Optimize your Lead Management and Opportunity Management for Engineering

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in this video I'm going to be explaining the difference between leads accounts contacts and opportunities inside of Salesforce now they are all very different so I'll be going into detail on each one how it works and why it is beneficial for you guys to use welcome to the channel my name is Nick thank you ever so much for giving this video a watch hopefully it will be of value to you just before we get into the video if you need any help at all with setting up your Salesforce system check out my website below we would be delighted to help so without further Ado let's get straight into the video like I just mentioned in this video I'm going to be explaining the difference between leads accounts contacts and opportunities inside of Salesforce now I'm in total agreement with you it is very confusing what the difference between all of these different areas are so in this video I'm just going to explain briefly what each area of the system is designed to do I'm not going to go into too much detail I've done other videos on that on my YouTube channel but it's just going to give you an overarching view of how these areas can help you and your organization so firstly let's start with the leads area as this is traditionally where any kind of opportunity or sale would begin so let's head over to our leads now the best way I can describe leads to someone is it's a bit of a Dumping Ground okay that might sound a little bit strange but what we use leads for is tracking any piece of data that ever might be valuable to our organization so let's say someone commented on a LinkedIn post that we made or maybe someone asked a question when you were face to face with someone at a trade show you would want to throw that information into the leads area now at no point has that become a sale they've shown absolutely no interest to purchase at all but it is worth having that information so that's what we'd use leads for we would collect that information and we would put them into the leads area so we can monitor them and we would then look to try and engage that particular contact or the person that posted on the LinkedIn we would look to engage them and nurture that lead and also qualify them so we'd nurture them so we would try and get them interested in our product or service and we would qualify them as well to decide whether they are a good fit for a product or service and they can afford our product or service so that's where we start using the leads area it's a Dumping Ground we Chuck data in and then over time if bits of data become valuable or let's say they're qualified and they've shown genuine interest in actually purchasing over a long enough time frame or you've managed to nurture them that is when we want to go ahead and utilize our accounts our contacts and our opportunities so in case you're not familiar what you do with the lead is once they're qualified you go ahead and convert them if I'm just going to briefly show you if you click into any lead you can press the convert button at the top right hand corner so once you go ahead and convert a lead you then create an account a contact and an opportunity so if I click into my accounts area this is essentially all of the businesses that are of value to our organization now notice I say value because the difference between leads and accounts and contacts is we are transferring data from The Dumping Ground into a high value area we want to protect the data inside of our accounts contacts and opportunities at all costs we want good quality data in our accounts and contacts but we do not need to worry so much about having bad data in our leads so we would then convert the lead over to an account and it would automatically create an account it would automatically create a contact and it would automatically create an opportunity if I go to accounts this is just businesses this is literally organized stations so you've got CRM crew that is my business getoutdoors.com sample data that is obviously a business national parks gear that is a business and you attract the business related information in the accounts area so if you clicked into an account you would just see all of their relevant information and then moving on from accounts we also have contacts now contacts are the people that work for the accounts so they are the employees of the organizations so you'll see here you've got the name of the contact and you'll also see the name of the account or the name of the business that they work for so you can see Jamie Harlow works for CRM crew you've got Jack Escobar and Jake Rocklin who both work for trail expert Co okay so the contacts are associated directly with the accounts and then we have the opportunities now the opportunities is the actual sales process the sales Pipeline and that's the key difference between leads and opportunities leads is just nurturing to make sure that there are fit for your business the opportunities is the actual sales process so taking them through the sales call sending them over a proposal negotiating on the terms and then hopefully closing is one or unfortunately lost as the case may be so that is the key difference but like I said the leads is a Dumping Ground and the accounts the contacts and opportunities we want to protect that data at all costs and that's why we only convert to lead when it is qualified and they have shown genuine intent to purchase so hopefully this video has explained the difference between leads accounts contacts and opportunities and why we would want to utilize leads and protect the data in our accounts contacts and opportunities by using the leads area thank you very much for watching and I'll see you in a moment's time hopefully you are now familiar with the difference between leads accounts contacts and opportunities inside of Salesforce and you can begin to use the Salesforce system to its full potential if you have enjoyed the video or found it at all useful please consider giving it a like possibly even subscribing if you've got any additional questions you're more than welcome to drop a comment below or you can email me as my details are in the description below and I will do my absolute best to answer any questions you do have thank you ever so much for watching and I will hopefully see you shortly in the next video thank you and goodbye