Sales opportunity helps you organize prospects based on the opportunity value and the probability of the sale’s closing. Although it may sound basic, you need to know what a sales opportunity is before diving in, and your definition may be what moves people from lead to opportunity.
Basically, your sales reps receive guidelines from it, and is they follow them, they will be able to consistently manage their leads with the other team members. You will get, in return, forecasting accuracy and a clear image of where accounts and people are in your sales pipeline.
Do you want to know more about it? This article will give you the information.
What is a Sales Opportunity?
As mentioned, sales opportunity allows you to organize prospects according to the value of opportunity and the probability of closing the sale. Every prospect has an estimated value of purchase associated with them, in order to help your team members prioritize their efforts.
The possibility of a win and the value of a win are what is taken into consideration when prospects are sorted. Basically, every stage has a weighted value associated with it, so it demonstrates how likely is to make a sale.
For instance, if a prospect is rated as “negotiated”, it may have a weighted value of 0.5 applied to their estimated value of the purchase. So, if a prospect is in the “negotiated” stage and has an estimated purchase value of $10,000, the weighed value will be $5,000.
Sales Opportunities Characteristics
At one point, you will see that leads converting in sales opportunities have similar characteristics. The top three ones are fit, need and interest. They will help you come up with a clear profile of your ideal customer. Afterward, you can focus on your efforts on nurturing leads, which probably fit into this pattern.
Fit – The fit characteristic requires your consideration over a product and the way it fits into your lead’s present business and capacity. The reason is the fact that although you can lessen the pain points, SMB is not a good fit if you have an enterprise-scale product.
Need – It applies to the common pain points that are shared by the ideal customers. The qualified sales opportunities have a problem that is very much alike. Fixing the problem and lessening the pain is the core motivation when buying. Your sales rep has the job to help you identify the pain and frame the product for the best fit.
Interest – When you have a need for one of your products or any pain point that requires solvation, it is just the beginning. Need doesn’t equal interest. As an example, a beginning may require a CRM software.
However, if they’re using Excel to manage their client’s needs, a CRM system will not sell easily.
Now, you are hopefully more aware of the sales opportunities and what they mean. Sales opportunity basically lets you organize prospects according to the value of opportunity and the sale’s closing possibility. Now that you have the basic information, you can get to work.