In broader terms, an opportunity is a sales prospect, requested service or product, and the probability of a sale. If managed well, you can control your sales process. This is why ‘opportunity management’ forms a crucial of the CRM module.
Once your lead enters the funnel (read Sales Automation (give the link here)), you can further classify them as ‘Hot’ or ‘Cold’ depending upon your analysis of the lead. ‘Hot’ leads or promising leads are your opportunities that can be further classified in the following categories - Sources of the Opportunity, Opportunity Group, and Priority. Our software facilitates to make your job easy for you.
Here we give you a short brief on BANT analysis – a sales qualification framework. This process helps your team to pursue the most qualified prospects based on BANT, i.e., Budget, Authority, Needs, and Timeline.
- Budget – It is essential to understand the prospect’s budget to evaluate if it is a good opportunity and worth the time of your team to convert into sales.
- Authority – understanding the prospect’s decision making authority is another step to evaluate how soon the opportunity can convert into sales.
- Need – The prospect’s business need is another parameter to evaluate the opportunity. Requirements could be immediate or deferred.
- Timeframe – What would be the required timeframe, for the prospect to implement a solution is also to be evaluated. This gives you an idea if your company has the bandwidth to ensure timely deliveries.
In the sales cycle, the following order is followed
Lead – Opportunity – Quote – Order. (For Reference Purpose Only)
Simply put, a sales opportunity is a qualified sales lead that has a high probability of closing.
Lead cannot always be converted into an opportunity. You may get a lead with the contact details of a person in an organization, but the same person may not have the authority of making decisions in the organization. This contact person can be a lead but not having the right power to make decisions can be a hindrance to convert it in into an opportunity.
Tez ERP’s CRM module has taken into consideration the BANT analysis for the Executive to qualify the lead so that your company does not miss an opportunity and likewise, your executives do not waste their productive time chasing irrelevant leads.
In hindsight, there could be many reasons why a lead is not converted into the opportunity. These reasons can be maintained in the ‘leadmaster’ under the ‘reasons’ section. Our software ensures that you know why a lead could not be converted into an opportunity. While conducting detailed analysis for a particular campaign, to look into percent profits and losses on the investment, you can rule out why a specific campaign did not work for the company. The information can also help you to evaluate any problem areas in terms of Quotation, Marketing Process, Campaigns, and Audience. Every data about the leads can be obtained from the software, thus making the whole process a lot more accessible and practical.
REAL-TIME CLIENT BASED EXPERIENCE:
One of our clients, a real-estate businessman relied heavily on digital marketing based on geographies and demographies depending upon where his project was under construction. His team would physically call all leads generated through various sources. He had a small telecalling employee team that would call all the leads handed over to them. These were random leads. Not only did they hear verbal anger from irrelevant prospects, but also they felt demotivated when the conversions were poor. During a maintenance visit of our TEZ ERP® software that the client was using, our sales service team spoke about utilizing the Opportunity Management tool built into our CRM module. The client immediately set up a training for his back-office team and asked them to use the module to the optimum. In a matter of days, the executives learned to classify the leads into opportunities, evaluate the opportunities and pass on the relevant queries to the sales team. It became much easier for the sales team to close the sales possibilities as the basics were done and the prospect was waiting for the service. This enabled high rate of conversions with more productive utilization of time.
Time is money. If you want the optimum performance of your sales team help them with qualified leads translated into opportunities and see your business grow. Come over for a cup of coffee, and we will tell you how. Call us now.