Sales opportunity management software is a vital requirement for any company that wants to greatly succeed and expand their selling efforts.
What is a Sales Opportunity Management?
As a leadLeadLead refers to a prospect or potential customer (who can be an individual or organization) that exhibits interest in your service or product; or any additional information about such entity. moves along the sales pipeline, at some point, it becomes an opportunity. This means it has the real potential of becoming what everyone in the sales force is after: a closed sale.
Other departments will likely become involved also. Tech support might be standing by if the prospect company is utilizing trialware or a demo. MarketingMarketingMarketing is the field, set of actions, or practice of making a product or service desirable to a target consumer segment, with the ultimate aim of effecting a purchase. might be armed to provide specific materials to help the sale along. Executives in the company could be standing by as tags on the sale.
Everyone is betting that this opportunity will pay off, but there is always that risk factor. Not all sales close. Will this one turn to profit, or become expensively wasted effort?
Where It Can Go Wrong
Although they don’t necessarily enjoy sharing them, every seasoned sales veteran has plenty of stories involving losses. Despite the best sales techniques, a sale can go off the rails for any number of reasons. It turns out the salesperson isn’t dealing with the actual decision makerDecision MakerDecision Maker in the context of sales, is a person who possesses the required expertise and authority in making purchase decisions. or makers. It comes to light halfway through the sales cycleSales CycleSales Cycle is a repeating process characterized by a predictable sequence of stages that a company undergoes as it sells its products and services to customers. that the budget actually isn’t there. Someone in the prospect company doesn’t like your company for some reason and sours enthusiasm for your productProductProduct refers to anything (an idea, item, service, process or information) that meets a need or a desire and is offered to a market, usually but not always at a price. or service. The prospect’s buying pattern isn’t fully understood. A competitor comes in under the radar and offers your prospect a deal they just can’t pass up.
A salesperson can be a total genius with sales techniques—yet still, lose the sale.
Experience Pipeliner CRM Now
Pipeliner allows salespeople to take control of their opportunities, remain consistent through every stage of the sales processSales ProcessSales Process is a series of strategic steps or a set of activities aimed at driving sales growth through the alignment of personnel, market insight, methodologies, relevant business units, and technology., and always stay focused on important priorities. It's the CRM that salespeople actually enjoy using.
How can the odds be improved in favor of your sales force and your company? The essential key to opportunity management is accurately evaluating the risk factors. That is, knowing all about your target prospect company—at the very least understanding the industry and how most companies within it operate. Knowing which employees within a company are vital to engage as part of the selling process. Having an understanding of your target company’s buying process. And of course, knowing all the qualifying questions to ask before considerable time and effort is invested.
All of these factors should be part and parcel of your company’s sales process and the tasks and activities that go into each stage of that sales process.
CRM and Opportunity Management
Today, sales opportunity management is not likely to succeed without an effective CRM solutionSolutionSolution is a combination of ideas, strategies, processes, technologies and services that effectively helps an organization achieve its goals or hurdle its challenges.. It’s practically a scientific fact that the further up the pipelinePipelineSales pipelineis a visual representation of the stage prospects are in the sales process. a sale travels, the more vital it is that the CRM application in use must be able to provide precision analyticsAnalyticsAnalytics is the active study of different types of data with the aim of discovering meaningful patterns and translating these into insight (such as historical analyses and forecasts), or action (such as those intended to improve business performance). directly in line with your company’s sales process.
Proper sales opportunity management softwarethat is, CRM will instantly show, consistently and in real time:
the effectiveness of the pipeline
the effectiveness of each pipeline step
the effectiveness of tasks and activities within each pipeline step
the priority of your opportunities
the weakest and the strongest of your opportunities, and all in between
Fully understanding sales opportunity management, and then implementing it through a robust and effective CRM solution, is crucial to a company’s survival and success.