Opportunity Management

Efficient opportunity management for faster and predictable sales closures

What is Opportunity Management in Sales?

The most important aspect in sales involves the process of identifying and managing your sales opportunities. Opportunities are also referred to as deals. We prefer to call it opportunity management as it offers an opportunity to serve your clients by offering them the right products and services.

Opportunity management involves the entire sales process starting from lead management to deal closure. Implementing opportunity management best practices is essential for success. Using opportunity management systems and opportunity management tools further enhances the efficiency of the sales process.

Problems we solve

Unpredictable sales cycles and poor sales forecasting

Unstructured sales processes lead to unpredictable sales cycles. This is more so in the case of  B2B sales involving longer sales cycles wherein it is a struggle to track opportunity progress effectively and accurately. You will fail to arrive at the right sales forecast required for you to run a predictable business.

Poor deal conversions & longer sales cycles

Poor sales opportunity management will not allow you to monitor and track your opportunities. You will not know what proactive steps you need to take for an opportunity to progress in the right direction. This inefficiency will hamper your deal conversions and increase your sales cycles.

Inefficient sales process

Without a clearly defined opportunity management process and opportunity stages, you will not be able to run an efficient sales engine. Sales leaders, sales reps, sales operations teams, etc. will not be on the same page.  This leads to a lot of chaos in the system that will stop you from achieving your business goals.

Lack of sales pipeline

In the absence of a structured sales opportunity management process, you will not be able to accurately measure the health of your sales pipeline, also called a sales funnel. You will fail to understand how much additional sales pipeline you would need to meet your sales targets. You will not be able to take proactive steps to bridge the gap between sales target and achievement.

Ineffective sales reviews

Regular cadence and reviews lay the foundation for an effectively run sales organization. Without a proper opportunity management process, you will not be able to run this diligently. You will not be able to monitor your team’s progress accurately, a lot of discussions will be very subjective and not data driven . This will also impact the quality of decisions that you and your team make. All these challenges will lead to missed opportunities and a decline in revenue.

Capabilities & Features

Define meaningful opportunity stages

Opportunity stages are the different stages a deal goes through from the time of opportunity identification to deal closure. HappSales CRM system for Key Account Management recommends deal stages aligned to the client’s buying process, as suggested by the renowned sales guru Neil Rackham in his sales framework.

While the default opportunity stages are listed below, they can be modified depending on specific business requirements.                 

  • Lead

This is the stage when you receive a new enquiry or you identify a new cold prospect

  • Qualification

In the Qualification stage, a deal is further qualified by the sales reps through  a preliminary assessment of the needs of the prospect and other qualifying parameters like BANT framework. This stage ensures that the sales team prioritizes only on qualified leads.

  • Evaluation

In the Evaluation stage, the prospect is evaluating the ability of your solution to meet their requirements. The evaluation generally includes both technical and commercial aspects of the deal.

  • Negotiation

The negotiation stage, as the name suggests, is the stage when the prospect starts negotiating with the intent to select the right vendor and conclude their buying journey. These negotiations could be around pricing, payment terms, solution deliverables, milestones, legal terms, etc.

  • Commit or Forecast

We recommend this stage to enable sales reps to forecast or commit a specific deal to the management. This is possible when the rep is very confident about converting the deal and the closure probability is very high, say more than 80%. This is also referred to as a bottom-up sales forecast.

  • Closure

The last stage of the funnel is the Closure stage. At the time of deal closure, the opportunity gets categorized as either Won, Lost, or Discontinued.  We also provide a  provision to capture the Reason for losing a deal and the name of the competitor the deal was lost to.

Use voice-commands to capture opportunity details & notes

You can use voice-commands to dictate information about the deals and their progress. These details facilitate easy communication and collaboration between all the team members. It makes sure everyone on the team is updated and is always on the same page.

Assign opportunity value

Assigning a value to an opportunity is a very important component in sales forecasting. It helps in budgeting, resource allocation and in analyzing the business plans. It enables you to evaluate the performance of your sales team members.

Specify opportunity closure date

Knowing the closure date is very important for resource allocations, delivery of products and services and business planning. It helps in analyzing the sales forecast for a particular time period. It enables the account management team to predict the number of deals they would close over a time period and take proactive measures to bridge the gap.

Mention deal closure probability

Defining the probability of an opportunity plays a crucial role in understanding the chances of winning a deal. This has a very huge impact on the target vis-a-vis achievement.  It enables you to identify the areas of improvement and refine your strategic plans for closing the deal. Mentioning the right probability also helps in accurate calculation of the Weighted Sales Pipeline, which is the weighted average of all the deals in your pipeline

Add opportunity products

Opportunity Forms

With HappSales CRM, you can create master data in the CRM with all the products listed along with its price. End-users can select the product using easy drop-downs and change the quantity.  Thus there is a broad-level view of the products quoted to the customer. This also helps in logistics and resource planning well in advance.

You can have your order forms or quotation forms uploaded here. We customize this according to the template provided by the client. Once the required details are filled in, it can be emailed or downloaded as per your requirement.

Benefits of using HappSales CRM software

Improved sales forecasting through better visibility

HappSales opportunity management dashboard provides you with a holistic view of your entire sales pipeline to run a predictable business through improved sales forecasting. It helps you understand the total pipeline, weighted pipeline, deal values, closure probability, and closure date. These help you make informed decisions, assess bottlenecks, and take proactive measures to improve predictability.

Faster deal conversions with shorter sales cycles

Better control of sales opportunities will empower your team members to make the right decisions. They will effectively engage with their prospects to progress their deals in the correct direction. These right steps are critical to ensure that nothing falls through the cracks. With these measures, you will witness faster deal conversions with less time taken to close deals.

Efficient sales reviews & cadence

With everyone in the team on the same page, you can expect efficient sales reviews and cadence. Sales leaders can make informed decisions that are very objective and accurate. They can easily review and assess the sales performance of every sales team member. They will be able to coach their reportees better and provide timely support to help them achieve their targets.

Increased sales productivity

Our voice-enabled app with digital-assistant allows the sales team members to update opportunity details easily using voice commands. This saves them a lot of time and effort. They can also dictate the opportunity notes for easy capture instead of spending a lot of time typing all the information. This also makes sure that you have more details about the deals for your review.

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