Not every prospect who reaches out will end up placing an order. However, every order starts the same way: as a sales opportunity. In simple terms, a sales opportunity is a lead that has real potential. They have a need, a timeline and at least some chance of moving forward. What you do with that opportunity matters. The challenge isn’t getting the inquiry. It’s guiding that first conversation all the way to a signed order.
In a post on the BIGContacts blog, the editorial team says opportunity management is too important to leave to chance. Instead, sales teams should have a clear process for tracking every deal. We highlight the BIGContacts post in this issue of PromoPro Daily, along with a few best practices for managing sales opportunities the right way.
Qualify leads effectively. This is an integral part of opportunity management, according to the BIGContacts team, because it provides better visibility into the opportunities at hand and helps you be more productive with your time and resources. You can qualify leads in any number of ways, from budget to authority to pain points. This helps you focus on leads that have the best chance of becoming customers.
Optimize your sales cycle. The BIGContacts editorial team recommends creating a structured standard operating procedure for the sales process and keeping your sales cycle short. They also advise clearly outlining individual stages to help sales reps identify prospects’ positions and move them forward with ease.
Set up a sales pipeline. This visual representation of the sales cycle makes it easy to track every lead’s position. It shows you how many leads you have and the value each deal carries. The post says that with a well-established sales pipeline, you can identify the individual stages in your sales cycle and determine the actions that move prospects forward.
Track communication. By staying on top of all your interactions with your opportunities, you can better understand their needs and pain points. This, in turn, can improve your engagement and help you earn their trust. By staying connected with your prospects, the BIGContacts post says you can easily track when they are ready to be moved to the next stage.
Follow up effectively. The post points out that 80% of sales are made after the fifth contact.
Follow-ups matter. You can keep prospects engaged by offering relevant and informative content every time you follow up.
Disqualify dead prospects. Don’t waste your time on leads that have been inactive. It can be difficult to let them go but remember that you’re freeing up your time to pursue more valuable opportunities.
Handling opportunities well can often mean the difference between just being busy or being profitable. Take time to qualify projects and keep track of every interaction. Be sure to follow up consistently and know when to move a deal forward or let it go. With a clear process and the right habits, you can turn those opportunities into real orders.
Compiled by Audrey Sellers
Source: The BIGContacts editorial team, which includes a variety of customer relationship experts.
