Key Concepts:
Pipeline Integration
Opportunities are managed within pipelines which in turn are series of consecutive stages.
Customizable pipelines align with unique sales processes and business goals.
Stage Progression
"Open", "Won", "Lost" and "Abandoned" are opportunity status which are present by default.
An opportunity can be in one of the four statuses and we can use these to prepare filters for the same.
Understanding Opportunity Statuses:
Open:
Opportunities with the "Open" status are actively being pursued and are still in progress.
These opportunities represent potential deals that have not yet been won, lost, or abandoned and are still viable for conversion.
Won:
The "Won" status indicates that the opportunity has been successfully converted into a sale or deal.
This status is applied when the lead has made a purchase or signed a contract, resulting in revenue generation for the business.
Lost:
Opportunities with the "Lost" status represent deals that have been unsuccessfully concluded.
This status is applied when the lead decides not to move forward with the purchase or chooses a competitor's offering.
Abandoned:
The "Abandoned" status indicates that the opportunity has been neglected or disregarded, either by the lead or by the sales team.
This status is applied when there is no further action or follow-up planned for the opportunity, and it is effectively removed from active consideration.
Data Management
Robust data management within opportunities tracks opportunity source, contact details, opportunity value, and notes.
Users can also streamline communication and task assignment under Opportunity - linked contacts, enhancing workflow efficiency and timely engagement.