Opportunity Creation Policy
1. Opportunity Creation Policy Summary [TL;DR]
Opportunities move from Create to Qualify based on engagement and interactions.
Close dates for Qualify stage opportunities are validated for accuracy.
Create stage duration must not exceed 30 days, with exceptions requiring approval.
Viable opportunities progress to a cadence; non-viable ones are Close Lost.
Clean data ensures accurate reporting, highlighting top performers and driving success.
2. Policy for Opportunity Creation
2.1 Measuring Create Stage to Qualify Stage
- The transition from Create Stage to Qualify Stage must be based on substantial engagement and interactions with potential buyers.
- Quantitative and qualitative measures will be used to assess this transition accurately.
2.2 Timeframe and Validation of Close Dates
- Opportunities moving to the Qualify stage must have close dates that are meticulously validated.
- Close dates should reflect the expected timeframes for potential deals to be concluded.
2.3 Time Limit in Create Stage
- Opportunities in the Create stage are not allowed to exceed a duration of 30 days.
- Exceptions can be considered based on justifiable reasons, subject to approval by sales leadership.
2.4 Handling Good vs. Bad Opportunities
- Opportunities demonstrating strong potential should be advanced to a cadence for further nurturing and engagement.
- Opportunities lacking viability or buyer interest should be marked as Close Lost, allowing resources to be allocated more effectively.
2.5 Importance of Data Accuracy for Reporting and Analysis
- Accurate and timely data entry is essential for reliable reporting to leaders and executives.
- Clean data facilitates the illustration of pipeline creation effectiveness and aids in decision-making.
3. Guidelines for Representatives
3.1 Tailoring Approach to Rep's Personality
- Sales representatives are encouraged to customize their engagement strategies to align with their own personalities.
- Adapting the approach can enhance rapport and connection with potential buyers.
3.2 Incentives: Benefits of Clean Data
- Sales representatives are motivated to maintain clean and accurate data.
- Clean data enables the creation of success stories that highlight top performers and their achievements.
4. Understanding Opportunity Stages
4.1 Create Stage ($0 Deal)
- The Create stage signifies the initial phase with no prior engagement with potential buyers.
- The primary focus of this stage is lead generation and the initiation of contact.
4.2 Qualify Stage
- The Qualify stage involves comprehending the buyer's needs, goals, and assessing the suitability of our product or service.
- The interaction count during this stage is generally expected to range between 6 to 9.
4.3 Develop Stage
- In the Develop stage, the objective is to identify a potential solution fit based on a deep understanding of the buyer's objectives.
- Interactions during this stage usually range between 5 to 7.
4.4 Prove Stage
- During the Prove stage, the buyer acknowledges our product or service as a solution fit.
- Detailed demonstrations and collaboration with sales engineers occur in this stage.
- The interaction count in this stage typically ranges from 3 to 6.
4.5 Negotiate Stage
- The Negotiate stage occurs when the buyer expresses an intent to move forward.
- Efforts during this stage are focused on securing necessary approvals, budget considerations, and committee endorsements.
- The interaction count in this stage is generally expected to range between 1 to 3.
5. Buyer Feedback in Prove and Negotiate Stages
- The Prove and Negotiate stages are heavily influenced by the feedback provided by the buyer.
- Incorporating buyer input into the process is crucial to support their decision-making journey.
6. The Pendulum Concept
- The Pendulum Concept metaphorically represents the progression through sales stages.
- This visualization aids in tracking and guiding potential customers through each stage with intention and accountability.
7. Conclusion
This Opportunity Creation Policy underscores the significance of consistent and accurate opportunity management, tailored engagement, and buyer feedback incorporation. Adhering to these guidelines not only improves individual performance but also contributes to the overall success of our organization by driving revenue growth and fostering positive customer relationships. This policy serves as a foundational document to be followed by all sales personnel and stakeholders.