How to use CRM system to improve business opportunity management?
Take a moment to reflect on your organization's approach to opportunity management, if you:
● Don't know if an opportunity in your pipeline is viable.
● Don't know which business opportunities to focus on.
● It took hours or days to follow up on the opportunity.
● Don't know the ratio of won to lost opportunities.
If you answered yes to any of the above questions, potential deals are likely to slip through the cracks.
What is Opportunity Management?
Simply put, opportunity management is the process of managing and organizing potential sales.
Opportunity management involves tracking potential sales as they move through the sales funnel. When managing opportunities, prioritize the highest-value deals that are most likely to go through.
Why is Opportunity Management Important for Businesses?
Lead management can help you sell more effectively. Effective opportunity management enables you to better understand your customers, and you are then able to prioritize your engagement with them based on their potential.
What are leads and opportunities?
Simply put, a lead is a sales prospect, while an opportunity represents a potential transaction with a qualified prospect that has a high probability of converting into a customer.
A business opportunity should have a pain point that is a good fit for the product or service you are selling. Leads, on the other hand, are people who are generally interested in your product or service.
Next, let's dig into the role of leads and opportunities in sales.
Lead and Opportunity Management in Sales When
it comes to sales, opportunity management is about converting your leads and leads into recurring revenue. And to achieve this goal, just having a good sales team is not enough. Instead, sales managers need to have systems in place to track opportunities as they progress through the pipeline.
There are several benefits to using opportunity management for your business:
● Optimize your opportunity process: You will be able to standardize your sales process and keep your opportunities moving forward.
● Improve your success rate: By seeing what you need to do next in each step, you will be able to apply appropriate sales techniques.
● Gain a better understanding of your opportunities: It will be easier to see which opportunities are most important.
For businesses using financial software, the opportunity management process can be confusing or non-existent. After all, financial software is set up to track real sales from confirmed customers, not potential business from potential customers. And that's where CRM comes in.
Examples of Business Opportunities
As a business, you can find many business opportunities, depending on the market you are in. If you are in a mature market, you may find the following business opportunities:
● Create targeted sales by targeting new demographics.
● Develop new products and find another customer segment.
For growth markets, you can consider:
● Expanding your distribution channels.
● Create new business models, such as building a physical store or adding an online store.
If you're in a frontier market, here's what you can do:
● Overcome competitors by developing new value propositions or partnering with key players.
● Gain more market share by selling to other customers in the same niche.
What is considered a business opportunity in customer relationship management?
A business opportunity in CRM means the possibility of closing a sale. Opportunities can come from a customer's invitation to bid, a prospect sought by your sales team, or a trade fair, and there are five main types:
● New Business: This opportunity involves a brand new customer who has not yet done business with you.
● Cross-sell: This means that you are selling another product to an existing customer.
● Upsell: This means you are upgrading an existing product or solution that the customer already has.
● Migration: When you migrate, you are transferring your customers from an old platform (usually a competitor's) to a new platform (usually yours).
● Renewal: Renewal involves convincing the customer to reorder the software or service.
To take full advantage of opportunities, you need to implement opportunity management. Good opportunity management gives you control over the sales process and better closing deals.
Boost Your Lead Management with a CRM
For many business owners, a CRM system is a great way to track leads and leads at every stage of the sales funnel. An excellent customer relationship management system like 8Manage CRM can help you:
1- Improve the business opportunity follow-up process
8Manage CRM can record business opportunities coming in through different channels, such as SEM, eDM, telemarketing, seminars, referrals, etc. Visits by potential customers can build buyer-seller relationships and generate new business opportunities.
At the end of each month, sales staff can use 8Manage CRM to track the situation of each business opportunity they follow up in this month, so as to understand the sales success rate of each business opportunity more clearly.
2-Business opportunity priority management
8Manage CRM helps the sales team customize indicators to arrange the priority of qualified business opportunities. Business opportunity priority management helps the sales team to focus on the highest value business opportunities and deal with resource conflicts, improving sales efficiency and success rate.
The 8Manage system tracks the progress and cost of each business opportunity in real time, and can detect improperly managed business opportunities in time, thereby reminding sales staff to pay more attention.
3- Analyze Competitors Accurately
For each competitor, list their strengths, weaknesses, your opportunities and threats. 8Manage CRM can score you and your competitors, allowing you to understand the gap more clearly.
4-Business opportunity success or failure analysis
8Manage CRM provides effective tools to help you record the key information of winning or losing business opportunities, and analyze the results for continuous improvement and increase the success rate of sales.
Summary
Business opportunities are precious to businesses and if handled properly, they can easily boost your bottom line. You need to ensure that opportunities are managed effectively and that your team is equipped with the right tools to make the most of each opportunity.
8Manage CRM system has been proven in the market for more than ten years. It can plan and manage your business opportunities, and provide your team with the necessary background information to convert these business opportunities into revenue.