This ability area outlines the processes and activities required to identify, manage, develop and close the right sales opportunities. For a selling organization to execute effective sales and marketing campaigns, track leads and opportunities, establish budgets, assign tasks, and manage campaign responses, they must have a common language and approach to identifying opportunities.
For the selling organization to efficiently turn opportunities into recognized revenue (through closing a sale) they must be able to synchronize to the buying organization and facilitate the buying experience of each individual buyer. That means they must identify the right profile of the "best" customer. In order to create new opportunities from the existing account base, the selling organization must effectively service their existing customer, gather referrals, and identify ways to expand the relationship.
Negotiation involves two or more parties, who each have something the other wants, reaching an agreement through a process of bargaining. This ability requires that the salesperson understand this exchange. More importantly, the salesperson must have the confidence and the ability conduct negotiations and achieve a win-win outcome that is mutually beneficial. To accomplish this, they will need to have the basic knowledge needed to succeed in business, as well as the proper preparation and confidence. Understanding negotiation requires devising a strategy, making concessions, understanding what to do when negotiations breaks down.
All of these activities cover the entire experience of the buying organization. Therefore, opportunity management is a key ability area for the entire length of the UPSA Customer Satisfaction and Loyalty Model (CSLM). This experience begins with the initiating stage of the CSLM and the ability to manage opportunities and track initial marketing campaigns and responses. It then moves into the communicating stage with the ability to manage access to information and history on their customers, facilitate the sale, and manage internal activity around the opportunity.
Highly competent sales professionals understand how to identify, manage, develop, and close the right sales opportunities. To do this, they're experts at opportunity planning, territory management, opportunity development, and closing. Salespeople must understand the processes concerned with providing top-notch service to buyers to ensure repeat business and a solid sales reputation. The goal is to develop the ability to identify, manage, develop, and close the right sales opportunities for your organization.
Sales forecasting is easier to accomplish if the selling organization has a common language and approach to apply to opportunities. Key areas such as reviewing sales pipelines, determining a good versus bad opportunity, provide consistent, accurate forecasts view and view opportunities at salesperson and management levels (i.e. a sales funnel). This ability area allows the selling organization to share vital business information internally as well as externally throughout the entire lifecycle of the customer (and therefore the Customer Satisfaction and Loyalty Model).
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Focus Area: Opportunity Management