Opportunity Management in CRM

Jul 4, 2024

Opportunity Management in CRM

Introduction

  • Second chapter on opportunity management in CRM
  • Presented by Lynette Sharon
  • Builds on previous video about managing leads in ERPNext

Objectives

  • Understanding:
    • How to create opportunities
    • Capturing client requirements
    • Benefits of opportunity management
    • Sales stages
    • Auto-assignment and auto-closing of opportunities

What is an Opportunity?

  • A qualified lead matching potential customer's requirements with company offerings
  • Sales executive qualifies a lead into an opportunity
  • Opportunities can also come from existing customers
  • Importance of logging and updating opportunities
    • Helps stakeholders understand activity and likelihood of closing
    • Assists sales managers to observe patterns and improve processes
    • Helps project accurate revenue

Role of Opportunities in CRM

  • Linked to lead acquisition
  • ERPNext displays basic sales flow chart connecting leads and opportunities
  • Two ways to create opportunities
    1. Via CRM section under Sales Pipeline
    2. Using the awesome bar
  • Steps to create an opportunity:
    1. Click on 'Add Opportunity'
    2. Select lead or customer
    3. Fill out fields: source, opportunity type, sales stage, expected close date
    4. Optionally, create opportunity from a lead dropdown menu

Status Field

  • Differentiates between:
    • Open
    • Converted
    • Lost
    • Replied
    • Closed

Tracking Interactions

  • Keep detailed records of client interactions
  • Use follow-up section for scheduling
  • Create to-dos to ensure no missed interactions
  • Enter deal value and probability of success in sales section
  • Select correct currency for accurate pipeline reports

Detailing Products/Services

  • Use 'With Items' checkbox for product/service details
  • Useful for inventory or production managers
  • Enter contact details in the contact info section
  • Expand 'More Information' for additional details (e.g., company name, opportunity date, print language)

Saving and Sharing Opportunities

  • Save after filling in information
  • Attach relevant documents using 'Attach Files' button
  • Direct assignment using 'Assign To' button
  • Share with others using 'Shared With' button
  • Add tags for better organization

Sales Stages

  • Typical stages include:
    • Prospecting
    • Qualification
    • Negotiation
  • Can create additional stages as per process
  • Update sales stage for each opportunity
  • Log reasons for lost opportunities for process improvement and analysis

Auto Assignment Rules

  • Helps in managing multiple opportunities
  • Create rules in the 'Assignment Rule' list
  • Change priority, assign conditions, and assign users
  • Types of assignments:
    • Round robin
    • Load balancing
    • Field-based

Auto-closing Opportunities

  • Update status automatically if no client response
  • Configure in 'Selling Settings'
  • Set close opportunity after a specific period

Conclusion

  • Effective management of opportunities helps in closing more deals
  • More information available at docs.erpnext.com
  • Next video will cover quotations
  • Thank you for attending