, and marketing automation. 

• HubSpot CRM – HubSpot CRM is a free, cloud-based CRM platform that offers a range of sales and customer management tools, including contact management, lead and opportunity management, and reporting and analytics. 

• Pipedrive – Pipedriveis a sales CRM platform that focuses on helping sales teams manage their pipeline and close more deals, with features such as lead and opportunity management, pipeline management, and reporting and analytics. 

• Zoho CRM – Zoho CRM is a cloud-based CRM platform that offers a range of sales and customer management tools, including contact management, lead and opportunity management, reporting and analytics, and marketing automation. 

3. Lead Handling

Lead handling tools help businesses improve their lead generation and conversion rates by providing a centralized location to store and manage leads and automating many of the manual tasks involved in lead management. They also help sales teams focus their efforts on the most promising leads by providing insights into lead behavior and engagement and automating lead nurturing and scoring. Some of the key functions of lead-handling tools include:

• Lead Capture and Management: Allows businesses to capture leads from various sources, such as web forms, landing pages, and events, and store them in a centralized database.

• Lead Prioritization: Helps sales teams prioritize their leads based on factors such as lead score, demographic information, and buying behavior, so they can focus their efforts on the most promising leads. 

• Lead Nurturing: Automates the process of nurturing leads by sending targeted emails and other communications, based on the lead’s behavior and engagement with your business.

• Lead Scoring: Assigns a score to each lead based on their behavior and engagement with your business, to help sales teams prioritize their efforts and focus on the most promising leads.

• Lead Conversion: Helps sales teams track and manage the process of converting leads into customers, by tracking their progress through the sales pipeline and providing insights into which leads are most likely to convert.

Top Tools

The best tool for your business will depend on your specific needs and requirements. When choosing a lead handling tool, consider factors such as the size of your sales team, the complexity of your lead generation and conversion processes, and the level of customization and integration you need.

Here are some of the top lead handling tools:

• HubSpot – HubSpot provides a comprehensive solution for lead management that helps businesses streamline their sales processes. With HubSpot, businesses can increase conversions by capturing, organizing, nurturing, scoring, qualifying, routing, and converting leads.

• Marketo – Marketo provides advanced lead nurturing capabilities, allowing businesses to automate email and SMS communications to educate and engage leads over time.  Marketo also offers integrated sales tools, including email tracking and meeting scheduling, to help businesses close more deals and increase conversions.

• Pardot – Pardot is a SaaS marketing automation platform provided by Salesforce, designed explicitly for B2B sales and marketing organizations. It offers a range of tools, including email automation, targeted email campaigns, and lead management. The platform provides the ability to create email drip campaigns, lead nurturing and scoring, campaign segmentation, and more.

• LeadSquared – LeadSquared is a cutting-edge SaaS platform that offers comprehensive sales, marketing, and onboarding automation solutions. LeadSquared offers integrations with popular CRM platforms, such as Salesforce and Microsoft Dynamics, to provide a seamless and streamlined sales experience.

• ActiveCampaign – ActiveCampaign offers a comprehensive cloud-based marketing and sales automation platform that integrates email marketing, lead scoring, web analytics, a robust CRM system, and a live chat messaging platform called Conversations.

Conclusion

Choosing the right sales tools for your business in 2023 is an important decision that can significantly impact your sales performance. With the wide variety of sales tools available, it is important to consider your specific business needs and goals and choose tools that support your sales process and align with your overall sales strategy.

Whether you need lead handling tools to manage your leads, analytics and reporting tools to measure your sales performance, or customer relationship management tools to build stronger relationships with your customers, there is a sales tool that is right for you. By taking the time to research and choose the right sales tools for your business, you can increase your sales efficiency, improve your sales performance, and achieve your business goals in 2023 and beyond.

Key Takeaways

• According to a CNBC survey, top CFOs predict that a recession will hit in the first half of 2023.

• Several effective and creative strategies can boost revenue and improve financial decision-making during a recession.

• Maintaining open lines of communication with all your stakeholders, including employees, vendors, and customers, is crucial for managing your business during economic uncertainty.

• You can make your business even smarter by replacing people-driven processes with technology, which frees your employees to do higher-order thinking.

As we face an increasingly uncertain future, businesses must learn to build resilience in their operations to weather any potential economic storms.

This means preparing for the worst while remaining optimistic and agile enough to take advantage of any opportunities that may come up.

In these challenging times, businesses must think long-term and build resilience against future economic downturns.

As we’re all aware, economies are cyclical – what goes up must come down. And while we can’t predict the future, we can prepare for it.

So, how can B2B marketers build resilience during an economic downturn? This blog post will explore key strategies to help your business weather the storm and be better prepared to overcome any financial challenges that come your way.

Planning for an Economic Downturn

It’s no secret that the world economy is heading toward a downturn.

And while it’s impossible to predict precisely how long it will last or how deep it will go, it’s important to be prepared for a worst-case scenario.

If you’re a business owner, now is the time to take a hard look at your operations and ensure you’re as lean and efficient as possible. This means cutting unnecessary costs, streamlining, and tightening your processes.

It’s also important to have a good handle on your cash flow. Make sure you have a solid line of credit in place in case you need it and consider stockpiling some cash reserves to tide you over in case of a prolonged downturn.

3 Cash Flow Management Tips During a Recession

One of the most important things you can do during a recession is to manage your cash flow carefully.

This means knowing how much money is coming in and going out and adjusting your spending as needed. Cash flow management is about managing your business finances responsibly so there’s enough cash to grow.

It can be a tricky balancing act, but it’s essential to keeping your business afloat during tough times.

Here are a few tips for managing cash flow during economic uncertainty.

1. Cash Flow Forecast

A cash flow forecast is a key tool for business owners to use to manage their finances during a recession.

By forecasting your cash flow, you can make informed decisions about allocating your resources and ensure that your business has the funds it needs to weather the economic downturn.

There are a few things to keep in mind when creating a cash flow forecast during a recession:

• Be conservative in your estimates. It’s better to overestimate your expenses and income and have too much cash than to be caught short.

• Remember to include one-time expenses in your forecast, like layoffs or downsizing.

• Revise your forecast regularly as the recession progresses and your business’s needs change.

With a cash flow forecast, you can manage your finances during a recession and help keep your business afloat.

2. Manage Your Accounts Receivables

During an economic downturn, businesses can face increased pressure to manage their accounts receivable.

This is because when customers have less money, they are more likely to delay payments or default on their debts. As a result, businesses must be proactive in managing their accounts receivable during a recession.

There are a few steps businesses can take to manage their accounts receivable during a recession.

• First, they can offer discounts on early payments. This will incentivize customers to pay their invoices sooner.

• Second, businesses can extend payment terms to give customers more time to pay their debts.

• Third, businesses can provide financing options which will allow customers to pay their debts over time rather than all at once.

3. Improve Communication

When a recession hits, it’s more important than ever to focus on strong communication between teams, stakeholders, and partners.

This is because, during a recession, there is typically a decrease in business activity and an increase in uncertainty. To weather the storm, it’s important to keep everyone on the same page and working towards the same goal.

Here are a few tips on how to improve communication during a recession:

• Be clear and concise in your communication

• Make sure everyone is on the same page

• Hold regular meetings and check-ins

• Be responsive to questions and concerns

• Keep an open mind and listen to others

4 Effective Tips to Grow Your Business in a Downturn

The economic landscape may be uncertain during a recession, but your business can still grow. Recessions present a unique opportunity for B2B businesses to expand their customer base and market share.

Here are a few tips on how to grow your B2B business during a recession:

1. Focus On Your Existing Customers

Your existing customers are your best source of revenue during a recession. Make sure you stay in touch with them and meet their needs. Retaining existing customers will help you grow your business and build customer loyalty during a downturn.

2. Look for New Markets

Keep your growth potential open by not just focusing on your existing markets. Look for new markets that your competition may be underserving. They can offer you an opportunity to expand.

3. Invest in Marketing

A recession is a perfect time to invest in marketing. Deploy marketing campaigns to reach new customers, increase your sales, and grow your brand.

4. Be Efficient

During a recession, you must be extra careful and efficient with your spending. Marketing budgets are often one of the first areas to be cut, but this can be a mistake.

Maintaining Employee Morale is also Important

It can be hard to keep your employees motivated when the economy takes a downturn.

To maintain morale during a recession, keeping employees engaged in their work and focused on the company’s goals is important.

There are a few keyways to do this:

• Communication is key. Make sure employees are aware of the company’s financial situation and what measures are being taken to weather the storm.

• Keep employees engaged in their work. This may mean offering more training and development opportunities or giving employees more responsibility.

• Focus on the company’s goals. During a recession, it’s easy to get sidetracked. Keep employees focused on the company’s mission and what needs to be done to achieve it.

Recession-Proof Your Business

Fortune predicts that the dot-com crash is on the cards again, and all signs indicate an economic recession. Businesses need to be resilient during a downturn. To do this, they need to understand their strategies and planning clearly.

While a recession can be difficult for businesses, there are ways to weather the storm and come out stronger on the other side.

B2B companies can create a recession-resilient business by diversifying their customer base, improving their products and services, cutting costs, sales outsourcing, focusing on customer retention, and investing in technology.

Key Takeaways:

We’ve often heard the term outsourced sales floating around in multiple meetings within various verticals of all industries but seldom given any thought to what it is and what it can help us achieve.

Key Takeaways:

• The risk of recession is slowly but surely rising as global turbulence continues.

• B2B businesses are more likely to realize outsized gains before, during, and after a recession if they prepare to take advantage of opportunities, particularly in periods of more volatility.

• As terrifying as it may seem, some great sales strategies can be implemented to ensure your business is recession-proof and in a better position to move forward quickly when growth returns.

The next recession may be on the horizon.

By August 2023, it is projected that there is a 25.15% of probability that the United States will fall into another economic recession. 

That doesn’t mean your business must suffer. Following the right sales strategy can keep your business afloat – and even grow during a recession.

This blog post will explore how a recession can affect sales and provide some recession-proof strategies for B2B businesses.

By the end, you’ll have a game plan for tackling a recession – and coming out on top.

Is the Next Recession a Threat to B2B Businesses?

In the US, the last recession officially ended in June 2009. However, many businesses felt the effects long after that. Some companies are still struggling to recover.

So, is the next recession a threat to B2B businesses?

There are several factors to consider when evaluating this threat. First, let’s look at what causes recessions.

According to the National Bureau of Economic Research, recessions are caused by “a significant decline in economic activity spread across the economy, lasting more than a few months.” This can be caused by various factors, such as an increase in interest rates, a decrease in consumer confidence, or an increase in oil prices.

Any of these factors could have a significant impact on B2B businesses.

For example, an increase in interest rates would make it more expensive for companies to borrow money for inventory or expansion. A decrease in consumer confidence could lead to a reduction in demand for products and services. And an increase in oil prices would likely lead to a rise in transportation costs.

Of course, not all recessions are alike. Some are more severe than others.

The last recession was particularly brutal, with many companies going out of business altogether. It’s important to remember that even during less severe recessions, some companies struggle while others thrive.

So, what can B2B businesses do to recession-proof their organizations?

Most organizations do not prepare for an upcoming recession. According to a Bain survey,

• Only 43% of sales organizations develop plans for a recession well in advance

• Some 86% of companies that create a plan well in advance focus on using the downturn to gain market share

• 50% of companies make their plan shortly after the recession hits

The fact that many businesses survived the last recession did not happen by chance; when necessary, the companies shifted course and their approaches to weather the downturn.

Businesses that are adaptable, future-ready, and willing to change will be able to survive any economic downturn. There is no one-size-fits-all answer, but there are some strategies that can help.

First, it’s essential to have a clear understanding of your customer base and your place in the market.

During a recession, customers may be more price-sensitive and less likely to make large purchases. Knowing your most loyal customers and their needs during tough economic times is essential.

It’s also essential to have a flexible pricing strategy.

During a recession, you may need to offer discounts or promotions to compete on price. But be careful not to cut costs too deeply – you don’t want to erode your profits or damage your brand image in the long run.

Finally, despite the economic environment, focus on generating sales, even during recessionary times. The response from the consumers may be slow and delayed; however, the demand for the goods will always be there, so don’t cut back on your sales operations. 

These measures can help ensure that your business will weather any future economic storms.

How Does a Recession Affect Sales?

A recession can significantly impact sales, as businesses are typically more conservative with their spending during economic downturns. This can lead to reduced demand for goods and services, leading to layoffs and other cost-cutting measures.

While a recession doesn’t necessarily mean people will stop spending money altogether, they may be more selective about where they spend their money. This is where having the right sales strategy for business growth can make all the difference.

If your business can offer products or services that are seen as essential or that offer good value for money, you may weather the storm of a recession better than those who don’t have such an offer.

Of course, it’s not always easy to change your sales strategy mid-recession. But if you’re able to adapt and adjust to the current climate, you may be able to come out of the recession stronger than ever before. 

7 Successful Recession-Proof Strategies for B2B Businesses

1. Diversify Your Products & Services

Investing in diverse products and services is crucial for any business.

By spreading your risk across different areas, you can protect yourself from potential downturns in any one particular area. Diversification can also help you to tap into new markets and reach new customers.

By offering various products and services, you can appeal to a wider range of people, increase your chances of success, and increase sales during recession.

It might also mean cutting down on some of your less profitable products and services to focus on the ones doing better.

Recessions can be challenging for businesses, but diversifying your offerings can increase your chances of weathering the storm.

2. Review Your Pricing Strategy

When reviewing your pricing strategy during a recession, you should keep a few things in mind.

First, you need to make sure your prices are still competitive. This means you may need to lower your expenses to stay competitive with other businesses in your industry.

Second, you must ensure your prices align with your costs. If your expenses have gone down, you may be able to lower your prices without sacrificing your profits.

Finally, you need to make sure your prices are still sustainable. This means you need to be sure you can still make a profit even after lowering your costs.

It’s also worth considering offering discounts or promotions to boost sales.

3. Gather Customer Reviews & Testimonials

As the world economy shows signs of a recession, it’s more important than ever to ensure your business is in good shape. One way to do this is to gather customer reviews and testimonials.

Customer reviews are a great way to show potential customers that your business is reputable and trustworthy.

They also help to boost your search engine rankings, which can help you attract even more customers. And during a recession, customers are more likely to research businesses before making a purchase, so having positive reviews can help you stand out from the competition.

If you don’t have customer reviews or testimonials, now is the time to start collecting them. You can post a call for reviews on your website and social media channels or reach out to customers directly and ask them to leave a review.

4. Invest in Data-Driven Insights

Now is the time to rethink your business strategy and make data-driven decisions to help you survive and thrive during the next recession.

Investing in solid insights will give you a competitive advantage when the recession hits. Keep your team focused on making data-driven decisions before, during, and after the recession. This can be accomplished by reinforcing a data-driven approach throughout business interactions.

Data-driven insights are an effective way of creating growth strategies by identifying trends and patterns among customers.

So what are you waiting for? Start investing in data-driven insights and position your business for success in the next recession.

5. Increase Your Marketing Spending

Some businesses immediately cut marketing spend when they see a recession on the horizon.

However, this can be a mistake. While it’s true that discretionary spending is usually the first to go during tough economic times, businesses that maintain or even increase their marketing spend during a recession can see significant growth.

During a recession, customers are more likely to be value-conscious and look for deals. Your marketing campaigns should reflect this by emphasizing your company’s value proposition.

You can also use targeted marketing to reach new audiences who may be looking for products or services like yours.

Lastly, don’t forget that your competition will likely cut back on their marketing spend. This presents an opportunity for you to gain market share and improve your position in the marketplace.

6. Focus on Customer Retention & Success

According to Business.com, returning customers spend 67% more than new customers.

As we enter a period of economic recession, businesses must focus on retaining and increasing sales from existing customers and ensuring their success.

Now more than ever, investing in your existing customer base is crucial and ensures they remain loyal to your brand.

So how can you keep your customers happy and engaged during a recession? Here are a few tips:

Keep communication lines open. Let your customers know what’s going on with your business and how you plan to weather the economic downturn.

Offer discounts and specials. When budgets are tight, customers are looking for deals. If you can offer incentives that help your customers save money, they’ll be more likely to stick with you during tough times.

Go above and beyond. Excellent customer service is even more critical during a recession. Go out of your way.

By focusing on your customers and their success, you can weather the storm of a recession and come out stronger on the other side.

7. Build Your Email List

Adding more quality leads to your email list should always be a priority, regardless of whether we’re in an economic recession.

However, it can be challenging to maintain a consistent flow of fresh leads during tough times.

You can use a few strategies to help keep your email list growing during a recession.

First, ensure you consistently create quality content that will attract new subscribers. You can also offer incentives for signing up, such as discounts or freebies.

Finally, stay active on social media and make it easy for people to find your sign-up forms.

Following these tips can help ensure that your email list continues to grow even during a recession.

Final Thoughts on Sales During a Recession

Without being original, competitive, and creative, it’s frequently impossible to expand and scale a firm during a recession.

As a B2B business owner, it’s critical to be ready for crises, economic downturns, and other dangers to your company. Recession-proofing your firm is always a good idea, regardless of whether a new downturn is imminent or you want to be ready “just in case.”

Key Takeaways:

• Effective sales pipeline management can help you organize your sales process efficiently and make better business decisions

• A sales pipeline represents the complete journey of a buyer – from coming in as a lead to becoming a customer

• Sales pipeline software helps track each stage of your pipeline, monitor the process, and helps in understanding the next steps

• Sales pipeline CRMs offer customizable pipelines that help manage leads, opportunities, and customer relationships throughout the sales process

• A CRM tool helps you understand if a lead is responsive and if they’re interested in your product or service

In today’s competitive marketing world, businesses need innovative sales strategies to attract leads. And the sales process plays a vital role in attracting those leads and converting them into customers quickly. 

From generating leads and building a contact repo to following up and closing the deal, your sales process requires systematic planning to help the team close the deals faster. 

However, managing it manually can be time-consuming and tedious. To help manage things efficiently, you can empower your team with effective sales pipeline tools.

This blog will cover everything you need to know about sales pipelines and the top tools to manage them.

What is a Sales Pipeline?

A sales pipeline includes several stages, and the leads are moved from one stage to the next as they move through the process. The stages include lead generation, lead nurturing, marketing qualified leads, sales accepted leads, sales qualified leads, closed transactions, and after-sales.

Today, organizations employ technology to move, monitor, or evaluate prospects through the phases of a deal, and this technology is called sales pipeline software. It enables businesses to keep track of their prospects and clients and know where they are in the sales funnel.

With a sales pipeline enabled in your work process, you will know how many deals your salespeople need to close in a given time.

The importance of maintaining your sales pipeline is straightforward – to stay ahead of the game and manage your salespeople. It also helps to improve your sales operations process, get a picture of your targets, and better revenue forecasting. 

Are you looking to be more successful in your business? Identify the changes that can be made within your sales pipeline, so your prospects move from one stage to the next faster.

How to Build an Effective Sales Pipeline?

We’ve listed down the steps to help you build a successful sales pipeline:

• Understanding your target audience is the first step to building an effective sales pipeline.

• Next, set up your sales cadences for the best accounts by identifying and targeting them from your database.

• Group those accounts based on product interest, location, and previous interaction with your brand.

• Finally, set up a successful sales pipeline with the right tools and software.

Read on to explore the best sales pipeline management tools that can help you set up an efficient sales pipeline.

Sales Pipeline Tools

Sales pipeline management tools help you organize your entire selling process.

It gives you a clear view of your pipeline by tracking every stage, streamlining the complete process, enabling your team to function better, and helping in understanding business growth.

These tools can also accurately evaluate your leads, predict sales, and track key metrics. Stay informed of your prospects, enable your sales team to follow up with them, and make better decisions with an effective sales pipeline.

How a Sales Pipeline Tool Can Help Your Business

By using a sales pipeline tool, you can organize all the processes in your pipeline efficiently.

You can understand where your leads are coming from and where they are in the pipeline and automate scheduling meetings, sending emails, and more.

Apart from minimizing human errors and saving time in repetitive tasks, it helps your business with the following:

• Understanding customer behavior: Sales pipeline tools can track conversations and metrics, which helps in understanding your customers and their pain points better.

• Making better decisions: The tool offers insights regarding leads, conversions, and processes, helping you make better decisions and understand where your business is headed.

• Generating more revenue: It helps you understand which leads are cold/potential, and how interested they are in your product/service while translating into more conversions and revenue generation.

The 4 Essential Tools to Manage Your Sales Pipeline

Let’s look at the top sales pipeline management tools, their features & benefits, and why customers prefer using them for managing their sales processes.

1. Salesforce

Salesforce is one of the top CRM software providers as it redefines the way businesses connect with their customers.

It is designed for marketing, sales, and customer service ops to create meaningful customer relationships by understanding their requirements.

This CRM helps in creating an effective sales funnel to nurture customers. It provides excellent automated features and customer service tools to help manage good relationships with your leads/customers.

According to Salesforce customer success, companies that switch over to Salesforce see an average of 25 percent increase in revenue.

Benefits:

• Salesforce helps communicate with customers/leads using automation tools

• Gives a 360-degree view of your customers and engages with them accordingly

• Removes the burden of using various applications by syncing data from them all

• Positively impacts online customer support by providing chat assistance

• It helps your brand have a unified approach with an omnichannel feature

• Collects insights to understand your customers and business better

2. Pipedrive

Pipedrive is a fully functional, cloud-based CRM tool for managing sales effectively throughout the pipeline. It helps you stay focused on hot deals, track leads, and predict business revenue.

Pipedrive offers custom web forms and chatbots to automate repetitive tasks. It helps you get the most important deals fed into your pipeline and track calls/emails/contact history for each deal. Control your sales pipeline through a mobile device and boost your work by integrating Pipedrive with your business tools.

Benefits:

• Pipedrive is easy-to-use and customize

• Can track the number of active deals and give detailed information for each open deal

• Guides you with the deals that need prioritization

• Adaptable and cost-effective plans

• Offers machine learning-powered sales assistant for all plans

• Workflow automation for most plans

• Pipedrive doesn’t have all the features that Salesforce does, but it is perfect for small businesses with smaller budgets.

3. HubSpot CRM

HubSpot CRM is a cloud-based tool that supports sales, marketing, customer service, and content management with better resources and strategies. You can avoid your sales falling through the cracks and easily manage your deals.

HubSpot CRM helps you to design attractive brand profiles and organize all the important communication details with your leads/customers. It allows you to add new deals directly from the CRM with up-to-date details.

Whether you already have an established sales process or are just starting, HubSpot CRM eases your work by creating an ideal process. With HubSpot, you don’t need the help of a technical team to edit, delete, and add deal properties and stages. 

Benefits:

• It allows you to create visual dashboards and design a sales funnel the way you want it.

• It can be connected to your social media handles.

• The website integration feature will notify you when a lead visits your website.

• The features of HubSpot CRM are not as complex as other CRMs’

• It also offers a clear view of all the tasks/activities of the team in a single dashboard

4. Lusha

Lusha is a data enrichment tool that enables you to retrieve phone numbers, email addresses, and other contact information quickly and easily. It helps you to access your leads’ contact details and B2B company info within seconds.

Marketing and sales professionals can use Lusha to drive business growth, boost campaigns, and improve revenue.

Benefits:

• It helps gather accurate B2B contact information

• It allows data enrichment at scale

• One-click CRM integrations

Bottom Line

The goal of any company is to increase revenue and generate leads. However, most leads are lost in the pipeline due to irregular/negligent follow-ups. 

An effective sales pipeline management system can help convert your leads into customers. If you haven’t implemented sales pipeline management for your business, it is high time you do it immediately with expert help. 

That’s where You need MarketStar as your sales and revenue accelerator. MarketStar is a pioneer in the sales outsourcing industry. With over 50+ world-class clients served, we create growth and drive results for companies of all stages and sizes using tailored solutions to help you hit your specific business goals. 

Key Takeaways:

In the midst of a rapidly changing business environment, Software as a Service (SaaS) has witnessed a boom like never before.