Who is this manual for: Administrators and Sales Managers with the access permissions to Opportunity Management!
Opportunity Management in SIX ERP is a versatile tool crafted to accommodate the varied sales processes within a single sales team, showcasing its adaptability to different types of sales workflows. A pivotal aspect of leveraging this system effectively lies in the proper setup of opportunity pipelines, which are crucial for streamlining sales activities and enhancing the management of sales opportunities. Given the diverse sources of requests that can lead to sales opportunities, SIX ERP allows for the creation of multiple pipelines, each tailored to the specific nuances of these sources. To ensure that these pipelines function efficiently and align with the unique sales processes of your team, a meticulous configuration process is essential. This process involves three critical stages: setting up sources to track where opportunities originate, establishing pipelines to categorize these opportunities based on their source or nature, and defining stages within each pipeline to reflect the progression of an opportunity from initiation to closure. By carefully configuring each element, SIX ERP's Opportunity Management becomes a powerful ally in optimizing sales strategies and achieving business objectives.
In the context of opportunity management within systems like SIX ERP, "Sources" refer to the origins or channels through which sales opportunities are identified or generated. These sources play a crucial role in tracking how potential leads enter the sales pipeline and can include a variety of channels such as direct inquiries, marketing campaigns, website visits, referrals, social media, events, and more. By setting up and identifying different sources within the opportunity management system, businesses can:
Tailor Communication and Follow-up: Understand the best ways to engage with prospects based on the initial touchpoint. For instance, leads coming from a specific marketing campaign might require different follow-up actions compared to direct inquiries.
Measure Effectiveness: Analyze which sources are generating the most valuable leads or the highest number of conversions. This helps in allocating resources more effectively and optimizing marketing and sales efforts.
Customize Sales Approach: Different sources may signify different levels of prospect awareness or interest. Recognizing the source helps in customizing the sales pitch or approach to better address the potential customer's needs or questions.
Forecast Sales and Plan Strategies: By tracking the performance of various sources over time, businesses can forecast sales more accurately and plan future sales and marketing strategies to target the most productive channels.
To set up Opportunity Sources navigate to Setup > Opportunities > Sources from the left navigation bar.
Click the "NEW SOURCE" Button and follow on-screen instructions. To finalize adding a new Source, click the "SUBMIT" Button to permanently store it.
In summary, sources in opportunity management provide valuable insights into the origin of sales leads, enabling more strategic, tailored, and effective sales processes. Properly setting up and managing these sources is essential for maximizing the efficiency of the sales pipeline and enhancing overall sales performance.
In the realm of opportunity management, "Pipelines" represent a systematic and visual way of tracking the progress of sales opportunities from their inception through to the final sale or closure. A pipeline organizes these opportunities into sequential stages, reflecting the journey a potential customer takes as they move closer to making a purchase or decision. This concept is integral to sales and CRM (Customer Relationship Management) systems like SIX ERP, where it serves several vital functions:
Structured Sales Process: Pipelines provide a structured framework that outlines the typical path leads follow, from initial contact to successful conversion. This structure helps sales teams understand what needs to be done at each stage to advance an opportunity to the next level.
Visibility and Tracking: By visualizing sales opportunities within a pipeline, teams gain immediate insight into the volume of deals at various stages, potential bottlenecks, and the overall health of the sales funnel. This visibility is crucial for effective sales management and forecasting.
Performance Analysis: Pipelines allow for the analysis of how well different segments of the sales process are performing. Sales managers can identify stages where leads tend to drop off or take longer to progress, enabling targeted improvements to the sales strategy.
Customization to Sales Processes: Recognizing that different products, services, or market segments may have unique sales cycles, modern CRM systems allow for the creation of multiple pipelines. This customization capability ensures that the sales process is accurately represented and managed for different types of opportunities.
Efficient Resource Allocation: By understanding where opportunities are concentrated within the pipeline and where the greatest potential for revenue lies, businesses can allocate their resources more efficiently, focusing efforts on the most promising deals.
To set up Opportunity Sources navigate to Setup > Opportunities > Pipelines from the left navigation bar.
Click the "NEW PIPELINE" Button and follow on-screen instructions. To finalize adding a new Pipeline, click the "SUBMIT" Button to permanently store it.
In the context of SIX ERP, pipelines need proper setup to function effectively. This includes defining the stages each opportunity will pass through, which might vary depending on the source of the opportunity or the nature of the sales process. Properly configured pipelines are a cornerstone of efficient opportunity management, enabling sales teams to navigate and optimize their sales processes within the same sales team, even when dealing with different types of sales activities.
In opportunity management, "Stages" are defined steps within a sales pipeline that represent the key milestones or moments in the sales process. Each stage reflects a specific level of engagement or progress toward closing a sale, from initial contact to final conversion. The concept of stages is fundamental to structuring the sales process, allowing sales teams to categorize and monitor the progress of opportunities as they move through the pipeline.
Stages are designed to be sequential, guiding a potential opportunity from one key activity to the next, with each stage bringing the sales process closer to a win.
For instance, stages in a generic sales pipeline for the Services or Software as a Service (SaaS) Industry might include "Qualified to Buy," "Contact Made," "Presentation Scheduled," "Proposal Made," "Appointment Scheduled," and "Converted." These stages collectively map out the journey an opportunity takes from first being identified as a potential sale to finally making a purchase.
Combining stages with pipelines is a strategic approach to opportunity management for several reasons:
Customization to the Sales Cycle: Different sales processes or customer segments may require distinct stages. Customizable stages within pipelines allow for a tailored sales approach that accurately reflects the unique steps of each process.
Visual Tracking and Management: Stages within pipelines can be color-coded for easier visual recognition, making it simple for sales teams to assess the status of various opportunities at a glance. This visual aspect enhances the ability to manage and prioritize sales efforts effectively.
Analytical Insights: By analyzing how opportunities progress through different stages, sales managers can identify patterns, bottlenecks, and efficiencies within the sales process. This insight is crucial for continuous improvement and strategic planning.
Efficient Communication and Alignment: Clearly defined stages ensure that all team members understand the current status of an opportunity and what actions are required to move it forward. This alignment is vital for coordinated sales efforts and efficient use of resources.
To set up Opportunity Sources navigate to Setup > Opportunities > Stages from the left navigation bar.
Click the "NEW STAGE" Button and follow on-screen instructions. To finalize adding a new stage, click the "SUBMIT" Button to permanently store it.
The combination of setting up sources, defining pipelines, and outlining stages constitutes the complete setup of an opportunity pipeline. This comprehensive framework allows for a structured, systematic approach to managing sales opportunities, providing the tools needed for sales teams to track progress, analyze performance, and ultimately drive sales growth. Through this structured approach, SIX ERP's opportunity management system adjusts to different sales processes within the same sales team, catering to the diverse needs of businesses in managing their sales opportunities.