Effectively manage your pipeline inventory
An example of the type of inventory that companies need to track will help bring this discussion together.
Consider a software company that manufactures software, software components, and software accessories. The company creates software that is used by government and commercial clients.
During the initial product development phase, the company has no inventory because there is no product. Once the software is standardized, the company starts to track the inventory used in order to learn where the most inventory is needed.
The company also needs to know the frequency with which it should replenish its inventory. For example, if the company anticipates needing more inventory for the next month, it should have that inventory available for purchase in the next two days.
Sales pipeline management
Pipeline management is a process by which companies identify where their cash is flowing and then direct that money where it’s most productive. This is called “pipeline management.”
There are many ways to go about this. The most basic way to do it is to track the movement of cash in and out of your business. This will give you an overview of how much cash is coming in and going out of your business each day.
Beyond that, you can also employ other techniques that involve collecting data, analyzing that data, and making decisions based on the information you’ve collected. For detailed information related to this, you can browse our sales outreach guide.
Implement Mailchimp's CRM software
You may be wondering why a crm software for your pipeline management is important. It's important for a few reasons.
Your CRM solution should help you track the progress and success of each individual project so you don’t end up with an unmanageable pile of incomplete projects.
You should be able to track each step of the sales funnel, and see exactly when each prospect was identified, what stage they are in, and what action steps need to be taken at that point to close out the deal.
This will also allow you to identify opportunities for cross-selling and upselling. If you can do this well, you’ll be able to keep your customer relationships top-of-mind at all times, which will help you make better decisions as you go through the formal sales process.
Whether you’re a sales manager of a sales team with a deep understanding of the landscape, managing a client pipeline as a freelancer, or just an amateur at this game, it’s important to understand the meaning of “pipeline” and how it fits into your company’s strategy.
Not all sales and marketing transactions are created equal, and not all pipelines are created equally for large and small businesses.
There are many factors that contribute to a company’s decision to make an acquisition, build a service, or build an entirely new business sector. Using our sales pipeline management integration means that your company will be able to take advantage of strategic partnerships with the appropriate partners at the right time.
Moving in the wrong direction also means that your company does not have a strong execution plan for its new business sector because there aren’t any ready-made pipelines for it yet. A company that doesn’t have a pipeline means there will be many unanswered questions later - questions that can't properly be addressed.