Sales
Lead
A Lead represents a potential customer who has shown interest in the products or services but has not yet become a paying customer. Leads are typically individuals or organizations that you are actively pursuing as potential clients.
Key Components:
- Lead Information: Basic details about the potential customer, including name, contact information, and any initial interactions.
- Lead Source: The channel or method through which the lead was generated (e.g., website inquiry, referral, marketing campaign).
- Lead Status: Indicates the stage of the lead in the conversion process (e.g., New, Contacted, Qualified).
Process:
- Lead Capture: Collect information about potential customers through various channels.
- Lead Qualification: Evaluate and qualify leads based on criteria such as interest level and potential for conversion.
- Lead Nurturing: Engage with leads through targeted communication to move them through the sales funnel.
Opportunity
An Opportunity represents a potential sale or deal with a qualified lead. It is a record of a potential revenue-generating transaction with a customer that is being actively pursued.
Key Components:
- Opportunity Details: Information about the potential sale, including the product or service, expected revenue, and proposed timeline.
- Probability: The likelihood of closing the deal, often expressed as a percentage.
- Sales Stage: Indicates the current stage in the sales process (e.g., Discovery, Proposal, Negotiation).
Process:
- Opportunity Creation: Convert a qualified lead into an opportunity when there's a potential for a sale.
- Sales Process: Progress through various sales stages, updating the opportunity details and probability as needed.
- Deal Closure: Mark the opportunity as won or lost based on the outcome of negotiations.
Quotation
Quotations, or quotes, are documents that provide detailed pricing information for products or services offered to a potential customer. They serve as formal proposals and can be generated from opportunities or directly for specific customer requests.
Key Components:
- Product/Service Details: A list of products or services being offered, along with quantities and prices.
- Total Cost: The overall cost of the proposed deal, including any applicable taxes or discounts.
- Validity Period: The timeframe within which the customer can accept the quotation.
Process:
- Quotation Generation: Create a detailed quote based on the products or services associated with an opportunity or a customer request.
- Review and Approval: Internal review of the quotation, ensuring accuracy and alignment with pricing strategies.
- Customer Presentation: Share the quotation with the customer for consideration and negotiation.
Sales Order
A Sales Order is a document that confirms a customer's acceptance of a quotation. It serves as a formal request from the customer to purchase the specified products or services at the agreed-upon terms.
Key Components:
- Customer Information: Details about the customer placing the order, including billing and shipping information.
- Product/Service Details: A comprehensive list of items included in the order, along with quantities and prices.
- Order Total: The total amount payable by the customer, inclusive of any taxes or discounts.
Process:
- Customer Acceptance: Once the customer agrees to the terms outlined in the quotation, a sales order is created.
- Order Fulfillment: The sales order serves as a reference for the fulfillment team to pick, pack, and ship the products or deliver the services.
- Order Confirmation: Confirm the completion of the order, update the inventory, and generate relevant invoices.
These components collectively form a structured sales process, allowing businesses to effectively manage leads, convert opportunities into deals, and streamline the quotation and sales order processes.