May 14, 2022

Ultimate guide on Opportunity in Salesforce

Opportunity as Deal
Business Deal as Opportunity

What is Opportunity in Salesforce?

Opportunities are actually deals in the business. To handle these deals in business, Salesforce has an opportunity object. The Opportunity object is the most important object in Salesforce, this is where your sales team manage their deals and store information of a deal that is still ongoing.

How to use Opportunity in Salesforce?

Handling customers is not an easy task for a business. From reaching out to the customers and encouraging them to engage with the business to make a sale and manage it.
The Opportunity object is the most important object in Salesforce Sales Cloud, this is where your sales team manage their deals and store information about a deal that is still ongoing. A Salesforce opportunity is potential future sales for an account that you want to work on or track.

Opportunities provide you with all details about an active deal in one place, including the closing date, name of the potential customer, date of acquisition, activities performed, amount to be paid, and many more. If you’re using Sales Cloud, the Opportunity object is one of the most important objects your users will be working with.

Opportunity in Salesforce with Example

You had a meeting with Mr. Andy from Company Arrify. They’re interested in buying sneakers from a couple of different product lines. You still have a lot of work to do to close this deal, starting with putting together a package that they want to buy. Your new opportunity for Mr. Andy is in the Prospecting stage.

As you work the deal through different stages, the likelihood that Mr. Andy will buy from you increases. After all, if they were no longer interested in your product, they’d probably let you know or stop asking for information. You can estimate the likelihood of a sale based on the deal’s stage. Each stage is associated with a probability of winning the deal.

Storing data of opportunity in Salesforce

  1. On the Opportunities tab, click New.
  2. If your org has more than one record type for opportunities, select the type that best represents this opportunity.
  3. Give the opportunity a name: Arrify - 50 Custom Sneakers.
  4. Select the account that the opportunity is related to.
  5. Select a close date for the opportunity.
  6. Select the opportunity’s current stage. For now, let’s use Needs Analysis. Salesforce adds a probability based on the stage selected. If the probability isn’t accurate, you can change it.
  7. Click on Save
CreateOpportunity

Creating an Opportunity in Salesforce

Total Time: 1 minute

Open Opportunity Tab and click new

On the Opportunities tab, click New.
If your org has more than one record type for opportunities, select the type that best represents this opportunity.

Fill out information related to Opportunity

Give the opportunity a name.
Select the account that the opportunity is related to.
Select a close date for the opportunity.
Select the opportunity’s current stage.

Click on Save

Congratulations! You’re on your way to closing a great deal.

CreateOpportunity 1
Opportunity in Salesforce: How to create

Congratulations! You’re on your way to closing a great deal.

Opportunity Stages

If you’ve worked in sales, you know that deals usually progress from tentative to firm before they’re finalized. As a deal progresses, you grow more confident of making the sale. In Salesforce, an opportunity moves through a series of stages linked to the types of tasks being performed, and the likelihood of completing the sale.

The stages you usually go through can look like this.

  • Prospecting
  • Proposal/Price Quote
  • Negotiation/Review
  • Closed/Won
  • Closed/Lost

Every stage has a type

  • Open – This means that the deal is still open and still ongoing.
  • Closed Won – This means that the deal has been successfully closed and not worked on anymore.
  • Closed Lost – This means that the deal has been lost and not worked on anymore.

Opportunity Stages is simply a Picklist field (or dropdown) in Salesforce.This is a required field that allows you to track your opportunities.
The Salesforce opportunity stages describe your entire sales process from start to end until the deal is closed.

Storing Data Related to Opportunity in Salesforce

Contact roles on opportunities tell you which contacts you’re dealing with and how each contact is related to the opportunity. You can also use contact roles to link contacts from other accounts to the opportunity.

You recently completed a deal with Arrify. You hear from Lara, a decision-maker from Salesforce, that she's planning to talk about your product. For this sale, Lars is an Influencer. You can track that important information by giving Lars a role in the opportunity, even though he’s a contact on a different account.

If you’re following along and don’t see the Contact Roles-related list, scroll down. Related lists can be displayed in a different order depending on how your admin arranged the page layout.

Take a minute to add Lars as a contact for the Get Cloudy Canada account. Then continue on to add his contact role for the opportunity you created.

OppContactRol
Opportunity in Salesforce: Adding Contact role
  1. In the Contact Roles related list of an opportunity, select Edit Contact Roles.
  2. Enter a contact.
  3. Choose a role. If you don’t select a role or the role is set to None, changes you make to this role aren’t saved.
  4. If you like, select a primary contact for this opportunity.
  5. Click Save.

Helpful Resources

Salesforce Document about the opportunity

Salesforce official video about the opportunity