I have recently been working on some SalesForce reporting and was introduced to funnelsource. Funnelsource is a basically a pipeline management tool that has some reporting features. All of the reporting is really dependent on 2 things. Close date and the amount field.
Don’t fret, you can drill down pretty deep on opportunities and funnelsource does allow you to create custom views. These custom views are basically pulling in opportunity fields, so if there was something you really wanted to see, it is there.
Learning funnelsource is pretty straight forward and easy to understand what is going on in your organizations pipeline. It is not nearly as robust as custom reports, but from a pipeline management perspective, it is VERY easy to use.
I am not sure if what I was looking at was 100% OOB or not based on the customization in SFDC that I am dealing with, but there are things that any person involved in sales would want to look at:
- Won Opportunities – This can be a collective team total, or it can be drilled down on a per sales rep basis.
- Average Sales Price – Very handy if you are looking for the average deal size
- Average Sales Cycle – This is pulling in the overall average amount of days it takes from opportunity creation to closed won
- Created opportunities – Pretty descriptive title, but includes all opportunities created
- Open opportunities -This is any opportunity that is not closed won/lost
- Lost opportunities – Closed lost…
- Close Date Alert – This is a GREAT feature because it allows you to see all open opportunities that are beyond the close date. If used and applied to sales teams the right way you can really refine the pipeline to be more accurate and also allow for better forecasting data
- Amount alert – This is another handy feature as you can see how many opportunities have a zero dollar amount.
All of the above can be modified by predefined date ranges, but you also have the option for custom date ranges. Those are just eight features that you have, but there are other features that you can take advantage of too.
- See opportunities that have been pushed out further than the original close date, or even if they were tightened up to close sooner than expected.
- Know when stages have “advanced” or “retreated”. This too can be used to more accurately refine the opportunity pipeline as you can use this for bringing a little more consistency to your team with regards to appropriate stage management
- Amount changes are also tracked and drilled down on. This feature is incredible because if you have moving targets with regards to opportunities, you will love this. Basically you can see how much any opportunity amount has changed and by how much on a per opportunity basis. I have not found a total amount of changes, but a real world example of how this insight can affect pipeline health would be when someone creates an opportunity for 100.00 and next week adds 1000.00; you can see they made that change, but you will also see the amount of that change was for 900.00. This can easily explain ebb and flow with regards to pipeline amounts fluctuating at any given time.
Another excellent feature of funnelsource is that you can make custom edits to the quota for each person that is a part of the report. Obviously this allows you to know the gap they have with regards to Won opportunity + Remaining Pipeline. The pace feature is not bad either, it’s a simple formula paces out your sales or open opportunities based on any date range you select.
In closing, if you are looking for a good and fairly easy way to know what your sales team is doing, and have the ability to take SFDC opportunity data and apply it to back end pipeline management, funnelsource seems to be a very good option regardless of your reporting skills.
UPDATE: Be sure to read my other article about Salesforce funnels and how they can be problematic if you are not careful.