A sales opportunity is the process of tracking potential sales as they move through the sales pipeline. It is the foundation of each sale the team is working on. It is where the efficacy of your sales process is put to the test. If done correctly, effective sales opportunity management can be a significant although complex asset to achieving business goals.
Most businesses are still having a hard time establishing effective opportunity management and this entails not knowing which opportunities in the pipeline are viable, not knowing which opportunities to prioritize, taking hours or days to follow up on opportunities, and not knowing the ratio of won to lost opportunities affecting the decision-making.
How do fast-growing organisations resolve these problems to create a strong foundation for their sales process?
Ensuring sales strategies align with effective opportunity management can be accomplished by adopting sales automation solutions. According to an IDC Survey, companies that utilize sales automation can see a 30% increase in deal closures, an 18% reduction in the sales cycle, and a 14% reduction in sales administration time.
With sales automation, businesses can determine whether an opportunity is worth pursuing by getting a full view of everything related to the opportunity, from interactions and activities to stakeholders involved in the process. It keeps the sales pipeline organised by allowing businesses to assign a phase through each opportunity and neatly arranges them for salespeople to know the most promising opportunities to focus on.
Sales automation makes the opportunities in the pipeline more observable for a clear next step or follow-up activity. It adds complete visibility to the sales pipeline by providing a real-time overview with data-driven insights to figure out won to lost ratio or identifying where a business can improve in the sales process, all of which are needed for better decision-making.
Apart from making sure the sales team is motivated and happy, businesses also need to ensure that the team is equipped with the best tools to get the most out of every opportunity.
Establishing an effective sales opportunity management takes time, discipline, and effort but the payoff is well worth it. Sales automation is the path to achieving sales targets and goals.
How strong is the foundation you are creating for your sales process?
Here’s how we have helped hundreds of businesses build sound opportunity management, improve closed deal rates, and profitably grow with affordable automation solutions.
“TEB is a very user-friendly software with lots of options for customization as per the needs for sales leads. It is an end-to-end solution for lead management and can be tracked at different levels. The inbound solutions for quotes and proposals have made our lead management so simple!” — Echjay Computers
TEB Sales is a complete sales automation solution specifically created for the needs of growing businesses, like yours!
Originally published at https://www.linkedin.com.
