- You'll need CRM Admin rights in order to follow the steps in this article
- It's useful to have Identified your Sales Model first, before reading this article
Why do we need to set these up?
Whether you're managing a new business sale or a repeat business deal with a long-term customer, Opportunities in Prospect CRM help your whole team keep track of its progress.
By setting up Opportunity Pipelines, customer-facing teams can manage every sale in an efficient, logical manner. This not only ensures everyone follows a predefined process during a sale, but it enables you to identify why some sales fall through the net (and at what stage), as well as where you had successes - in turn, helping you refine and improve your process going forward.
What are Opportunity Statuses & Opportunity Pipelines in Prospect CRM?
These represent the key stages that happen (or could happen) when managing an opportunity. For example, your first Status may be 'Enquiry' and the next could be 'Meeting Booked', then finally having either 'Sold' or 'Lost' as your closing Status within an Opportunity Pipeline.
Opportunity Statuses need to be set up first, before we can slot these into your Pipelines.
Opportunity Pipelines are essentially funnels or journeys which should depict your sales opportunity process. When you set these up, you can choose the order in which your Statuses should appear for each Pipeline, so that your teams take the right actions in the right order.
Note: lots of Prospect CRM customers have more than 1 Opportunity Pipeline, especially if they have different types of sales processes which require a different approach. So, it's important to think about the types of Statuses you want, and the types of Pipelines you'll need.
How do I set all of this up?
Step 1: Navigate to Settings Centre
First, let's configure your Opportunity Statuses. Start by clicking on the settings icon in the bottom left-hand corner of the CRM.
Step 2: Go to Sales in Settings
Once within the Settings Centre, navigate to the Sales page and scroll down until you reach the Opportunity Status configure option.
Step 3: Configure Opportunity Statuses
By clicking on the 'Click to Configure' link, the Configure Opportunity Status window will open. To add in a new Opportunity Status, click on the plus on the right-hand side.
Step 4: Add Opportunity Status Details
You'll then be asked to give the new Opportunity Status a Description. Make sure this is as relevant as possible for all CRM users, and that is a good description of what this Status should be used for. e.g. 'Enquiry' or 'Push For Close'.
Then, click 'Create'.
Step 5: Choose Additional Preferences
Now you've created one of your Opportunity Statuses, you'll need to choose some additional preferences for this Status by clicking the pencil icon next to the newly added Status.
The below side panel will appear with some additional drop-down menus for you to configure.
- Recall Required: In the CRM you can ensure users take ownership of a record by setting them a Recall at a particular Status in the Pipeline.
- Closed State: If this Status is going to be a closed Status, such as 'Sold' or 'Lost', then ensure this is selected.
- Status Outcome: For reporting purposes, you can choose whether the status is a positive, neutral or negative outcome. For example, a Status of 'Lost' may be a negative outcome, whereas a Status of 'Won' may be a positive outcome.
- Allowing Editing: You can choose whether the Opportunity, once in this particular status, can be edited, read only or only admin users can edit.
- Obsolete: If you no longer need a Status, you can choose to mark it as 'Obsolete', meaning users will no longer be able to choose this Status from the drop-down.
- Status Detail: Status Detail can be helpful when further clarifying the current status. For example, a status of 'Lost' doesn't really explain why this Opportunity fell through, so you may have a Status Detail options including 'Lost to Competitor', 'Lost due to price' etc.
Once happy with your amendments, click away from the side panel and your changes will be saved automatically.
You'll need to follow this process to create every single Status.
Now, we need to add your Opportunity Statuses to an Opportunity Pipeline!
Step 6: Go to Settings Centre
Click on the settings icon in the bottom left-hand corner of the CRM.
Step 7: Navigate to Sales in Settings
Once within the Settings Centre, navigate to the Sales section and scroll down until you reach the Opportunity Pipelines configure option.
Step 8: Configure Opportunity Pipeline
By clicking on the 'Click to Configure' link, the Configure Opportunity Pipeline window will open. To add in a new Opportunity Pipeline, click on the plus icon in the top right-hand corner of the screen.
Step 9: Add Opportunity Pipeline Details
You'll then be asked to give the new Opportunity Pipeline a Description. Make sure this is relevant to the sales opportunity that the pipeline will be used for. Once happy, click 'Create'.
Step 10: Add Statuses
Now you've created the Opportunity Pipeline, you'll need to add in the required Statuses that you created earlier by clicking on the pencil icon.
This will then open a side bar where you can make various edits to your new Opportunity Pipeline. To add in the required statuses, click on the plus icon on the right-hand side of the Status heading.
You'll then be presented with a list of all the active Statuses that you currently have configured within the CRM. Here, you can select the Statuses you wish to add to the Opportunity Pipeline by simply ticking the boxes next to them.
Once happy with your choices, click 'Update'.
Step 11: Re-order your Statuses
Once your Statuses have been added, you can then drag and drop the statuses into the desired sequence (the Status at the top of the list will be the first to appear in the Pipeline).
Step 12: Set up Closing Statuses
Finally, you'll need to add in your your closing Statuses by clicking the plus icon on the right-hand side of the 'Closing Status' section.
You'll then be presented with a list of all the closing Statuses already configured within the CRM. Again, select the closing Statuses you wish to add to the Opportunity Pipeline by simply ticking the boxes next to them. Click 'Update' once happy with your selection.
You're all set! You've now created Opportunity Statuses and added these into a new Opportunity Pipeline! Customer-facing teams can now use these when managing a sales opportunity!