What is a sales opportunity, and when do you know it’s not a lead anymore?
There isn’t any individual, universal definition. However, some common controversy deserves to be explained because the concept of an opportunity affects your ability to qualify and your sales process.
Sales automation is an opportunity for a qualified prospect with a greater possibility of becoming a customer. An opportunity should possess a pain point which your service or product can attend to and an interest in the offering. Salespeople should make sure the opportunity is a good fit for what they are selling.
Lead vs Opportunity
A lead is a person who is at the peak of the funnel and is yet to be qualified. For instance, they might have downloaded a piece of content like eBook or a white paper or they were reached out to via a cold call by a sales rep. An opportunity is a prospect that is qualified and with a great chance of closing.
Lead vs Prospect
A lead is a peak of the funnel, unqualified contact. And a prospect is a contact that has passed to be a potential client or customer.
Sometimes there’s a misunderstanding between a lead and a prospect. A lead is contact not qualified, while a prospect is a contact who has been moved into the sales process and is qualified.
So, how can you move leads and prospects to opportunities? Look for these characteristics.
Characteristics All Sales Opportunities Must Share
We can reach an agreement that a lead requires some sort of pain (AKA need) before they can be transformed into an opportunity. People in general purchase to lessen pain, so if the pain isn’t present, there most likely wouldn’t be a high probability of a sale.
However, it’s the sales rep job to locate the pain. Just because a prospect doesn’t openly make the pain known to you out of his or her own will doesn’t mean it isn’t there. To make success in sales, a sales rep require developing the appropriate qualification and skills to make the pain explicit and pull it out of the prospects by inquiring carefully formulated questions.
The next thing to check for is interest. For instance, the prospect may know their problem, but it doesn’t imply they are interested in solving it. Inquire from them how they’ve had the challenge. If they state that it’s been lingering for 20 years, then why would they be interested in solving it now? They’ve housed the problem for a long period without being bothered by it. There is obviously small interest in solving it. Executives must pick and choose their wars, and the most pressing pain will be the first to get solved.
Let’s say you have a prospect with an urgent need and a strong desire to find a solution to the problem. Just one challenge. They operate a three-person organization, and your product is created for businesses with 100+ workers. Does this individual represent a sales opportunity?