Working the Deal - Opportunities

Aspiratech Training
A free video tutorial from Aspiratech Training
Salesforce Consulting Partner
4.3 instructor rating • 4 courses • 17,754 students

Lecture description

Though Account may be the hub of the wheel to the database, Opportunities are to the sales team. Learn to successfully manage these key records, for ultimate success with the CRM.

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Salesforce New User Training

Salesforce CRM: Turn curiosity into success by learning what it is, what to do with it, and how to use it successfully.

01:39:19 of on-demand video • Updated August 2016

  • By the end of this course, you will be able to successfully use on the job and explain to others what it is
English [Auto] Sell Superstock new user training working the deal we're making good progress in getting cell sports to work for us. So far it has helped us keep track of information we have about the people and businesses we interact with. Now let's get help. Keeping track of the status of all our different sales deal. First we need a uniform way of naming opportunities at the company so that people can easily find the opportunities that they're looking for instead of creating duplicate. And managers looking at reports can tell what they're looking at. No two opportunities should ever have the same name. What would a good opportunity naming convention be for your company to make sure each opportunity gets a unique name and that you can tell what the deal is about just by looking at that name. At our sample company the opportunity naming convention is the name of the account followed by a dash then the name and quantity of the primary product of interest followed by the month and year. The deal is expected to close so for example ABC Shop Dasch 400 widgets 12 14 for a deal we expect to close in the final month of 2014. Some companies have a long sales cycle and others a very short one. Just do what makes sense for your company and be consistent across the company. Apart from lead conversion the best way to create new opportunities is to start on the record with the related contact. Then click the new opportunity button from the opportunities related list. That way the opportunity will automatically be associated with the right account and contact record. This time I'm going to show you a different way of navigating to related lists on a page instead of scrolling down. We'll just use these links at the top page. Hovering over the one we want until it expands. Then click the new opportunity. Notice that the account is already filled in for us other opportunity fields of note include close date amount stage and any custom field your system admin has created for your company's unique sales process. First let's name our record using our naming convention. We'll make it ABC Shop 200 widgets November 14 close date is the date. The contract is expected to be signed and is a required field at the time the opportunity record is created. Most reports on opportunities are grouped by Target close date not the date. The opportunity was created therefore it is very important to update the speal to reflect the current expected close date as the deal evolves. Amount is the total value of the deal. In addition to being useful to sales reps and keeping track of how much their deals are worth it is also used by management to forecast company revenue and track the profitability of marketing campaigns and customer relationships. Whenever you add an opportunity the first thing you will need to do is add products so that system will calculate the value for this field for you. Note that you have to first create a record before you can add related records to it and products are at it with a related list. So if you use in products you can save the record with the amount field blank. Then add the products any value you do enter here will be overwritten as soon as a product is added If your company doesn't use products then you can go ahead and type the deal value in here before saving the record. Stages the primary progress tracking field and must be kept as up to date as possible throughout the life of the opportunity so that you know what you need to do next. And management has an accurate expectation of revenue projections. You will notice that when you select a stage for an opportunity the probability field is filled in automatically. You can change the probability if you feel it does not accurately capture your sense of how likely the deal really is to close. But if you find yourself doing this frequently it would be better to notify your CIS admin so that the relationship between stages and probabilities can be adjusted to more accurately reflect real world situations. Now let's say since we created the opportunity according to best practice by starting on the contact record of the primary contact for the deal we already see that Sue is in the contact roll related list that saves us a step. We should still edit the entry to add her proper role on the deal. Are there several contacts related to this opportunity. If so make sure each one shows on the contact rules related list and select a specific role they're in on that deal. Note that having a contact marked as primary here gains you additional reporting capabilities on contacts associated with opportunities. You can only report on a limited number of contact fields an opportunity reports if those contacts are not marked as primary on the opportunity. The other critically important related list on this page is PATA. As we've already discussed this is where we will get the system to calculate the amount billed for us. We just need to add the products the customers buying and let the system do the math. This deal is for two hundred widgets at list price. I'll do it quickly now but in a later lesson you will learn to work with products and Price Books. Our opportunity record is now complete. Now we just need to work the deal from a sales manager's point of view. Opportunity records are the center of activity within sales force. There are numerous appeals to be completed on the opportunity records for any deal. Some will be completed when the opportunity record is first created. Others will be completed as the information becomes available to you. Keeping opportunity records up to date with complete and accurate field entry and activity recording on the related lists is the most important part of your usage of the system and it is vital to your company's success in sales. We want to be sure to keep updating the stage field as the deal advances through the milestones. Management has set so that our progress gets counted if the products or quantities they are interested in change. We want to keep that reflected here. If the date pushes out again update the close date field here and every interaction by phone email or meeting should be tracked in the activities related lists which you learned to do in a later lesson. In short opportunities are the hub of the wheel to sales. So make sure you keep them accurate and up to date so that they are useful records of just where things stand with each deal. At any given moment if you want to see the history of important changes to an opportunity you can scroll down to the bottom of the page and view the stage history. Related this this list automatically records an entry each time any one of our key opportunity fields changes telling you what the previous value was what the new value is who made the change and when they made it. This is particularly helpful when you're engaged in team selling. Now it's your turn for practice. Create an opportunity of your own. It may be a deal you're actually working but you haven't recorded it yet. Or maybe a test opportunity on our test record whichever you choose. Use the opportunity naming convention you adopt it and make sure you can find the opportunity again later. For now you can just type a number into the amount field for the deal. Instead of worrying about using products which again you will learn in a later lesson. See you next time.