Opportunity management is the entire front end of the sales process. An opportunity comes after you qualify a lead. Effective opportunity management adds visibility to what’s coming down the pipeline. Your CRM system allows you to automate this process.

If you aren’t already, ask your team start tracking the following when you come across an opportunity in an existing or potential customer:

  • Company and contacts involved
  • Product or service code
  • Estimated quantity for the product or service
  • Estimated dollars
  • Expected close date
  • Next action date
  • Next strategic action item
  • Stage of the opportunity
  • Competition
  • Journal to keep information in one spot as you move opportunity through the process

If your team starts to track touch points, logging the whys of activities and linking them to companies and contacts, as well as product or service codes, you will get the visibility you are looking for. When you plug in opportunities from your outside sales team by product or service with expected close date, competition, opportunity value and so on, that will drive pipeline and forecasting.

Of course, remember to train your team on WHY you’re asking them to track the data above; show them how it will benefit them.

Now what? Read about reactive vs. proactive opportunity management for your next steps.

Read about more ways you can take full advantage of your CRM system.

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