Managing Sales Pipeline in NetSuite Through Opportunities
Step-by-Step Guide to Managing Sales Pipeline in NetSuite
Creating a New Lead
Start by logging into your NetSuite account.
Navigate to the lead creation section. Here, you’ll input essential details about your new lead. This information forms the foundation of your sales pipeline.
Converting Leads into Opportunities
- Once your lead is set up, the next step is converting it into an opportunity. This is a critical transition, marking the lead’s progression in the sales pipeline.
- In NetSuite, you can convert a lead by clicking a button or selecting ‘Opportunity’ from a dropdown menu. This action carries over all relevant information from the lead to the opportunity.
Setting Status and Probability
- Every opportunity must have a status and a probability percentage. These parameters are vital for tracking progress and forecasting sales.
- Initially, set your opportunity’s status to ‘Qualified’ and assign a probability, such as 10%. This percentage reflects the likelihood of the opportunity turning into a sale.
Assigning Projected Total
- Assign a projected total value to your opportunity. This figure represents the potential revenue from the opportunity and is crucial for pipeline management.
Updating Opportunity Status
- As you progress with the opportunity, update its status to reflect the current stage. For instance, after sending a proposal, change the status to ‘Proposal’.
- Each status change should correspond with an adjustment in the probability percentage, reflecting the evolving likelihood of a sale.
Observing Pipeline Impact
- NetSuite allows you to view real-time impacts on your projected and weighted pipeline through its dashboard KPI portlets.
- As you update opportunities, watch how these changes affect your overall sales pipeline metrics.
Closing the Opportunity
- When an opportunity reaches the final stage and is successfully closed, update its status to reflect this.
- A closed opportunity should have a probability of 100%, indicating confirmed revenue.
By following these steps, you can effectively manage your sales pipeline in NetSuite. Regularly updating and monitoring your opportunities will provide you with valuable insights, enabling you to make informed decisions and strategize effectively.
Do you have more questions?
Regular updates, ideally after every significant interaction with a prospect, are crucial for maintaining an accurate pipeline.
We recommend going through it on a fortnightly basis.
Yes, NetSuite allows customization of pipeline stages to fit your unique sales process.
It represents the likelihood of an opportunity turning into a sale, helping in revenue forecasting and strategic planning.
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