Opportunity Management also constitutes 13% of total score in Salesforce Sales Cloud Consultant exam. This section covers topics such as different sales process scenarios, relationships between sales objects, forecasting, and multi-currency management. Without further ado, let's get into it!

Guideline for Opportunity Management

  • Given a set of requirements, determine how to support different sales process scenarios.
  • Given a scenario, determine the relationships between sales stages, forecast, and pipeline.
  • Given a scenario, describe the relationships between opportunities to assets, product line items and schedules, price books, quotes, contracts, campaigns, etc.
  • Given a set of requirements, determine the appropriate forecasting solution.
  • Describe the implementation considerations of multi-currency and advanced currency management on Opportunities.

Sales Processes

  • Different sales processes can be used for different types of Sales made or products sold by a company.

  • Typically, sales processes can be set up for B2B and B2C.

  • You can create different Sales Processes for different use case:

    • Create new Opportunity Record Type:
    • Picklist fields (except StageName and some other default fields) can be set in the Record Type page:
    • StageName field picklist can be set in the Sales Process page:
    • StageName orders:
      1. Prospecting
      2. Qualification
      3. Need Analysis
      4. Value Proposition
      5. Id. Decision Makers
      6. Perception Analysis
      7. Proposal/Price Quote
      8. Negotiation/Review
      9. Closed Won/Lost
      • Stage cannot be renamed, but it can be deactivated/deleted and add new.
    • ForecastCategoryName picklist values:
      • On the other hand, forecast cannot add new, but it can be renamed, but not the status category.
  • Contact Roles:

    • Contact Roles can be used to specify the contact role on Opportunities
    • Contact Roles picklist can be defined in Setup > Contact Roles on Opportunities:
    • A Contact or Person Account can be selected in the 'Contact Roles' Related List:
      • You can also define the Primary Contact Role on the Opportunity:
    • In Salesforce Lightning, Contacts from the Account are automatically prepopulated on the Opportunity, making it easier to add/edit Contact Roles.
  • Partners:

    • Partner can be used to store partners who help in sales deals and such
    • A Partner must be an existing Account in Salesforce
    • Partner Role can only be set in Salesforce Classic (unavailable for Lightning yet):
    • When you set the Partner Role on the Account, the Reverse Role will be displayed on the lookup Account.
    • The Reverse Role in the Account that being lookup:
  • Find out more about Opportunity Team.

  • Opportunity Splits:

    • Opportunity Splits allow Opportunity to be split among Opportunity Team Members
    • Opportunity Splits can be enabled in Setup > Opportunity Splits Settings:
    • Two Types of Opportunity Splits:
      • Revenue (total to 100%)
      • Overlay (allow percentage over 100%)
    • NOTE: when you can Opportunity Splits setup, you cannot disable Opportunity Team.
    • NOTE: when you create Opportunity Splits with the user who is not on Opportunity Team, he/she will be automatically added to Opportunity Team.
    • Split the Opportunity with others:
      • NOTE: Split percentages must total 100% for an opportunity team.
    • View the Opportunity Split in Opportunity:
    • Create Overlay Split which can total any percentage over 100% to credit supporting team members
    • Define Custom Split for Custom Split Field:
      • NOTE: the custom opportunity currency field you defined here can be used in forcast type. For example:
    • Create Custom Split in Opportunity:
  • Opportunity Settings can be set in Setup > Opportunity Settings:

    • When 'Prompt users to add products to opportunities' is set, the prompt will be displayed to prompt users to add products to opportunities. NOTE: it is not restricted, and it cannot be set on specific opportunity stage.

Sales Stages, Forecast, Pipeline

  • Sales Pipeline is a visual representation of open sales deals and where they are in the sales process.
  • Opportunity Stage is used to track and manage sales deals according to Sales Process which determined by company.
  • Forecast is a representation of Opportunity amounts, dates and stages that are used to determine how much revenue a company can make.
  • Forecast Category field picklist values:
  • Forecast Category statuses:
    • Omitted - amounts that do not contribute to the Forecast
    • Pipeline - includes amounts from all Open Opportunities
    • Best Case - includes amounts that are likely to be Closed, Closed Won, and in the Commit category
    • Commit - includes amounts for opportunities with high likelihood of closing
    • Closed - includes amount for Closed Won Opportunities
  • NOTE: you cannot add new Forecast Category value, but you can rename them.
  • Forecast is based on how Opportunity Stages are mapped to values in 'Forecast Category' picklist field, which determines how Opportunities are tracked in a forecast.
  • You can change the Forecast Category of a Stage Name:
  • The common relationship between Stage, Probability and Forecast Category:
StageProbabilityForecast Category
Proposal50%Best Case
Closed Won100%Closed
Closed Lost0%Omitted

Opportunity Relationship

  • Opportunity Products:

    • Products that are added to Opportunity, called 'Opportunity Products' or 'Opportunity Line Items'
    • Sales Price, Quantity and Discount can be specified for Opportunity Products
    • Discount is a percentage field and it is set hidden by default
    • Subtotal = Sales Price * Quantity
    • Total Price = Subtotal * (100 - Discount) / 100
    • Opportunity Amount = Σ ( Products Total Price )
    • NOTE: Once the Opportunity has added Opportunity Line Items, the Amount field on Opportunity cannot be edited. Amount can only be edited if all Opportunity Products are deleted.
  • Product Schedules:

    • Product Schedules can be enabled in Setup > Product Schedules Settings:
    • When changing active flag on a product record, automatically update active flag on replated prices can be checked in Setup > Product Settings:
    • Find out more about Products.
    • Product Schedules can be used to determine the payment and delivery cycles for Opportunity Products that are paid or delivered over time.
    • Quantity Schedules:
      • Quantity Schedules can be used when customers pay once but receive the product over a period of time
      • Example: a product that is charged by installments but delivered only once
    • Revenue Schedules:
      • Revenue Schedules can be used when customers pay regularly but receive the product once
      • Example: monthly subscription service with the company
    • Default Schedules:
      • Default Schedules can be used when customer make payments or receive products based on the same timetable.
      • Dates of installments begin with Product Date, Opportunity Closed Date is used if Product Date is not specified.
      • If Default Product Schedule is added or changed, Opportunities with that Product are not updated.
  • Assets:

    • Assets can be used to specify products that have been purchased by customers
    • Once the Opportunity has been closed and the product has been sold to the customer, the Asset can be created from the product on the customer's account.
    • An asset must be associated with an Account or Contact in Salesforce.
  • Price Books:

    • Price Books can be used to track the prices of products and services.
    • If the Price Book for an Opportunity is changed, all products are deleted from the Opportunity, but the Opportunity's Amount field remains unchanged.
    • A Price Book that is in use on Opportunities cannot be deleted, however, it can be archived.
    • A Price Book can hold prices in different currencies.
    • When you create Price Book Entry for other currency, first you need to create Standard Price Book Entry for that currency, then only you can create Custom Price Book Entry for the currency.
  • Quotes:

    • Quotes can be used to propose prices of products and services to the customer.
    • Each Opportunity can associate with multiple Quotes, but only one Quote can be synced with Opportunity.
    • When a Quote is synced with Opportunity, any change to Quote Line Items will sync with Opportunity Products, and vice versa.
    • If Opportunity has Opportunity Products, when new Quote is created from Opportunity, it will also create related Quote Line Items.
    • Quote's Discount percentage field is auto calculated as below:
      • Discount = (Discount Total / Subtotal) * 100%
    • Quote's total calculation:
    • Quote Status can use to control whether sending email is allowed:
  • Contracts:

    • Contacts can be used as written agreement that defines the terms of doing business between a company and customer.
    • Contract field can be associated with Opportunity.
  • Campaigns:

    • Campaign Influences can be used to associate influential campaigns to Opportunities.
    • Primary Campaign Source field on Opportunity can be used to associate campaign directly.

Forecasting Solution

Find out more about Forecasting Solution.

Multi-currency Management

  • 'Activate Multiple Currencies' can be enabled in Setup > Company Information. Once enabled, it cannot be disabled.

  • Once enabled, you can manage your currency by clicking 'Currency Setup':

    • NOTE: Parenthetical Currency Conversion is enabled by default, however it can be disabled.
    • 'New' can be used to create new currency
      • NOTE: once currency is added, it cannot be deleted, but can be deactivated. Inactive currencies are only visible to administrators.
      • NOTE: conversion rates must be defined manually. No auto rate conversion available yet
    • 'Edit Rates' can be used to change the rates
      • When conversion rate is changed, all converted amounts are updated automatically on all records
    • 'Change Corporate' can be used to change the default corporate currency
  • Advanced Currency Management:

    • Advanced Currency Management allows managing Date Exchange Rates within opportunities using Salesforce.

    • Once enabled, you will navigate to Setup > Manage Currencies:

      • Unlike multi-currency feature, Advanced Currency Management can be disabled.
    • Dated Exchange Rates:

      • In order to use Dated Exchange Rates, you need to have more than one currency defined in the org:
      • View current active currencies and their exchange rates:
      • You can add new exchange rates with Start Date by clicking 'New Exchange Rates':
      • Dated Exchange Rates are used in opportunities, opportunity products, and opportunity reports.
        • NOTE: Roll-up summary fields are supported between two ACM enabled objects, such as Opportunity Line Item and Opportunity. Objects like Account does not support ACM, hence roll-up summary fields that calculate based on Opportunity rolling up to Account object are not supported.
  • You can set Currency field (CurrencyIsoCode) on most of the Standard objects such as Opportunity:

  • You can add converted currency field into the report:

  • When editing the report, you can choose the default currency:

    • NOTE: by default, the currency is your personal currency (any active currency in the org is available)
  • A user can specify his/her personal default currency on the personal information page - Settings > Advanced User Details:

    • NOTE: you will be seeing currency displayed in parentheses (if currency is different than your personal currency, or the currency is not corporate currency). For example, CurrencyIsoCode is set to USD and personal currency is set to EUR:
  • Some considerations when using Advanced Currency Management:

    • Converted currency amounts display based on the Close Date on Opportunity, hence changing Close Date may impact converted amounts if the exchange rate is changed.
    • With Advanced Currency Management, currency roll-up summary fields work only between objects that support advanced currency management, such as Opportunities, Opportunity Products, Product Schedules, Campaign Opportunity Field, and Opportunity Splits. Since account doesn't support advanced currency management, a currency roll-up summary field cannot be created on Account from Oppoprtunity. However, rollup summary fields of other supported data types can be created in this case.

Well, that's all about it! Thanks for reading!

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