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The sales funnel also called the sales pipeline,

tracks the number of incoming leads or prospects.

These are leads that a sales team member has

identified as being potentially interested in the product.

Then, the sales team member follows up for an interested lead to

ask more about what they're looking for, possibly making presentations.

Here, you track metrics like number of sales leads.

This is followed by a qualifying process whereas the sales team qualifies the leads.

Checks to see if the product offering is within the leads budget,

a sort of vetting,

to identify the ideal buyer and confirm their viable lead.

Here, you track metrics like ratio of qualified leads to sales leads.

Once the sales team has a qualified lead,

you end with a closed deal or booking.

At this stage, you can also have a lead on hold or last.

Here, you track metrics like bookings,

close ratio, and average size of deal in pipeline.

Bookings is a very important metric for tracking the success of the sales team.

Close ratio is the ratio of closed deals to leads,

you had in the sales pipeline.

As you may have noticed,

sales metrics are measuring the performance of the sales team internal to the company.

As oppose to tracking the behavior of individual customers in the marketing metrics.

For this lesson, we will cover the metrics at the bottom of the funnel.

But we have provided links and resources

below for you to learn more about the others if you're interested.