What Makes a Sales Opportunity?
A sales opportunity is a qualified lead deemed a potential sale by the sales team. The criteria for what makes a lead a qualified opportunity varies from company to company. Still, it generally involves discussing the prospect's budget, authority, need, and timeline. Once a lead has met the criteria for being a qualified opportunity, the sales team will begin actively working with them to close the sale.
How Are Sales Opportunities Identified?
This process involves assessing a lead's fit for the product or service sold and their likelihood of purchasing.
Sales teams typically use various techniques to identify sales opportunities, including:
- Lead Scoring: Lead scoring is a system used to rank leads based on their potential to become customers. Leads are assigned scores based on their engagement with marketing materials, company size, and job title.
- Sales Development: Sales development involves reaching out to leads to determine their level of interest in the product or service being sold. This process can involve email campaigns, phone calls, and other forms of outreach.
- BANT Criteria: Budget, authority, need, and timeline. These criteria assess a lead's fit for the product or service being sold and their potential to purchase.
Sales opportunities are a crucial part of the sales process, representing potential sales that have been qualified and deemed likely to purchase. Identifying sales opportunities involves lead qualification techniques such as lead scoring, sales development, and BANT criteria. Once identified, sales opportunities become a key stage in the sales funnel, with the sales team focusing on closing the sale. Understanding sales opportunities and their significance in the sales funnel essential for sales success.