What Is Sales Opportunity Management and Why You Need It

How to Track Deals That Haven’t Closed Yet

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Are you looking for ways to apply opportunity management to close more deals, drive sales, and grow your business? You come to the right place.

In this article, we’ll walk you through sales opportunity management and tips to help you deploy it in your organization.

What Is an Opportunity?

A sales opportunity is a contact or a person who has already entered your sales pipeline and has a high intention to work with you (a.k.a. a qualified sales lead). You’ve already contacted this person and understood their needs and expectations.

What Is Sales Opportunity Management?

Sales opportunity management is the process of managing all sales opportunities that can be likely converted into paying customers.

With this process in place, your sales team will have clear guidance on how to close deals quickly and which opportunities they should prioritize. It also helps you control every stage of your sales pipeline and never miss out on any qualified leads.

Typically, sales opportunity management is helpful to:

  • Clearly understand potential buyers and their needs.
  • Map out your next steps to strengthen the relationship with leads.
  • Identify risks when they appear across the sales pipeline and take action on time.
  • Create business proposals tailored to each potential buyer.

How to Start Opportunity Management?

Follow these steps to create a sales opportunity management process:

Step 1: Create a Sales Pipeline

Your sales pipeline determines how many opportunities you’ll help and how potential they are. That’s why you need to have a well-defined sales pipeline before developing sales opportunity management.

A sales pipeline is a series of steps showing the status of your potential customers in the buying journey and what you should do to move them to the next phase.

Every business may have different sales pipelines. For example, some companies can divide the sales pipeline into prospecting, qualifying, submitting proposals, negotiating, and closing deals. Others may also add scheduling appointments and sending contracts to their sales pipeline.

Step 2: Research Your Qualified Leads

Your potential customers are different in many ways — type of business, the number of employees, target audiences, goals, budget, to name a few. That’s why understanding what they want and how you can help them solve their problems is crucial. By doing so, you can determine effective strategies to interact and convert them.

Step 3: Regularly Track and Improve Your Sales Pipeline

There are a lot of factors that will impact your sales pipeline, for example, external environment, business situations, and customer behaviors. Hence, you need to track your sales pipeline and analyze its performance regularly. When doing that, pay attention to metrics like total sales opportunities over a period of time (day/week/month), win rate, loss rate, and sales cycle length.

It’s important to note that true sales pipeline tracking should involve considering all relevant data and turning it into actionable insights that your sales reps can use to adjust their workflow and increase win rates.

Elevate Opportunity Management in Salesforce

A common approach to opportunity management is adopting an online customer relationship management (CRM) system like Salesforce.

Basically, a CRM system allows you to streamline your sales, marketing, and customer processes. It also offers powerful features that help you centralize customer data from different sources into one single place and get valuable insights into customers’ needs. From that, you can segment your audiences into different groups and create more targeted communication campaigns.

However, a CRM comes with limitations as it’s more about handling customer relationships, not dedicated to managing sales opportunities. That’s why more companies have started using a comprehensive solution like Revenue Grid.

Why Do You Need an Opportunity Management Tool?

Revenue Grid comes with a wide range of opportunity management capabilities designed to help optimize your sales process for more conversions.

With Revenue Grid, you can experience the following features:

  • Pipeline visibility: Empowering you to visualize the sales pipeline through tracking key deals and metrics in real-time. You can quickly identify which deals are at risk and need more attention without having to dive into them individually.
  • Deal guidance: Providing your sales reps with AI-powered recommendations and insights into strategies and best practices to approach opportunities and close deals.
  • Revenue signals: Sending contextual alerts to your reps so they can know what’s happening throughout the sales pipeline. You can also connect tools your team uses (like Zoom and Slack) with Revenue Grid and then use data from these tools to build signals.
  • Sales automation: Automating tedious tasks such as assigning deals, sending emails, and seeking approval, which helps simplify workflow and boost sales productivity.
  • CRM and email integration: Seamlessly integrating with CRM systems like Salesforce, which is a perfect combination for your organization to develop an effective opportunity management process.

Revenue Grid is the ultimate solution that will help you get the most out of every sales opportunity.

See how Revenue Grid can empower your opportunity management

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