Opportunities

Last Revised:      Written by Veloxity CRM    Time Estimate: About 5 minutes to read. Version 2.0


Contents


What are Opportunities?

Definition

An Opportunity represents a potential sale to a qualified prospect that you are working to close.

Opportunities are often related to Accounts and Contacts.

How can I use Opportunities?

Opportunities track and manage the data related to individual Opportunities. 

Where can I find Opportunities?

Opportunities are found on the Main Menu.  Click Opportunities to access Opportunity features.

Navigating Opportunities

You are looking at a screenshot of Opportunity Record Features: 

Figure 1. Opportunity Record Features. 

How can I use Opportunities? 

How can I Add Opportunities?

Add Opportunities from the Main Menu

You are looking at a screenshot demonstrating how to Add an Opportunity from the Main Menu: 

Figure 2. Adding an Opportunity from the Main Menu.


Add Opportunities from the Hub

You are looking at a screenshot demonstrating how to Add an Opportunity from the Hub: 

Figure 3. Adding an Opportunity from the Hub.


Add Opportunities from the Opportunity Kanban

You are looking at a screenshot demonstrating how to Add an Opportunity from the Opportunity Kanban:

Figure 4. Adding an Opportunity from the Opportunity Kanban.

Automatically Create an Opportunity from a Lead

If your company uses Lead Records, Opportunities are automatically added to Veloxity CRM when you click Create Opportunity:

Create Opportunity is used to convert a Lead into an Opportunity. Create Opportunity automatically creates and links an Opportunity Record, Contact Record, and Account Record (depending on your business transaction type).

You are looking at a screenshot demonstrating how to Create an Opportunity from a Lead Record:

Figure 5. Creating an Opportunity from a Lead Record. 

How can I Edit Opportunities? 

On the Main Menu, select Accounts > List All Opportunities > directly edit Opportunity data in the table format > Save

You are looking at a screenshot demonstrating Editing Opportunities on the Opportunity Table:

Figure 6. Editing Opportunities on the Opportunity Table. 

How can I Delete Opportunities?

On the Main Menu, select Opportunities > List All Opportunities > click the row number(s) of the Opportunities to be deleted > Delete

You are looking at a screenshot demonstrating Deleting Opportunities on the Opportunity Table:

Figure 7. Deleting Opportunities on the Opportunity Table.


How can I Search Opportunities? 

Quickly find the information you need using Quick Search, Advanced Search, QBE, or Filter.

See Search for more information.

How can I use Opportunity Records?

What is an Opportunity Record?

Opportunity Records allow you to quickly access detailed information about your Opportunities in a simple visual format:

  • Details / Quote Maker / Files
  • Opportunity Size
  • Opportunity Stage
  • Activities
  • User / Group Roles
  • Linked Records Panel
  • Timeline
  • Contact Roles

How can I use Details / Quote Maker / Files Tab?

How can I use the Details Tab?

Click the Details Tab to access Account Details such as billing address, shipping address, and forecasted revenue.

Understanding Standard Fields on Opportunity Details

Name Description
Opportunity Name Name of the Opportunity in this record.
Opportunity Type Designates whether this is a new customer, or an existing customer with a new sale or upgrade.
Probability Likelihood of winning this Opportunity (expressed as a percentage).
Forecast Amount Amount of sale forecasted.
Actual Amount The actual amount of revenue won or lost.
Close Date

Date the Opportunity closed.
Won or Lost The Opportunity resulted in a sale (Won) or did not result in a sale (Lost).
Next Step The next activity to be completed in the sales process.
Exclude from Forecast Exclude this Opportunity from the sales forecast.
Stage The Opportunity's current stage in the sales pipeline.

How can I use Quote Maker? 

Quote Maker is a robust Quote management tool enabling you to create and send quotes directly from Veloxity CRM.

See Quote Maker for more information.

How can I use the Files Tab? 

Click the Files Tab to link, view, and annotate files related to this data record.

Visit Working with Files for more information.

How does the coin symbol visualize Opportunity Size?

The coin icons quickly visualize Opportunity Size and Opportunity Status:

Opportunity Size

The number of filled coin icons offer an at-a-glance visualization of the relative size of the Opportunity measured against all of the Opportunities for which you are an owner in the Veloxity system.

Notice how the three colored coins allow you to quickly visualize that this is a larger Opportunity.

Mathematically, this particular Opportunity is greater than 50-75% of all of your Opportunities based on potential revenue at close. 

You are looking at a screenshot demonstrating how to Use the Coin Icons to Visualize Opportunity Size: 

Figure 8. Using the Coin Icons to Visualize Opportunity Size.


Opportunity Status

The color of the coin icons reflect the Opportunity status. 

  • Gold Coin: Open Opportunity
  • Green Coin: Opportunity Won
  • Red Coin: Opportunity Lost

You are looking at a screenshot demonstrating how to Use the Color of the Coin Icons to Visualize Opportunity Status: 

Figure 9. Using the Color of the Coin Icons to Visualize Opportunity Status. 

How can I use Sales Stages? 

Sales Stages represent the steps your organization takes to move an opportunity through your sales pipeline to closing the sale.

Use Sales Stages to track your Opportunities' progress through the sales pipeline.

The following are the default Sales Stages. Your system may show different stages depending on your sales process:

  • Qualify
  • Needs Assessment
  • Perform Demo
  • Proposal
  • Negotiation
  • Closed

How can I use Probability?

Sales Stage Probability is the probability an Opportunity will close, bringing in the Forecasted Amount, at each Sales Stage.

Setting accurate Sales Stage Probabilities is important. The accuracy of the Forecast depends on how closely the numbers used in the Forecast align with the numbers in the actual closing data.

When enabled by your Veloxity CRM administrator, you can edit the Sales Stage Probabilities on your individual Opportunities. 

Enter the Probability that your Opportunity will close at the Forecasted Amount.

You are looking at a screenshot demonstrating Sales Stage Probability on an Opportunity Record: 

Figure 10. Sales Stage Probability on an Opportunity Record.

How can I use Exclude from Forecast?

Click the box Exclude from Forecast if you do not want to include this Opportunity in the Sales Forecast.

For example, you may need to exclude all renewal opportunities from your sales forecast.

Or, perhaps, an Opportunity is stuck in a sales stage for too long. You may need to exclude this Opportunity from your sales forecast to prevent bloating.

How can I use Linked Records?

Linked Records are individual data records that show up as a link in the Linked Records Panel. Linked Records visually connect related data to a single record view without duplicating information. 

Visit Linked Records for more information.

How can I use User Roles (Show/Update Roles)?

User / Group Roles grant record-level privileges to users in Veloxity CRM. These roles determine what information a user can view, and what actions the user can perform, with the data.

Record-level privileges include actions such as viewing, editing, and deleting data records.

Visit User Roles for more information

How can I use Activities?

Activities enable you to plan, document, and record your sales related communications and actions. 

Visit Activities for more information.

How can I use Timeline?

Timeline collects and displays information about recent activities and field changes related to your data records. 

Visit Timeline for more information.

How can I use Charts?

Charts can help you optimize your sales process. Charts are powerful tools to analyze your data, find patterns, track goals, and gain insights into your sales process.  Charts are quickly customized to visually answer complex questions, at any time, in real-time detail.

Visit Charts for more information. 

How can I use Contact Roles?

Contact Roles are located in the Opportunity Record, not the Contact Record. This allows you to create the Contact Role that best aligns with each particular Opportunity.

See Opportunity Contacts for more information.

How can I use Merge with Other Opportunity?

You may find that you have duplicate records in your Veloxity CRM system. Perhaps two or more of the same Opportunities have been entered into your system. Quickly merge these duplicate records using Merge Records.

Merge Records will guide you through a process of selecting which information you wish to keep and which information you wish to remove.

Visit Merging Data Records for more information.

Merge Records is located in the upper right hand corner of an Opportunity Record.

You are looking at a screenshot demonstrating how to Merge with Other Opportunity:

Figure 11. Merge with Other Opportunity. 

How can I use Opportunity Tables?

An Opportunity Table displays all of your Opportunity Records in a table format.

Opportunity Tables are found on the Main Menu under List All Opportunities.

Visit Using Data Tables for more information.