A business can generate a lead. A lead does not necessarily guarantee revenue but a deal certainly does. Generating a lead is the first step; developing them and when they show interest in purchasing your product, converting them is really important. The phase between recognizing the lead and closing a deal lies an opportunity when your sales team interact with the people and introduce them to the product which can help the people to make a purchase.
Opportunity management is the process of tracking, managing and organizing all the opportunities for potential sales and converting them into continuous revenue. Opportunity management is a relatively basic CRM feature that can help improve the efficiency of your business and help in the optimization of sales. It can also be stated as lead scoring that can help in converting the visitors into customers.
While managing the sale opportunities, you need to prioritize the deal with the highest value deals that are most likely to make it through. Getting the right opportunity management tools can be crucial for your business’ success.
A good opportunity management tool should prioritize the opportunities and emphasize the best ones according to the data. It should track goals and progress regarding the opportunities and provide the information about what steps shall be taken and remove any kind of hurdles in getting the opportunities. It should provide a complete picture of a particular opportunity. It analyzes any potential risks. It helps improve the process that enhances the opportunities which as a result increases productivity and sales with the help of collaborative functionalities. It can help your team to increase the pipeline velocity.
To move the leads smoothly down the funnel managing the sale opportunities and converting them is equally important. It will give you the desired results by minimizing the slipping of the leads through cracks. The very first thing is to know your opportunities. You should know your requirements. Get to know more about the potential deal; the budget, objectives and everything. You should qualify your deals effectively. It gives better visibility into the opportunities so that you can be more productive with your resources. You can use any of the quantifying techniques like varying the budget, timeline and more. You should choose the right deals to close more and more deals. You will have positive results since you will be only dealing with the people who are most likely to convert.