Working with Opportunities

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An Opportunity represents a qualified contact or company that you may do business with. They’ve spoken to your sales team, expressed interest in continuing the conversation, and maybe even agreed to hear a sales pitch or look over a proposal.

Opportunities often start as Leads, but have passed your internal qualification process and have graduated into a legitimate opportunity to make a sale or close a deal.

You can access your Opportunities and Pipelines by clicking the Opportunities icon Screen_Shot_2019-08-26_at_2.00.02_PM.png in the left panel.

In this article we'll look at Opportunities in detail, and cover the following topics:

What are Opportunities?
Why and How you should use Opportunities
Tips for Customizing and Using Opportunities
Understanding Won, Lost, and Abandoned Statuses
Creating and Importing Opportunities

What are Opportunities

An opportunity is any kind of business development effort you’d like to track. It can be a service, or a physical good. Generally, it is the opportunity you have to bring in revenue to your business.  

Each opportunity is moved through a series of business stages that you can create yourself to match the defined sales process of your business. These business stages are collectively called a Pipeline

As you go through your sales or project process, you will move your opportunities through each stage of your pipeline, until you reach the end of the business stages and the opportunity is marked won, lost, or abandoned. 

Copper allows you to create your own customized process and visually move your opportunities through each stage, allowing you to see how much is in the pipeline and take action accordingly. 

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Why should I use Opportunities?

  • Organization -- Opportunities creates consistent processes, leverages best practices from your top performers, and is a great visual representation of this aspect of your business.  
  • Transparency -- The Opportunities section acts as a single source of truth to identify bottlenecks and low performers within your team; it ensures everyone is on the same page and accountable to each other.
  • Reporting -- Tracking and storing data is integral to forecasting revenue and managing performance of your team as you grow. 
  • Knowing Next Steps -- Using pipelines to track deals helps you to identify where in the process your revenue is sitting which in turn helps you to understand what needs to be done to keep up momentum. 

How should I use Opportunities?

The way you use the Opportunities section will be highly dependent on the nature of your business. 

You should use your opportunities to help you keep track of important information regarding your potential deals.

What is the business deal you hope to close? Is it placing a job-seeker in a position? Soliciting a donation? Making a sale? Write down your answer to this question before you set out to create opportunities.

An opportunity can represent the sale of a product, billing associated with services, or even an activity with no direct monetary value like increasing your press coverage. 

Your process could be simple, having only 3 stages of pipeline from Identified to Closed, or it could be complex where it moves to a different pipeline once you close the first pipeline. 

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Tips for using Opportunities

  • Always store your important data, such as:
    • Projected Close Date
    • Projected Revenue
    • Primary Contact/Decision Maker
    • Relevant Files -- these can be stored directly on the Opportunity, Google Drive, or Dropbox.  
  • Make use of the create custom fields to tailor your opportunity to your business needs. You can use drop-down boxes to set up fields such as: 
    • Product Selections
    • Renewal Dates
    • Additional Monetary Values (ARR vs MRR)
  • Set tasks for the next steps that you need to do to progress through the stages of your opportunity. Your tasks can also be related to other records.


    Customization

  • You can customize the look of the opportunity cards that display on your pipeline by choosing which pieces of information are displayed, and in what order.
    1. To customize opportunity cards, click the settings icon in the upper right corner of your pipeline and select “Opportunity Card Fields”
    2. Click each drop down and choose which data fields display on your opportunities.
    3. Click save when your finished. Please note that the opportunity title will always be displayed first. 

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Understanding Won, Lost, and Abandoned Statuses

As you move your opportunity through your pipeline, you will reach the end of your process and will mark your opportunity as won, lost, or abandoned. 

  • Won indicates that your opportunity was a success and you were able to complete your opportunity by closing the deal or making the sale. Add a closing date to indicate when you were able to complete your deal. 
  • Lost indicates that the opportunity was not completed and did not move forward. Select a loss reason, and change the close date to today to keep your reporting accurate. 
  • Abandoned indicates that your opportunity is in a limbo state; this is usually because your customer has asked you to put a hold or delay the timeline for the opportunity. You will normally have a related task to follow up with this customer at a later date. 

Marking your opportunities with the proper status will make your reporting much more accurate as you’ll be able to filter out abandoned opportunities so they don’t affect your won or lost reports. It will also make your Pipeline more clean and manageable, as you'll only be viewing the deals you're actively working.opp_change_status.gif

Creating an Opportunity

You can create opportunities in one of two ways: 

  1. Adding a single opportunity at a time
  2. Importing Opportunities from another source 

Each method is accessible by clicking the blue ADD NEW button at the top of the Opportunities section. 

Adding a New Opportunity

  1. Click the ADD NEW button. A drop-down menu will appear. 
  2. Select Add Opportunity. A new dialog box will appear. 
  3. Fill out as much information as you have in the Add a New Opportunity dialog box. The only required fields are the Name and Primary Contact fields, all other blank fields are optional. 
  4. Once you’ve finished filling out all the information you’ve gathered, click the Save button in the bottom right corner of the dialog box. 

Importing Opportunities

For instructions on importing, please view our documentation on How to Import Data into Copper, How to Import Data from Excel or CSV or How to Import from Google Contacts.

 

Still have questions?

Ask in our Community, and get answers from our Customer Success Team as well as fellow users.

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