The old sales rule says, “The opportunity is a deal that you have the possibility to close!” One of the biggest challenges faced by sales teams is how to close deals fast when there is no single place to update deal information, track opportunities, and record all opportunity related interactions. This is where opportunity management solutions come into the picture. They offer a systematic approach to managing opportunities and working with them.

Opportunity Management
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Salesforce Opportunity Management

Salesforce Opportunity Management is a powerful Salesforce Automation solution used by sales teams to work together to close deals faster. Salesforce provides easy customization options in the form of opportunity fields and a complete customer view shared with sales managers, reps, and account managers to monitor the sales pipelines of their teams and better manage the internal sales processes.

Why Salesforce Opportunity Management?

Salesforce Opportunity Management helps salespeople close deals fast by enabling them to:
1. Track leads better by having a lead workspace to track, update and close leads
2. Manage time effectively by having all the leads information at one place
3. Manage opportunities easily through dashboards with easy drag-and-drop components
4. Effectively monitor tasks, email, meetings, and calls

What opportunity fields must every sales rep have?

There are some standard fields every rep must use and a few of them must be updated regularly. Below are the fields that require regular updates:

•    Account Name: It’s the name of the account (company) that the opportunity is linked to.
•    Stage: It’s a picklist field that shows the current stage of opportunity and defines your business processes in Salesforce.
•    Probability: It’s a percentage field, which shows a likelihood of the deal you are going to close. For example, if you are early in the sales process, it’s typically a low percentage, and as you get closer to winning the deal, it’s a high percentage. When a deal is won it’s 100%.
•    Amount: It’s a simple amount ($) field from the revenue standpoint.
•    Close Date: It’s your best guess when the deal is going to close. The reason it’s a guess is that sales might have to go back to renegotiate the deal or re-quote.

Key Fields on Opportunities

•    Type Field: It’s a picklist that helps in categorizing new/existing opportunities. For example, how much value a rep will assign to a new customer or to the existing customer.
•    Next Step Field: It’s a 255 character text field. A sales rep uses this field to update whether the opportunity is in the initial/closing stage. Where did this deal come from?  What’s been done so far, and what’s next?
•    Description Field: It’s a 32kb data field for a large description about the product, and who you are selling to.

Track Closed/Lost Opportunities: If sales reps are not tracking closed lost reasons on opportunities, they can’t conduct a win/loss analysis reasons. Salesforce Opportunity Management lets reps keep a record of closed won/lost opportunities with 2 custom fields – “Closed Lost Reason” and “Closed Lost Detail”. Opportunity Management Analysis helps sales managers track not only closed/lost opportunities but also the issues that should be tackled right away.

Sales Split for Opportunity Owners: If two or more reps are sharing the ownership of an opportunity, and hence the profit, they can add themselves to the Opportunity Team using “Additional Sales Rep” as the team role, and a revenue split will be created accordingly.

With functions and features like these, Salesforce is the most preferred CRM that offers a 360-degree view of opportunities and deals from reps to managers.

Read more: Top Five Sales Management Mistakes