Opportunities, potential sales, are the heart of the Sales process. Opportunities are tracked and shown in the Sales Pipeline. If your organization requires lead qualification, most, if not all of your opportunities will come from leads. If your company doesn't require lead qualification you can create an opportunity directly. Choose Sales then Opportunities to open and view the Opportunities list. Click New to create a new opportunity.
- [Narrator] Opportunities are the heart of the sales process in Microsoft Dynamics CRM. Each opportunity represents a potential sale to a specific customer. Not the idea of a sale to somebody, but a sale that is very, very specific. And because of that, when we create an opportunity, that opportunity is added to the sales pipeline. And the sales pipeline consists of nothing but opportunities.
The sales pipeline is tracked, and it is analyzed, and when the sales team makes projections about sales for the coming quarter or the coming year, those are the aggregate of the opportunities. Because we are tracking and analyzing information about opportunities, we can harvest a great deal of knowledge about our sales, about our customers and their preferences for our products, all because we are tracking information about sales opportunities.
Remembering that Microsoft Dynamics CRM is almost always customized, there are still core fields that sit at the center of opportunities, and most organizations will use these. First, we have topics. Remember that most opportunities are created by qualifying a lead, and that lead had a topic. That topic then is ported over to the opportunity. And so, when we are creating leads, it's important that we have topics that make sense, because they are going to stay with us for a long time.
Next we have customer information, and depending on how your organization views customers, this could be a contact, or this could be an account. Each opportunity has a status. Initially, when it's created, the status is open. But as we take the opportunity through the sales process, we will eventually get to the point where either the opportunity has been lost or the opportunity is won. For most organizations, opportunities have to have estimated revenues.
If you don't have an estimated revenue and an estimated close date, the lead would never have been qualified. But there are some organizations which will allow opportunities where the revenue or the close date is not as certain. But that's less usual. If your organization uses leads, and if it requires lead qualification, most of your opportunities will be leads that have been qualified, but you can also create a new opportunity from scratch.
Let's see how you do that. I'm on the Sales Activity Dashboard, and if I wish, I could create a new opportunity right here. I can also create a new opportunity by clicking the New button and choosing Opportunity. I can create a new opportunity by choosing Sales, Opportunities, and clicking the New button here. All of these do the same thing, and I want to create a new record for an opportunity from Gigabox. So I simply want to make sure that Gigabox opportunities don't already exist.
I could sort this on account, and that would be one way to do this, and I could look for Gigabox. Perhaps next page. I could also search if I wanted to. You'll notice no Gigabox, so we're great. I'm going to create a new opportunity, and the topic is 3D Printers. The account is Gigabox. And if this account doesn't exist, I'll be prompted to create it. We have information about the currency that's being used, the sales forecast, probability.
The sales stage here is Qualify, as if I were qualifying a lead, because even though I'm creating an opportunity, we still need that same qualifying information about a time frame, and budget, and so on. So we'll provide the summary information here. I can add stakeholders, which is one way to add contacts. And then if I have a product catalog that is associated with Microsoft Dynamics CRM, one way to be able to add information is to add product line items, and we will return to that in a bit.
Right now I want to save this. And as with leads, by saving the initial fields, the core fields for this record type, we have some other choices. Now, notice I have the ability to add a product line item that I didn't have the ability to add before. So we have products, we have quotes, stakeholders, sales team, and competitors, and across the top we have commands related to opportunities. This is how you create a new opportunity from scratch in Dynamics CRM.
- Viewing personal and team dashboards
- Creating and qualifying leads
- Converting activities to opportunities
- Working with customer service cases
- Managing case queues
- Researching solutions
- Running and exporting reports