Opportunity in Salesforce

 

Hello Friends,

In this Article, we will cover Opportunity object in Salesforce.

Topic Covered:

• What is opportunity
• Lead Vs Opportunity
• Opportunity Stages
• Sales Process
• Configure Sales Path in Salesforce
• Add Product to Opportunities
• Add Schedule to Opportunity Product
• Opportunity Team
• Discuss Data Model – Opportunity, Opportunity Line Item, Schedule, Product, Price Book, Price Book Entry

What is an opportunity?

Opportunities are past or pending sales for an account that you want to work and/or track. Its core objective is to store specific information related to each attempt to close a deal with a potential customer. Using Opportunities, we can forecast sales in an organization.

Lead vs Opportunity?

Opportunity Stages

The Opportunity Stages can be customized to the business process and are meant to provide a progression for your sales team to move an Opportunity from start to finish.

Your stages might look something like this:

• Prospecting
• Discovery
• Proposing/Negotiate
• Closing
• Closed-Lost
• Closed-Won
• Disqualified

Opportunity Stages and Probabilities

Go to object Manager -> Opportunity ->Field and Relationship ->Stage

In Salesforce, each stage links to a percentage probability.

When a salesperson selects an opportunity stage, the deal takes on the pre-defined probability.

Setup Sales Process

Sales process is critical for driving sales. Each business has its own unique sales process having its unique sales lifecycle. Salesforce makes it easy to set up your unique sales life cycle using the feature of Sales process.

The Sales Process is a series of repeatable steps that the sales team can take with a prospect to sell their product. It is a Salesforce term used to determine which opportunity stages are selected when the record types are enabled. And if the record type is not enabled then there is no need for the Sales process.

Go to Setup-> Sales Process

Select the value you want to associate to the new sales process

Go to Object Manager ->Opportunity -> Record Type -> Associate Sales Process to a record type

Configure Sales Path in Salesforce

A path gives reps a visual representation of the stages required for working through a sales process in Salesforce Lightning.

Go to setup ->Enter Path Settings in the Quick Find box, then select Path Settings.

Click Enable, then click New Path.

Enter basic details about your path including Name, Record Type & Picklist. Remember that you can create different path’s per record type so if you use multiple sales processes, Path has got you covered.

You can specify the fields you would like to appear at each stage of the process

Activate the path

Create new opportunity with the record type mentioned in path

Considerations

When you create paths, you decide:

• Which fields and content should appear for your users at each step in the process
• What good advice, helpful reminders, useful links, and best practices to include at each step
• How many different paths to provide to your users. For example, you might provide different paths for inside sales and outside sales
• Which paths to be made available to users.

Now that we have good understanding of sales process and path. Let’s understand about adding product to Opportunity.

Add Product to Opportunity

We don’t actually load product to the opportunity. We add price book entry to the opportunity. We actually add new record called opportunity line item. These OpportunityLineItems are called Opportunity Products in UI.

From the Products related list on the opportunity, select Add Product

Note: One opportunity can have products only from a single price book. So, be very careful when you add your first product because it automatically sets the price book for that opportunity.

Choose the Price Book

You can see the list of all the Price Book created inside Salesforce

Based on Price Book you choose, you see list of products to Add

Select the Quantity, Sales Price, Date, Line Description and click Save

It will be added in the product section of the opportunity

Amount field on the opportunity is total of Quantity * Sales Price. In this case $5 * 34

Schedule

In the earlier article, we got a good understanding of Revenue and Quantity Schedule.

We have two ways to add schedule:

1. To add it inside product record page

1. We can schedule by going to opportunity product related page and click on Establish Schedule

Click on the product associated to the opportunity -> Go to Related -> Click on ‘Establish Schedule’

Choose the type of schedule, schedule types, number of installments.

End Result

Opportunity Team

Account Team is multiple people who work together on a particular account so that they form an account team and they get at least a read access. They also get access to it related opportunities, contacts and cases.

We have a similar concept called Opportunity Team. Multiple people working on an opportunity with the objective is to close the opportunity successfully.

Enable this opportunity team

Go to Setup –> Go for opportunity, team settings

Add to the page layout

Go to Opportunity -> Go to Related -> You will see Opportunity Team

Click on Add Opportunity Team Members Button

Add Team members and click on Save

You will see Team Members

Difference between opportunity team and account team ?

User part of account team automatically gets read access to account. It also controls the visibility on the respective Opportunities, Contacts and Cases

Opportunity team talks about only opportunity.

Default Team

Go to Setting -> Advance User Details -> Default Opportunity Team -> Click Add

Add the member in the Default Team.

Right now Opportunity Team has two members. Now Click on Button Add Default Team

Now you will see Default team member is added along side already existing team members

Conclusion

• Opportunity has many Opportunity Line Items also called as Opportunity Products.

• Each Opportunity Line Item (Opportunity Product) Can have its own schedule

• Opportunity Line Item is the link between opportunity and Price book Entry

Diagram Explaining the relationship:

Tip of the Day

Salesforce is a just a tool designed to take company’s existing business/sales processes, and embed them within its framework. Salesforce on its own won’t make salespeople sell more. Prior to setting up a framework, think how a company would want to treat its Leads and Opportunities. Think from the point of view of company and its customer and then setup process in Salesforce accordingly.

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