Data visibility is the norm of the age.
With organizations showing an increasingly positive approach towards digital incorporations, the relevance of data in driving motivation and sales has also been on the rise. Statistics also show data-driven organizations showing increased performance and growth than their competitors.
Incorporating digital tools and providing your salesforce data on their performance and progress then will surely provide positive results. Additionally, aligning these digital tools with defined salesforce opportunity stages can offer a structured approach, ensuring a streamlined and efficient sales process.
So how can data visibility be ensured in sales management?
Sales pipeline dashboard is the solution that you are looking for.
In this article, we will walk you through the sales pipeline dashboard, why you built a sales pipeline dashboard template, the key components of an effective sales pipeline dashboard, and how to set up your pipeline dashboard.
What is a sales pipeline dashboard?
A sales pipeline dashboard is a visual representation of the sales process and the various pipeline stages of the prospects in their customer journey to becoming loyal clients.
It provides a real-time view of the sales pipeline, insights into the sales opportunities, conversion rates, and other key performance indicators (KPIs) related to sales.
Why Build a Sales Pipeline Dashboard?
Building a sales pipeline dashboard can provide several benefits for your business. Let's look into a few reasons why you might consider building a sales pipeline dashboard:
A sales pipeline dashboard provides a real-time view of your potential leads, the various stages they are in the pipeline, and the potential sales opportunities. Having clarity in the state of the sales process helps make better decisions to increase conversion rates and closing of deals.
Sales Performance Tracking
The status of a salesperson’s pipeline is the best way to evaluate their performance. The number of leads generated, the potential of each prospect, the conversion rate, the number of sales closed, etc are a few KPIs for sales performance tracking. A sales pipeline dashboard, integrated with an efficient Sales Pipeline tool, provides clarity and transparency in this evaluation making sales performance tracking easy and objective.
Building a sales pipeline dashboard template means getting access to data on everything related to the sales process. The data it provides helps draw valuable insights which equips sales managers to make informed and accurate decisions with higher chances of getting the desired results.
Sales pipeline dashboard provides clarity on sales opportunities. This means prospects can be classified warm, cold, or neutral depending on their interest in the product and thereby strategize the next step to ensure faster conversion and closing of deals.
The common motivation tools used to drive consistent sales performance are incentives, commissions, rewards, etc. The visualization of the sales pipeline dashboard on the percentage of sales quota achieved, incentives earned, and the sales to accomplish motivates the salesforce to stay focused on their sales quota and win their on-target earnings.
Thus building a sales pipeline dashboard helps improve sales operations, increase visibility and transparency, and help businesses make data-driven decisions thereby enhancing sales performance and improving efficiency in the sales process.
For further reading, check Developing a Successful Funnel: A Guide to B2B Sales Pipeline Stages.
Key Components of an Effective Sales Pipeline Dashboard
An ideal sales pipeline dashboard must include all the metrics that you want to have proper visibility and data. Here is a sales pipeline dashboard template to make it effective:
Define and demark the various stages of your sales process and pipeline. This helps in monitoring the stage each prospect is in, tracking their journey, and strategizing to ensure the successful closing of deals.
Be detailed about the leads you generate and the prospects you follow up. Their name, company, industry, contacts, and deal size help in determining if they are potential sales with higher chances of conversion and thereby the rate of closing of deals.
An ideal sales dashboard example will help in tracking sales performance. Documenting the leads generated and deals closed, calculating the customer lifetime value and revenue generated and other metrics helps to objectively track the progress made by each salesperson.
A sales pipeline dashboard is a repertoire of all the activities initiated by a salesperson to enhance their sales process. It has their historical data and the current pipeline status. This information helps make predictions on the future sales and revenue that will be generated by them. Furthermore, it serves as a valuable tool for evaluating and optimizing sales pipeline performance, ensuring continuous growth and success.
Sales pipeline dashboards must offer data in a visual format, such as charts, graphs, and tables, to make it easier to understand and analyze. Converting performance and productivity into quantifiable metrics helps managers to better track their team’s progress and salesforce to understand the outcome of their initiatives.
The ease with which an application can be used enhances its purpose and usability. The ease with which a user can navigate through the features, functionality and understand the data is decisive in determining its return on investment.
The most important aspect to take care of while building an application is data security. Determining who is authorized to have access to the collected data, how much information can each person have visibility to, protecting sensitive customer information, and complying with data privacy regulations are key components while building a sales pipeline dashboard.
An effective sales pipeline dashboard facilitates data-driven decision-making, improves visibility, and helps your sales team prioritize and manage their efforts efficiently.
For further information, check Sales in Motion: The Sales Pipeline.
How to Set Up Your Sales Pipeline Dashboard
A lot of thought must go into setting up your sales pipeline dashboard to ensure it serves the purpose it was built for. Here are a few things to keep in mind while building your sales pipeline.
- Define Your Sales Process
Sales process is a series of structured and well-defined steps that your sales team follows to turn leads into customers. Defining the various stages of the customer journey, mapping the sales activities, and incorporating digital tools help streamline the sales process.
- Determine KPI
The sales pipeline dashboard, serving as a sales performance management tool that tracks the salesforce progress, plays a crucial role in determining key performance indexes to monitor the sales process, keep track of sales performance, and ensure sales quotas are achieved. Implementing comprehensive pipeline coverage analysis further enhances visibility into the overall health and efficiency of the sales pipeline.
- Organize Data
The Sales Pipeline dashboard serves as a visual representation of the sales process and the progress made by each salesforce. Therefore, it is essential for both managers and salesforce to ensure they input all relevant information, utilizing tools like a Sales Pipeline calculator. This practice contributes to building comprehensive historical data and assessing current sales performance, enabling effective monitoring and tracking of progress over time.
- Customize Visualization
The way your sales pipeline dashboard looks is very crucial in determining its usage. Incorporating tables, graphs, and illustrations makes the data easy to understand. Visual representations ensure transparency and clarity thereby enhancing usability.
- Ensure Data security
The data being presented in a sales pipeline dashboard is sensitive customer data. While setting up a pipeline dashboard, it must be decided who has the authorization to access what level of information and that security is kept to prevent any data breach. In the context of B2B sales pipeline, this becomes even more critical as it involves intricate business relationships and confidentiality considerations.
- Regular Optimization
Any application you incorporate requires regular upgrading. Optimizing your dashboard to maintain its relevance, updating it with new features, and changing its view help ensure its consistent usage and enhance its purpose.
Setting up a sales pipeline dashboard is an ongoing process that requires regular updates to stay relevant, useful, and purposeful.
Sales pipeline dashboard is an effective tool that helps sales managers monitor their team’s sales performance, salesforce to get an objective view on their sales progress and for organizations to provide transparency and clarity in the management of the sales process.
It fulfills multiple purposes by being a motivational tool that helps salesforce feel good about the goals they achieved and stay focused on accomplishing their objectives as well as a sales performance management tool that monitors the sales progress.
The multiple benefits it offers make it a tool worth investing in and incorporating. In addition, with automation becoming the norm of the current operational management, companies must become increasingly open to digitizing their everyday routines.