What is the HubSpot deal pipeline? And how can you make the most of yours? Understanding the benefits of using the HubSpot deal pipeline and setting up appropriate deal stages is key to making the most of your HubSpot subscription. Adjusting some aspects of your deal pipeline can help you manage your team more effectively and increase revenue.
The HubSpot deal pipeline is a visual representation of where a deal is in the sales process at any given time. It’s a critical tool for keeping track of your sales activities and what the proper next step should be for any given prospect. As deals leave one deal stage and enter a new one, you know nothing is falling through the cracks.
In the HubSpot deal pipeline tool, the default settings give you seven deal stages: scheduled appointment, qualified to buy, presentation scheduled, decision maker bought-in, contract sent, closed won, and closed lost — but you can customize these to best suit your needs.
The benefits of having a defined deal pipeline in place are many. We’ll focus on a few of the biggest ones here:
Enjoying these and other benefits, of course, requires effective management of the deal pipeline. The Harvard Business Review (HBR) reports that companies that monitor and manage their deal pipelines based on the following three practices experienced a 28% increase in revenue:
• Adopting a well-defined sales process: Clearly define each milestone so you don’t force your reps to guess the status of a deal or how to manage each stage. Deal stages should be universally understandable by the entire team.
• Investing time in building and mastering that process: HBR recommends spending at least three hours per month on deal pipeline management. Companies doing this experience an 11% increase in revenue growth.
• Educating sales managers in making better deal pipeline decisions: Managers need to determine the right pipeline size for each team member. They should also guide team members in focusing on the most impactful actions.
Deal stage best practices include:
Do you need help dialing in your HubSpot deal pipeline and deal stages? Waypost is a top-rated Gold-Tier HubSpot Partner Agency with the experience and expertise to optimize any deal pipeline. Get in touch!