What is Opportunity Management?

Opportunity Management is the systematic process of identifying, tracking, and pursuing sales opportunities. Sales opportunities are potential revenue-generating deals that a company pursues. An opportunity usually arises when a customer expresses interest in a company's products or services. The opportunity management process helps companies to organize and track their sales pipeline, and prioritize the pursuit of different opportunities. By systematically managing opportunities, companies can increase their chances of winning new business and achieving their sales goals.

Sales Development
What are some tips for Opportunity Management?

1. Keep a close eye on your pipeline: Make sure you have a good understanding of your sales pipeline so you can identify any potential issues or opportunities early on.

2. Stay organized: Keep track of your opportunities in an easily accessible place so you can quickly refer to them when needed.

3. Communicate with your team: Keep your team updated on your progress and solicit their input when necessary.

4. Be prepared: Have a solid plan in place for each opportunity so you can effectively execute on it.

5. Follow up: Make sure to follow up with each opportunity in a timely manner to maximize your chances of success.

What are the benefits of Opportunity Management?

An opportunity management system helps sales managers and reps to identify, track, and manage sales opportunities from initial contact through to closed deal. By providing visibility into the sales pipeline, sales teams can better forecast sales outcomes and make more informed decisions about how to allocate resources. In addition, an opportunity management system can help sales teams to improve their productivity by automating sales processes and providing easy access to key sales data. By reducing the sales cycle time and increasing close rates, opportunity management can have a significant impact on a company's bottom line.

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Explore More Sales Development Terms

Account Development Rep (ADR)
Ad-Hoc Reporting
Adoption Process
Annual Contract Value (ACV)
Annual Recurring Revenue (ARR)
Automated Follow Ups
Average Revenue Per User (ARPU)
B2B Marketing
Business Development Rep (BDR)
Business Intelligence
Buying Cycle
Buying Process
Chief Revenue Officer
Churn Rate
Client Case Study
Closed Won Ratio
Closed-Lost
Closed-Won
Closer
Closing Ratio
Cloud-Based CRM
Commission
Commission Plan
Contract Management
CPQ Software
CRM Analytics
Customer Feedback
Customer Pain Point
Customer Relationship Management (CRM) Systems
Customer Success Manager (CSM)
Enterprise Resource Planning (ERP)
Field Sales Rep
Gross Margin
Hard Sell
Hat Trick
Inside Sales Rep
Key Performance Indicators (KPIs)
Knowledge Base
Lead Management
Lead Qualification
Loss Leader
Margin
Mark-Up
Marketing Executive
Middle Of The Funnel (MOFU)
Monthly Recurring Revenue (MRR)
Multi-Channel Prospecting (MCP)
Net Promoter Score (NPS)
Objection
On-Premise CRM
Onboarding
Onboarding Experience
Opportunity
Opportunity Management
Product Features
Profit Margin
Sales Commission
Sales Dashboard
Sales Deck
Sales Development Playbook
Sales Development Representative (SDR)
Sales Development Strategist
Sales Funnel
Sales Methodology
Sales Performance Management
Sales Pipeline Coverage
Sales Process
Sales Quota
Sales Script
Sales Stage
Sales Trigger Event
Service Level Agreement (SLA)
Soft Selling
Top Of The Funnel (TOFU)
VP of Marketing
VP of Product Marketing
VP of Sales
Weighted Sales Pipeline

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