The Sales Opportunity metric organizes prospects based on opportunity value and the probability of closing the sale. Each prospect has an estimated purchase value associated with them to help your team prioritize their efforts.
Prospects are sorted according to the likelihood of a win (stage) and the value of a win (estimated value). Each stage may have a weighted value associated with it to demonstrate the probability of making the sale. For example, a prospect rated as "negotiated" may have a weighted value of 0.5 applied to their estimated purchase value. Therefore, a prospect with a "negotiated" stage and an estimated purchase value of $10,000 will have a weighted value of $5,000.
- Stage: Based on the type of contact your sales team has had with the prospect. Stages may include proposal (sales quote sent and received), qualified, or negotiation.
- Weighted value: A multiplier that is applied to the estimated value of a prospect based on the probability of closing the sale.
- Increased value per prospect.
- Increased probability of win for each stage.
- Improving the flow from one stage to the next.
Monitoring Sales KPIs on a Dashboard
Once you have established benchmarks and targets for measuring Sales Opportunities, you’ll want to establish processes for monitoring this and other sales KPIs. Dashboards can be critical in this regard. Read more