CRM OPPORTUNITY MANAGEMENT
|What is covered in this article…
At the end of this lesson, readers should be able to:
· Define Opportunity management
· Know things that are associated with opportunity management
· Talk about sales forecast management
From our earlier discussion, we must have been known that there is no way we can divulge Lead Management and Opportunity management from SFA Lead management occurs when you generate lead us various channels available to you in order to introduce specific products to a particular market segment. One thing about lead management which can be a form of challenge to any organisation is the ability to introduce the right product at the right time for the right consumers.
There are some things point that is associated with opportunity management.
- Financial Details
- Decision dates
- Possibility of closure
#1 Financial Details: Before you can say that opportunity has come as far as turning prospects to customers is concerned, you must have carried out a feasibility study and known that the lead is really worth it. You have to know the financial implication that is involved and what are you going to realize at the end of the day.
#2 Decision Dates: One other thing that you need to take note of is the decision dates of your customers. You must be able to pinpoint the date that they actually become your customers. You might need this when you are to determine their lifetime value.
#3 Proposal: you also have to a proposal. This at times has much to do with the type of people that are involved. But in an ideal environment, there has to be a proposal and there must be an agreement to back it up.
#4 The probability of Closure: A business person or better still a CRM manager you must be able to predict based on certain pre-conditions if a particular prospect will finally become a customer. Like the example was given earlier concerning a car dealer. if he now sees a casual worker with ten thousand naira basic salary as a lead, that means something is wrong somewhere.
You should also know that pipeline management entails
- Pipeline management to track the opportunity life
- Proposal management
- Capturing of multi-channel interactions with the prospect
- Milestone management for sales processes
- Managing the sales forecast depending on the decision date
#3 Multi-Channel Capturing: As I have said earlier, you have to monitor the various channels that you are using to interact with your customers. As a CRM or sales manager, you have to monitor the way your salespeople interact with the organisation so that you are not misrepresented.
#4 Milestone Management: At times, as an organization, you set a target for yourself. You might decide at times that, if you are able to convert one thousand prospects to customers, you have reached a milestone. At times, this must be managed in order to ensure that the milestone is achieved in your organization.
The main benefit of CRM opportunity management is to help organizations to deal as far as possible. It will allow organizations to identify potential customers, gather as much information about them and use that information to meet them at the right place with the right products and services. The opportunity management application should be able to identify qualified leads and provides important information that the organization can use in order to attain success.
CRM Opportunity management span through the entire organization l. it has to do with the front office staff working closely with the back office staff in order to utilize the information that they have about the customers. They can also go into the data warehouse in order to have much information about pasty transactions of the customers.
A good and well-established organization must have rules that guild them this rule must stipulate what a prospect is when will it become qualified leads and how to incorporate it into the organizations’ database.
Another thing that an organization has to know is that they must be able to identify who their competitors are, and the leverage that their competitor has as far as the leading question is concerned. they must have adequate information about their lead, their competitor and other things that have to do with their leads.
At the end of this lesson, we have discovered that:
- You cannot separate lead management from CRM opportunity management.
- Lead management occurs when you get leads from various channels in order to introduce specific products to them.
- There are four basic things associated with lead management: Financial details, Decision dates, proposal and possibility of closure
- Proposal management has to do with managing how you go about introducing your business to potential customers or those that might be interested in it.
- We also have sale forecast management which will help you to predict what you are likely to sell in the next year that you are entering into – based in your sales in the previous year and the lifetime value of your customers.
- Define Opportunity Management?
- Discuss the components that are associated with opportunity management
- Discuss Sales Forecast Management.
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