We’re glad you decided to try out the Dashboard Beta! Please check out our Dashboard Beta Overview Article to answer your general questions about this feature.
Please note, the Dashboard Beta is gradually being released to all of our customers! If you are very eager to add this feature to your account, reach out to firstname.lastname@example.org to learn more on when you can expect your own Dashboard Beta.
Otherwise, let’s explore the reporting capabilities of the Pipeline Coverage Widget. Add this widget to stay on track and hit your Revenue Goals by better understanding if you need to bring more Deals into your Pipeline. Pipeline Coverage will help you estimate the Pipeline value you need, based on historical win rates of your team. Let’s get started!
- Helpful Dashboard Insights
- Understanding Your Report
- Examples of the Pipeline Coverage Dashboard
Helpful Dashboard Insights
Add the Pipeline Coverage Widget:
Click on ‘+ widget’ icon and add the Pipeline Coverage Widget. The default report will display your team’s Pipeline Coverage This Month as a percentage of your covered pipeline for hitting your Revenue Goal. This percentage will update in near real time as your team continues to bring more Deals into your pipeline and move closer to your goal!
You will see the two calculated values ‘Current Pipeline Value’ and ‘Pipeline Value Needed.’ We have calculated these values for you so you can focus less on figuring out the current state of your Pipeline, and focus more on getting your Deals where they need to be. You can jump to the Calculations section of this article to read more about how we obtained these values.
Customize Your Report:
Click into the Pipeline Coverage Widget to further filter and customize this report. You’ll need to determine how you’d like to view your coverage breakdown.
- Choose a Timeframe (required): Tell us what timeframe you want this coverage breakdown to capture. Are you interested in 'This Year' or 'This Quarter' or 'Last Month?'
- Group By: Select how to further slice your data. For example, view pipeline coverage by ‘Owner’
- Filter (optional): Click the Filters button to further narrow the data included in your report.
- Save (required): Click ‘Save’ to update the widget on your Dashboard Beta. Now you can go back to your Dashboard. Read more on managing your Dashboard in the Dashboard Beta Overview Article
Understanding Your Report
You need to have a couple of fields filled out correctly in order for this report to provide you with an estimation of your Deal Pipeline Coverage.
- Revenue Goal: Only an Admin on the account can navigate to ‘Settings’ and select ‘Goals’ to set up this field.
- Estimated Close Date: Each User on the account can enter an Estimated Close Date by editing this field on their Deals.
These next fields we will calculate for you, but we wanted to let you know how we did it!
- Current Pipeline Value: The total value of all active Deals with an Estimated Close Date of your specified timeframe. This doesn't include Win Likelihood.
- Pipeline Value Needed: The estimated pipeline value that you need in order to hit the remaining goal for a specific period.
- Percentage = Current Pipeline Value / Pipeline Value Needed
Pipeline Value Needed = Remaining Goal for selected Period x Last Period Coverage Ratio.
In other words, we calculate how far you are from your Goal and multiply that value by a special ratio: Coverage Ratio. Coverage Ratio is based on historical win rates of your team. Remember, this is a rough estimation to give you a sense if you need to bring more deals to your pipeline.
- Last Period Coverage Ratio = 1 / Historical Win Rates of your team. Note that if you’ll look at e.g. Pipeline Coverage by Owner this month, you can see each rep’s Ratio.
- Pipeline Coverage Percentage: This percentage appears in the center of your Pipeline Coverage Report. It is the ratio of your Current Pipeline Value to your Pipeline Value needed. The percentage will change in 2 cases. First, when you make updates to the ‘Estimated Close Date’ of a Deal that is expected to close in your selected timeframe. Second, when you close Deals within your specified timeframe, so you will have less of your remaining goal to achieve.
Calculation Example: Let's say you're focusing on Pipeline Coverage this month.
- Your team's Win Rate last month was 20%. This means that your Last Period Coverage Ratio is 1 / 20% for a result of 5x.
- Let's also assume that your Remaining Goal for this month is $1M and your Current Pipeline Value is $2M (active Deals estimated to close this month).
- We estimate, that to hit your Remaining Goal of $1M, your Total Pipeline Value Needed is $5M (5x $1M).
- Therefore, your Pipeline Coverage Percentage is 40% ($2M/$5M). You only have 40% of your pipeline covered and will need to bring in more Deals to hit this month's goal.
Examples of the Pipeline Coverage Dashboard
This report differs from the others on the Dashboard Beta because you can only group by timeframe parameters such as ‘Year,’ ‘Quarter,’ or ‘Month,’ to spot trends in your data over time. Otherwise, you can group by the fields ‘Owner’ or ‘Team’ to see if certain members of your team are predicted to reach their goal.
One of our most highly recommended Pipeline Coverage Report is customized with the group By field ‘Owner’ and the timeframe ‘Next Month.’ This will allow you to visualize your estimated pipeline coverage for the next month for each Sales Rep. You can now plan ahead with this understanding of how much Deal value you need to bring into your Pipeline to close Deals on time.
Let’s say you are a Manager and you are interested in seeing which Sales Rep is bringing enough Pipeline Value to hit their goal for the following month. As long as your reps have entered the appropriate values, their Pipeline Coverage will be calculated. You, as their Manager, can select a timeframe of 'Next Year’ and break down your results even further by selecting group by ‘Owner.’ This arrangement will result in a bar graph, clearly demonstrating if your team member has enough Pipeline Value to hit their revenue goals.
Perhaps you are a Sales Rep interested in keeping track of your own Pipeline and want to be sure you have enough Deals estimated to close to hit your Revenue target this Quarter. You can create a Report with the timeframe ‘This Quarter’ and click the filters button to select your name from ‘Owner.’ This report will help you visualize if you have the Pipeline covered to hit your Revenue Goal, and how much more work you have for the rest of the Quarter.
Additionally, you can create a report with a timeframe of ‘This Month’ and group by ‘Owner’ to generate a report to compare your progress to all the other Sales Reps’ revenue so far. In the example below, you can see that our Sales Rep, Anna, can clearly see how she is performing relative to her other team members this Month!
- Can all of my Custom Fields be pulled into this Pipeline Coverage Report?
At the moment, no Custom Fields are included in this report. The Pipeline Coverage Report is specifically for individual Reps and their Teams to stay on top of their goals related to the pipeline they have in a specific timeframe.
If you have any additional questions please contact our Support Team at +1 (855) 976-9550 or email us at email@example.com and we will be happy to help!