Opportunity Management

Opportunity management is the process of monitoring all possible leads that can convert positively across the sales funnel. Effective and structured sales opportunity management is vital for all kinds of businesses. 

Sales opportunity management is important because it helps you be more efficient with your sales. Effective sales opportunity management allows you to better understand your customers, which then enables you to prioritize your interactions with them based on their potential. 

Opportunity management uses the Opportunity Fulfilment pipeline to send an opportunity through its various stages, such as creating, demoing, and proposals, and thus tracking the opportunity’s lifecycle until the opportunity is either won or lost. 

A sales opportunity can be created in two ways: 

• A Sales Representative may see a potential sales opportunity and create an opportunity for a Lead (if the Lead status is Qualified) or Customer. 

• A Customer may contact a Sales Representative and ask for a quote, resulting in the creation of an opportunity. 

When an opportunity is created, it can either be assigned directly to a Sales Representative or can be temporarily assigned to a team until a Sales Representative is assigned to it. The source of the opportunity can be specified; for example, a Sales Representative can specify the source of the opportunity as a Trade Show, Call Centre, or Customer Call. In addition, a Sales Representative can do the following as the progress of the deal toward the Proposal stage 

• Add products and attach files, such as contracts or datasheets. 

• Log the calls he makes. 

• Use Notes to jot down things during customer meetings. 

• Create tasks for key activities and Calendar Appointments for client meetings. 

• Send an email to the opportunity contact or other key decision-makers.