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Opportunity Management

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Opportunity Management

Opportunity Management

When a contact or account has been qualified, they are termed as opportunity in sales. Opportunity is the base for any sale and involves sales process that guides the overall activities in sale. The opportunity management is that process that identifies the business opportunities for the development and growth of business. Creating ideas, finding opportunities and running opportunities are the three main components of the opportunity management.  There are many benefits of opportunity management. Using this process the members of business can see what can be done next and way to complete the each and every sale. Opportunity management also allows the business to concentrate on most valuable opportunities.  

1.New Opportunity

Recognizing new and valuable opportunities is very important for a business to be successful. Opportunities can be generated by following carefully planned steps. The prospects buy the products and services only when they believe on the company and product. Hence firstly focus on the products which you think prospects will want and buy. Explaining the product and its benefits to the prospects in a good pitch is important. Opportunities can be created when you are real and staying true can bring the benefits to business. Follow a marketing strategy that suits you the best both personally as well as the customers you will be serving.

2.Opportunity Stage

In the process of getting successful at sales opportunity a lot of hurdles need to be removed. As one barrier is removed, the opportunity moves to the next stage in the sales process. The first stage in the sales process is the lead which is the one with whom you haven’t talked yet. The leads that meet a certain criteria are valuable to move to the next stage. Prospects are people who have shown interest in your proposal and ready to move to the next stage. The prospects need to be qualified enough to go to the next stage. When the prospects agree to the move in the deal then they are termed committed.

3.Opportunity Value

It is always very important for any business to discover the most profitable opportunity. Looking at a situation, the members of the business can decide whether to go ahead with the opportunity or not. The deciding factor in this process is the value of the opportunity. If the business owners are interested in finding the profits from pursuing an opportunity, they can know more by identifying the value attached to it. The actual value attached with the opportunity is different from opportunity cost. The opportunity value is both the material and elusive benefits perceived from getting to a new opportunity.

4.Probability for Win

The final opportunity stage is winning and probability weighted is the method used to forecast the sales. Creating a good sales forecast includes the techniques of finding the estimated amount of revenues it can generate. Using CRM systems, it is possible to assign probabilities to standards of sales process. Finding the probability to win the deal requires experience, good calculating ability, intuition and trial-and error. The method is highly purposeful and has no emotional factor attached to it. If the process is in the early stage and you find the probability of wining very low, the opportunity can be drop at the instant. This saves a lot of time, money and effort of going behind bad opportunity.

5.Business in Pipeline

The pipeline is the approach taken by the sales person in selling. The steps involved from contacting a lead to qualifying the lead to a valuable prospect and finally converting to potential opportunity and also stages undertaken to close a deal, are all part of pipeline. Based on the opportunity value and probability of winning the business can move forward in the pipeline. Customers become the sales opportunity once they enter the pipeline of sales. The sales opportunity has some value. The opportunity value and probability of win at each sales step help the member of the sales team to weigh their pipeline.

6.Activity on Opportunity

The process in opportunity management allows the sales team to analyze the opportunities to find the best out them. It uses the methods of pipeline management which guides the sales rep by following a sales process. The activities involved to find the valuable opportunity among the various prospects are very vital. Tracking sources to identify good leads and finding if they are worth is one step. Contacting prospects and convincing them to a mutual interest is the next. Qualifying the prospects are vital and taking forward the conversation to reach commitment and finally closing the deal with transaction are all important activities.