How to Select the Best Opportunity Management Software for Your Business
Businesses that want to succeed and expand their selling efforts must have an opportunity management software. Opportunity management software integrates an effective CRM solution to be more effective. The purpose of the CRM solution is to provide precision analytics directly in line with a company's sales process.
The essential key to an opportunity management software is evaluating the risk factors through the entire sales process. In a sales process, we have leads. At some point the lead becomes an opportunity; this is where the opportunity management software comes in. It is because the opportunity has a real potential of becoming a closed sale and this is where the sales force comprehensively uses the opportunity management software. In a sales process, especially when qualifying a lead there are complex steps such as engagement of the key target people, spending time working on the opportunity, and making of presentations. These steps become simple with the use of an opportunity management software.
What are Opportunity Management Software?
An opportunity management software (OMS) is a program that provides the information required for sales leads as well as opportunities. Typically, and opportunity management software will provide a visual interface that organizes specific types of data such as the status of a transaction, past purchases, potential customer identifiers and any other relevant information for the sales team.
An opportunity management software is also a subset of a customer relationship management software. By being part of a CRM software, an opportunity management software helps the sales team to work more intelligently when generating leads, pursuing opportunities and closing sales. The sales professionals through an opportunity management software can have a chance of getting a glance information about the specific preferences of their customers, their overall tendencies, and purchase history.
An opportunity management software also focuses on indicating to the sales professionals where they are heading with a certain individual sales goal. The sales professionals can, therefore, track the deal details and streamline the sales process. There are multiple ways of setting up an opportunity management software. One of the ways is customizing the technology solutions offered by the opportunity management software to requirements of specific clients. The requirements can be based on research, close consultation, and feedback.
An opportunity management software also accurately evaluates the risk factors in a sales process. Some of the risk factors evaluated by an opportunity management software include knowing all the details of your target prospect company such as how they operate, knowing the right employees who are vital to engaging as part of the sales process, understanding the buying process of the target company, and lastly identifying the right questions to ask before investing in time and effort to a particular opportunity. All of these factors are crucial to a company's sales process and should be part and parcel of the activities and tasks that are in the sales process.
What are the types of Opportunity Management Software?
Opportunity Management Software can be broadly classified as Operational Opportunity Management Software,Analytical Opportunity Management Software, and Strategic Opportunity Management Software.
Operational Opportunity Management Software. As the name suggests, an operational opportunity management software enables you to manage the day to day sales, marketing, and customer service operations. It is a common type of an operational management software and popular among businesses. The operational type includes other tools such as marketing automation, service automation, and sales force automation.
Analytical Opportunity Management Software. It makes it easier for the sales professionals to manage the processes of acquiring and retaining customers. It is an ideal type of an operational management software for companies with an aim of collecting and analyzing a large amount of data. The essential functions of the analytical opportunity management software are turning prospects into customers and upselling where possible, keeping current customers satisfied, and tracking of customer interactions. An analytical opportunity management software also provides the information you require to reframe your marketing process and develop better ways of communicating with your targets.
Strategic Opportunity Management Software. It is also called a collaborative opportunity management software. It is designed to improve the experience for the customer. The collaborative opportunity management software streamlines communication between your company and your customers and between various stakeholders and departments. With this type, you also have an ideal platform for uniting all groups to aim only for one goal.
What are the features of Opportunity Management Software?
Opportunity Management is a funnel framework that allows management to evaluate and select opportunities. The Opportunity Management Software helps in Opportunity Management funnel process whereby many opportunities are put in up front and fewer opportunity decisions coming out at the end of the funnel. The features of an opportunity management software enable you to convert opportunities into revenue clients without missing out on any opportunity.
- Opportunity Management. It enables the sales professionals to track the potential sales opportunities through the management of orders, management of pipeline, and management of quote.
- Revenue Pipeline Management. The feature enables you to change over to prompt openings to allow you to successfully deal with your income pipeline.
- Stage Propagation Tracking. It enables you to gauge, quote, and book orders. The feature also enables you to use stage proliferations to change circumstances into income customers without forgetting an opportunity.
- Contact Management. It includes other components such as form field validation and an audit log. The tools provide you with a birds-eye view of customer engagement across all your departments. Contact management feature also enables you to maintain a database of leads containing call history, contact details, history of the contact for future sales campaigns, and activity tracking.
- Sales Automation. The feature allows you to store your customer information in one place. You also have an excellent platform for managing accounts, routing leads effectively, collaborating on sales opportunities, and getting visibility into the sales revenue and pipeline.
- Lead Management. It enables the sales representatives to generate, assign, capture, and nurture leads to the point of conversion.
- Productivity Management. The sales professionals can manage their daily work schedule through arranging of meetings with the potential leads through scheduling of tasks, meeting with potential leads, and managing of documents.
- Analytics. The analytics provide an excellent platform for visualizing sales campaigns in graphs, charts, and dashboards by filtering sales data such as lead conversions and lead generation.
- Integration. An opportunity management software enables you to connect with other systems that have functionalities such as email, marketing, and CRM.
- KPI reporting and measurement. An opportunity management software offers you with an excellent platform for measuring analytics of opportunities performance, ROIs, revenue, and other metrics such as individual performance.
- Security features. They enable you to monitor file permissions and sign-on of sales professionals to allow them to manage confidential data.
What are the benefits of Opportunity Management Software?
Opportunity management, is the complete process of tracking and managing new revenue opportunities from the generation of the opportunity to their conversion into a customer relationship when well-defined and properly implemented provides insight into the effectiveness and efficiency of marketing and sales efforts.
- Boost sales productivity. The software helps you to enhance effective team selling and collaboration making it easy for you to streamline the sales cycle.
- Gain real-time visibility. Having real-time visibility into forecasts and pipeline makes it easy for you to predict sales.
- Boost customer relationships. An opportunity management software provides you with a 360-degree view of the customer along with their financial transactions, sales, and support cases.
- Efficient management of accounts. It helps you to design a holistic view of the accounts together with their contacts and related activities in a single view.
- Optimize the workflow of pipeline opportunities. You have an excellent platform for standardizing the process of your sales and keeping your opportunities moving forward.
- Improve the win rates. With an opportunity management software, you are in an ideal position for seeing what you need to do next to help you boost you're your opportunity win rates.
- Enhance your opportunities insights. The software helps you to focus only on the opportunities that matter the most to your business.
- Easy access to vital customer information. In businesses, there is a continued need for quickly accessing valuable customer information. With an opportunity management software, you can quickly access this valuable information anywhere, anytime, and even when disconnected.
- Analyse performance and diagnose potential issues. An opportunity management software helps to understand the scope of the future revenues and helps you to determine the points where you have to put in additional focus.
- Enhance faster responses. With the help of an opportunity management software, your sales team have an excellent chance of following up customer leads and responding to the customer inquiries.
How to Select the Best Opportunity Management Software for Your Business
Opportunity Management Software facilitate a collaborative and aligned marketing and sales team, which make it possible for Marketing and Sales to manage a predictable, reliable opportunity pipeline with a plan that ultimately produces higher value opportunities and maximizes revenue.
- Price. It plays a huge role in making any buying decisions. It highly depends on the budget and financial situation of your business. By setting the price, you are able to narrow down the list of the opportunity management software you are planning to purchase.
- Ease of usage. The purpose of an opportunity management software is to provide the information required by your sales team to deal with sales. Therefore, it is important that the opportunity management software can be easily used by your sales professionals.
- Scalability. The goal of any business is to grow each year while expanding its employee base. The opportunity management software that you choose should allow you to move it up or down depending on the needs of your business.
- Customization. The opportunity management software is more effective if it can be modified to fit the needs of your business. Even if it's more expensive, it's worth it since a customizable opportunity management software is more attractive to any business.
- Mobility. Businesses currently work on the go, therefore, the opportunity management software should have automatic sync capabilities and offline features. These capabilities enable you to increase the productivity of your staff.
- Web-based or On-Premise. It is true that an on-premise opportunity management software has advantages, however, a web-based opportunity management software makes it easier for your sales team to enter customer information remotely. A web-based opportunity management software is also less expensive and requires small up-front investments.
- Importing and exporting data. The opportunity management software should have features that allow you to import or export data easily from one system to the other. Apart from just allowing you to export and import data, the opportunity management software should be able to support multiple formats such a CSV and Excel.
- Integration. An ideal opportunity management software should allow you to integrate other systems such as accounting systems. By integrating other systems, you have an excellent platform for creating a streamlined approach towards winning opportunities.
- Generation of reports. The opportunity management software should not only generate reports but also provide you with reports that are in a readable format to you and your sales professionals. The reports that the opportunity management software provides should also be comprehensive to help you accomplish your goals.
Here are the trending and the top rated Opportunity Management Software for you to consider in your selection process:
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