Sales funnel
| Reference products | Ngage |
| Release month | April 2020 |
1. What is sales funnel?
A sales funnel is a strategic tool that can be used by every organization willing to get some metrics about prospect sales.
This tool is called sales funnel because it defines and depicts the journey of every business opportunity: from getting a first lead (upper part of the funnel) to closing a contract and getting a new customer (lower part of the funnel).
The sales funnel includes many prospects, but only a few of them pass all the steps and get to the final stage of purchase – hence the graphic representation of a funnel.
The process steps (first contact, needs analysis, sending an offer, signing a contract, etc.) and the chance of success for each step can vary from company to company.
Building a funnel means identifying all the different stages of this process and assigning to each stage a chance of success. The lower you go in the funnel, the more this chance increases.
The economic value of the business opportunity is therefore softened, as it is reduced and hence more reliable thanks to the success rate.
Using Ngage, Arca24 software for staffing agencies, you can track all the recruiting activities in one system: from the vacancy creation to the candidate placement. From today all this is possible having in addition a forecast income.
2. Why is a funnel useful for staffing agencies?
Arca24 recruiting funnel is able to inform you about the state of progress reached by every branch of your agency.
While income statements and month-end reports show what was sold, our funnel highlights what’s still in store and it is about to be sold.
3. What is the advantage of having a sales funnel?
Our recruting funnel can provide every staffing agency with a business forecast allowing them to analyze every step of the selection process with a view to improving.
4. How does sales funnel work in Arca24 software for staffing agencies?
In the menu “Opportunities” in the tab of every client site, you can use the sales funnel assigning a status to every step of the selection process. The system will assign a success rate to every step.
Here below you can find a short description of each status use case:
- Lead: when there is an open opportunity, but there is no explicit request from the client (it’s a preview on a client’s need);
- In delivery: when the client makes an explicit request, the status changes from Lead to In delivery. You can therefore open the job offer or launch a research in the database to search for a suitable candidate;
- Candidate’s summary sent: when a selection of suitable candidates is sent to the client;
- Interview with the company: when the client meets the proposed candidates;
- Successfully closed: when the client chooses one the proposed candidates;
- Deleted or Unsuccessfully closed: when the request is not completed or none of the proposed candidates is chosen.
The success rate varies according to the status. Therefore, it is to be intended as the success probability of an opportunity, which is calculated depending on the reached step.
Company
Arca24 is an HR Tech Factory specialised in the development of cloud software for the human resources sector.
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Reference products
Ngage – Staffing Agency Software
Ngage (ATS+CRM) is a solution developed to support staffing and employment agencies throughout the entire production cycle. It optimizes and digitalize the processes of talent acquisition, customer relationship and administrative management.