Definition
In a sales context, an opportunity (or sales opportunity) is a qualified prospect who has been vetted and is now actively being engaged by an Account Executive with a high probability of becoming a customer. It is the stage that comes after a Sales Qualified Lead (SQL) is accepted. An opportunity is typically created in a CRM to track all interactions, progress, and the potential deal value as it moves through the sales pipeline toward a close.
Examples
- From SQL to Opportunity: An SDR conducts a discovery call with a lead and confirms they meet the BANT criteria. The lead is then converted into an opportunity in the CRM, assigned to an Account Executive, and a demo is scheduled.
- In the Pipeline: An opportunity in a CRM might be at the « Proposal Sent » stage with a potential value of $50,000 and a 60% probability of closing.
- Upsell Opportunity: An Account Manager identifies a need for an additional service with an existing customer. They create a new opportunity in the CRM to track this specific upsell deal.
Advantages/Benefits of Managing Opportunities
- Accurate Pipeline Management: Treating opportunities as distinct records allows for a clear and organized view of all active deals the sales team is working on.
- Improved Sales Forecasting: By assigning a potential value and a close probability to each opportunity, sales leaders can generate a reliable forecast of future revenue.
- Focused Sales Efforts: Helps Account Executives prioritize their time on the most valuable and winnable deals in their pipeline.
- Historical Data: Provides a track record of past deals (both won and lost), which can be analyzed to improve the sales process over time.
Related terms
- Sales Pipeline
- SQL (Sales Qualified Lead)
- CRM (Customer Relationship Management)
- Sales Forecasting
- Deal
- Closing Rate
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