Definition: In sales and marketing, an “opportunity” refers to a situation or circumstance that presents a potential for increasing sales, market share, or achieving business goals. It often involves identifying and capitalizing on favorable conditions, such as a gap in the market, a new trend, or a specific customer need that has not been fully addressed.
Opportunities in this context are crucial for business growth and competitive advantage, as they allow companies to expand their customer base, introduce new products or services, or enter new markets. Additionally, integrating a “keyword multiplier” strategy into sales and marketing initiatives can further enhance opportunities by leveraging targeted keywords or key phrases to optimize customer engagement and drive sales conversions.
Use It In a Sentence: The team quickly recognized the growing interest in sustainable products as a significant opportunity to expand our market share by introducing an eco-friendly line of goods.
CRM Meaning of Opportunity:
In CRM terms such as SalesForce, an “Opportunity” is a discrete, closable piece of business. When a Prospect expresses interest in purchasing by booking a guided tour, for example, an Opportunity object should be created. It should be connected to that company and the contact record.
HubSpot calls Opportunity objects “Deals.”
The Opportunity typically has a number of details like the anticipated value to the company, typically expressed in ARR, and the expected closed date.
Ultimately, within a company practicing good CRM hygiene, Opportunities should end up in a deal state (pipe stage) of “Closed-Won” or “Closed-Lost.”
Use It In a Sentence: My prospect finally asked for a guided tour of our SaaS so I opened an Opportunity with closed date of the end of the quarter for now.
