Most sales professionals take deal closure to be like ‘snowballing a metal ball on the opposite side of the slant.’ Since the initial lead acquisition to final sales closure, each of the sales stages needs to be carefully executed for successful closure.
An opportunity tracking system lets you manage and coordinate with diverse challenges that you face during your lead-to-sales conversion journey.
Why sales people need Opportunity Tracking?
All sales professionals are regularly trying to pitch a maximum number of prospects and bring-about maximum deal closure. But among all ingrained activities, the salespeople are mostly focused on deal closure, which is considered to be their chief (if not the only) objective.
But most industries are also facing a meagre lead to deal conversion ratios of around 4 – 5% (which is optimistic).
This requires you to manage your opportunities in the long term, which creates a healthy pool of prospects that are fit for final conversion.
Opportunity tracking and management could make a difference in the situation.
Well, in order to understand that, let’s first dissect the sales process.
Each sales opportunity conversion requires you to handle different processes – leads reception, sending quotation, deal negotiations and closures. In each of these stages, your sales guy is expected to manage diverse responsibilities and handovers need to be consistent with their main activities.
An opportunity tracking system lets you coordinate and consolidate your entire sales responsibilities through a single unified process. By integrating different sales processes, you can channelize the link of activities, that ensure timely execution of each process.
Significance of Stage-wise Sales Tracking
If you manage sales as a single process, it will result in conflict in exchanges and bottlenecks for critical processes. You could also end-up clunking multiple sales stages together, taking away the much-desired direction that dictates the success of your sales team.
Sales CRM lets you segment each sales activity into a series of processes or exchanges. It also helps you to individually optimize each part of sales exchange, while strengthening the entire chain link processes.
It also lets the sales manager ensure that the entire sales pipeline is going forward in the right direction.
Solid Benefits of Tracking Every opportunity
Can opportunity management tell you which lead to pursue and which to sideline? Does it help you increase the proficiency of managing your sales exchanges in every instance? Does it improve the frequency of your Deal Closures?
In order to achieve prolific deal closures, you should be able to attend and manage each sales stage while considering the final lead conversion.
An opportunity tracking system lets you coordinate the multiple parts of your sales exchange, enabling you to comprehend the complete sales process. It allows you to simulate and automate multiple parts of each probable deal that maximizes your deal closures within the limited budget.
So, what are these target-breaking benefits of opportunity management?
Here they are!
Remove Unnecessary points of Decision making
The sales CRM lets you create a streamlined process that incorporates multiple decision-making points.
This practically allows you to set-up a standard Operation protocol in your sales operations. This incorporates frequent decisions and assignments. This protocol can help you eliminate unnecessary delays in decision making.
The same procedure also lets you establish a decision making policy that facilitates faster co-ordination.
In practicality, this allows sales reps to successfully reassign or coordinate with entire team vertical that minimizes the chances of having wrong decisions being pursued.
Improve your Work Productivity
According to study data, the ability to respond faster to a given opportunity incrementally increases your chances of closing a deal. For this, you need to have the ability to 3X or 4X your sales utility.
This can be achieved through a sales opportunity management platform.
In this, an ability to assign the right leads to the concerned personnel will proportionally increase your chances of acquiring the desired conversion.
According to a study by Getapp, an overwhelming 93.2% of audience vouched for a sales management platform to improve their productivity.
By this process, the sales CRM will incrementally improve your total sales turnover.
Create a Closed Platform
The CRM creates a comprehensively closed platform that incorporates the nitty-gritty of your sales process. The single point sales management also lets you positively avoid excess distractions and delays in the process.
By having a closed system of management for your entire sales activities, you can also avoid excess diversions and process delays. With time, you can derive an optimal process pipeline to manage your end to end sales responsibilities.
Access Integrated Reports and analytics
A good sales manager should be able to repeatedly analyse and take successful decisions that opens-up new frontiers for the business. This forms the decision-making process that requires considerable process insights and critical viewpoints.
A sales management platform lets you critically analyse the stance of each sales opportunity.
This analysis lets you dissect your sales processes, letting you figure out the particular portion of your process that needs incremental improvements.
Similarly, you can also analyse your marketing channels, enabling you to focus on the most influential marketing platforms.
This allow the sales managers to keep track of every moving part of your sales process, enabling you to readily optimize the right part of the exchange.
Grade Each Opportunity
An average lead requires an average of five follow-ups before conversion. At an average, this could be translated as six or seven touch-points with the particular business.
This period of transition from lead to sales is known as lead nourishing period.
Kapture CRM lets you grade each lead according to its current stance.
Afterwards, you can utilize various lead nourishing methods to transition each lead from its initial to the final stage.
This process of grading each opportunity lets you optimally diversify your attention between different prospects. This will also accelerate the progression of each lead from the initial to final stages.
In a constantly changing business ecosystem, you may easily get confused about the multiple facets of sales. The opportunity tracking system lets you manage each part of sales process with the final deal closure in mind. You can also manage the risks of lead drop-off and client transition.