Pipeline is a term often mentioned in business administration. But many people still don't really understand What is pipeline? Or how it works for B2B businesses. This is both a popular tool and an effective model for tracking and managing work. Instead of being spontaneous within the organization, pipelines help build standard processes. Thereby, the organization has a uniform operating model and is easier to evaluate.
Pipeline concepts
Business, Pipeline understood as a seamless, tubular process that helps businesses plan. Especially, Pipeline in business has 2 sub-concepts: Sale Pipeline and Inside Sale.
Pipeline terminology in business
So, What is Sales Pipeline?? This is a sales process with specific steps for each possible option. Through the Sale Pipeline, the exchange is efficient and managers can easily track the progress and conversion rate of the business process. Specifically about the number of transactions in a certain period of time, the ratio of leads to orders or more specifically, the ratio of leads on calls, etc.
Opposite, Inside Sale is the work of finding and reaching customers through email, online or telesale. To put it simply, Inside Sale is a remote selling activity, with no face-to-face interaction.
Pipeline in Marketing
Pipeline Marketing is the process of marketing activities in the business. Start from researching and positioning the market - customers, then reach and attract until converting them into customers. For some small businesses, the marketing pipeline can be built in conjunction with the sales pipeline.
Pipeline in IT
Unlike Pipeline in sales or marketing, Pipeline IT is understood as a string collection of data processing objects. In which, the output data of the former object is transformed into the input of the following object. Therefore, the process is continuous, so it is called a pipeline. These objects are CPU, GPU or single command lines.
What is CI/CD Pipeline?
In addition to Pipeline in IT, some other terms like CI/CD pipeline are also very popular in the industry.
- CI (Continuous Integration) how to implement the project. These are the work items that the Developer team does in the project, thereby becoming a common process
- CD (Continuous Delivery) is how the management system works. Through CD, managers control, measure and track work in CI.
So CI/CD Pipeline is the process that helps team members proactively implement effective work. Through the standard process, errors are reduced and the response speed between members is accelerated. For example, when a developer has a problem, they know who to report and get help from.
What is Data Pipeline?
The Data Pipeline is an automated system of extractable and transformable string information. The main task of this pipeline is to aggregate, allocate, and move data to the target system for future needs. To better protect these layers of data, the Data Pipeline has multiple layers of encrypted protection.
What is the Jenkins Pipeline?
Jenkins is the name of a server written in java. Jenkin's role is to automate the simple stages of the software development process. Jenkin helps to execute technology projects based on Apache Maven, Scala build tools, Apache Ant and other windows commands and arbitrary scripts.
Jenkins Pipeline is the name of a set of plugins that support the integration and deployment of CDs as strings. The file that receives the declaration from the Jenkins Pipeline is called the Jenkinsfile. In the Jenkins Pipeline, related tasks and processes are executed sequentially according to the specified process.
Pipeline's role
So what is the real role of Pipeline? Thanks to the importance in business operation and administration, the pipeline model is widely applied in many different fields:
- High realism
- Flexibility to apply in a variety of industries and fields
- The data in the pipeline is updated and transformed continuously
- Help users visualize and manage their work better
- Can apply technology in parallel to increase efficiency
- Make work happen sequentially and throughout
- Helps improve the overall performance of individuals or groups
- Save cost and time in handling individual or group work
- Easily improve, innovate pipeline
Features of Pipeline for B2B businesses
Pipeline processes in B2B businesses often do not have a clear deadline. Depending on the business strategy of the enterprise, the pipeline can be short or long. However, determining the starting point of the process can be complicated and change depending on the time and the goals of the business.
Some pipelines start when a customer makes a purchase. Some pipelines start when the input materials are entered into the warehouse. Therefore, businesses need to orient their needs and business strategies at the time to set up a suitable pipeline process.
5 Important Stages for a B2B Business Pipeline Process
The following are the stages that a Pipeline process in a B2B business is currently taking, including:
Search for potential customers
The first step is to determine the characteristics of the lead file. That is their demographics, needs and problems, where they usually appear, etc. Finding the right target customer file, the easier it is for businesses to reach and optimize their revenue. Therefore, the Marketing, Sales and Market Development departments need to work closely to screen the most potential customer groups that your products can meet.
Customer retention
Many studies show that loyal customers can contribute up to 50% revenue of many industries. Therefore, nurturing customers is important in the sustainable development of businesses. Regular care for retention or timely support counseling are common effective methods. Some businesses have exclusive promotions for loyal customers.
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Make suggestions about the group of customers interested in your products
Build a framework to identify customer needs. Then focus more on the group of customers who are interested and have demand for corporate products. First, they had a need for the product. Secondly, businesses do not take time to consult and answer about the nature and effects of the product. Thereby saving both parties time and increasing efficiency in single closing. Therefore, businesses should have a separate strategy for the group of customers who already have needs and the general public.
Persuading and negotiating with customers
This is the stage that requires the ability and qualities of the seller. Many people use psychological punching to increase their persuasion, making them agree faster. In addition, being confident and sensitive when communicating is also an advantage in the negotiation process. To achieve this, the seller must be knowledgeable about the product and the market. From there, be ready to present the product introduction confidently and reliably.
Close the deal
By this point, the most difficult phase in the pipeline is over. Customers have had full information about products and services through the advice of the seller. If you successfully convince customers, they will quickly close the application and sign the contract. Some businesses use short-term and scarce promotions as leverage to get them to agree faster. If you fail, it's time for them to refuse. In this case, the seller can find out why to improve the pipeline or product or service later.
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Watch more Video on how to build a sales pipeline process
Is it effective to use Pipeline support software?
In the era of Digital Transformation, many businesses apply software to manage pipelines at work. Not only constantly updated, the software supports comprehensive employee evaluation for managers to identify weak links in the pipeline. Thereby, businesses can make timely adjustments.
So what are the optimal support software for Pipeline? One of them is CoffeeHR solution - In-depth Human Resource Management Software with real-time monitoring and reporting tools, supporting managers in visual monitoring and timely assessment.
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Some advantages of CoffeeHR in Pipeline management:
- KPI, OKR and ASK evaluation system to determine the performance - capacity of an individual participating in the pipeline
- Convenient Dashboard reports help track pipeline progress
- OpenAPI links CRM, ERP systems for comprehensive pipeline management.
- Digital Signatures – E-Contracts to Accelerate the Pipeline
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Ending
Applying pipelines in the enterprise not only helps employees easily navigate the way they work, but managers themselves also monitor and make more accurate decisions. Through understanding concepts What is Pipeline?, enterprises can deploy pipelines more efficiently. In addition, you can consider using software to increase the efficiency of the pipeline in operation.
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