Kyle walks through customizing your HubSpot deal pipeline: editing stages, naming them in past tense, and setting win probabilities. Start with intuition (contract sent around 90%, appointments scheduled 10-20%), then use the Sales Analytics funnel report to refine with real conversion rates from your data.
Hey friends, it's Kyle. Welcome to HubSpot's product YouTube channel. Today we're going to look at a basic level of customizing your deal pipeline. Let's take a look. So here we are on the deals page inside of HubSpot. Deals are tracked in this drag and drop format. You can move them from column to column. The columns represent the stages of your sales process. Now you should absolutely customize these to represent the process your team actually uses. And this is what that looks like inside of HubSpot. So here we're seeing the default stages inside of HubSpot. But you can delete stages, you can add stages, you can rearrange them, rename them, whatever you need to do to make it represent the actual steps of your sales process. You're going to want to make them only represent the steps that you want your sales reps taking in every single deal. So that might look something like this. This is slightly shorter, yours might be slightly longer. I highly recommend that you make them past tense so that everyone knows that deals only move into this stage when this action has already been accomplished. So in addition to names, the other thing you need to think about is deal probability. Deal probability gets used to when you are calculating a forecast inside of HubSpot. And if you don't have a lot of data to work off of, it's okay to start with sort of your best guess. You can sort of trust your intuition. That contract sent, that's like 90% of the way through our process. Appointments scheduled, this first step, that's only like 20 or maybe just like 10. And you can customize this to match your intuitions. But long term you're going to want this fed by data. And if you have access to the sales analytics tool inside of HubSpot, this is going to give you the data you need. Let's take a look. So here we are on the sales analytics page. We're looking at the deal funnel report. And here you can see the drop off from one stage to the next inside a sales pipeline. The great thing is you can come over here to the deal stages dropdown. You can select just two particular stages to see the conversion rate. So if you select your first one and closed one, you're going to see here using the dummy data I have in this test portal, 81% go the distance, right? But you can, you can find whatever this, this number is and then you could put that in as that stage probability and then you're going to get really accurate forecasts month. So that's the most basic form of deal customization inside of HubSpot. Customize your deal stages and leave a comment below with your ideas and any questions you might have.
