Review a typical sales lifecycle
The goal of any sales organization is to identify prospects and turn them into revenue. For example, how do you take someone you met at an event and turn them into a customer? These activities are part of a sales lifecycle.
A typical sales lifecycle might resemble the image below:
To assist sales lifecycle management, many organizations leverage processes that guide sellers throughout the entire sales lifecycle. A sales process ensures that everyone is following the appropriate procedures.
The image below shows an example what a sales lifecycle might look like from beginning to end:
As you can see in the image above, different sales record types correspond to different stages in the sales process.
- Qualify: A potential lead is identified and qualified.
- Develop: An opportunity is created, and other details such as the products and services they are interested in, estimated revenue, and timelines are added to the opportunity.
- Propose: A quote is added to the opportunity and formally presented to the customer.
- Close: The customer agrees to the quote and an order is generated.
- Fulfill: After the order is fulfilled, an invoice is generated to bill the customer.
Dynamics 365 Sales assists organizations with managing their sales lifecycle. In most organizations, this begins with leads. Let’s examine how Dynamics 365 Sales helps sellers create, manage, and qualify sales leads.