You might have a lead that has demonstrated a lot of interest in your product. They may need a certain kind of towing company product you offer and have a budget to pay for it and are looking to purchase on a reasonable timeline. At that point, that lead is no longer a lead, but an opportunity. If that is the case, the efficacy of your sales process will be put to test. What happens if you have multiple opportunities to keep track of? How will you put yourself in the best position to handle all those kinds of situations?
If you can’t keep up with the demands of all your customers, you will be selling yourself, your business, and your sales process short. Let’s understand sales opportunity management;
Sales Opportunity Management
Sales opportunity management refers to the process of tracking and managing sales opportunities. They include contacts who have entered your sales cycle with a demonstrated interest and ability to do business with you as they continue to move through your pipeline. Effective sales opportunity management is very crucial for the success of any business. If you are well organized, you stand a better chance to understand your potential customers and work on prioritizing their interactions.
If you are looking forward to starting opportunity management, here are a couple of things you need to do;
Establish your pipeline
The basis of all sales opportunity management is a good define and functional sales pipeline. Determining what yours will look like can be a tough process to navigate. In most cases, an effective pipeline will be measured by your ability to keep it neatly partitioned and easily observable. Many CRM systems have tools specially design for opportunity management and allow you to do your customizations.
Do your homework
You need to do your homework on the opportunities you have before you. Your customers will not all fit in the same mold. They will respond at different speeds and will have different budgets and will also have different levels of decision-making authority. Those, among other factors, will help you make informed decisions on the deals available. They can also help determine if a deal is worth chasing or not.
Maintain and Track Contacts
You always need to keep track of the opportunities at your disposal and the people who have shown interest in your business. You will need to remain in consistent contact with them. If they have inquiries, follow up professionally and have all their questions answered. You need to establish a touch base with them at all stages of the sales process.
Maintain a holistic view of your sales pipeline
You also need to maintain a holistic view of your sales pipeline and identify all areas that need improvement. You need to identify where you are losing opportunities. Doing so will help you advance a kind of perspective that will allow you to see all avenues and holes that need to be improved. Sales opportunity management is all about tracking individual deals and your success will be based on the relations you create.