Effective management of the lead, opportunity, and property transaction status is critical for ensuring a seamless sales process and accurate performance tracking in 8020CRM. By understanding the various statuses and their triggers, you can optimize automation, improve team workflows, and ensure your KPIs remain aligned with your business objectives.
Lead Status
In 8020CRM, the lead status categorizes your leads throughout the qualification process. From initial outreach to conversion, each status plays a key role in defining how the lead is managed.
Unqualified: This status indicates that the lead is no longer being pursued. It is important for marking leads that are no longer worth nurturing, which helps keep your pipeline clean and focused.
Prospect: These are leads that have yet to be fully qualified. They are typically used in outbound marketing lists as potential leads for future engagement.
Long Term Nurture: This status is for leads that have been worked but are not yet ready to convert. They are placed in a long-term nurturing sequence, ensuring they stay on your radar for future follow-up.
New: These leads have recently been qualified through marketing efforts and are ready to begin the journey of active engagement.
Contacted: A lead enters this stage once they have been reached out to, but no active follow-up has yet occurred.
Working: When you begin active qualification with a lead through SMS, email, phone, or in-person interactions, they move into the “Working” status. This stage helps identify leads that are under active consideration.
Nurturing: At this stage, you are actively working with the lead and keeping them engaged with ongoing nurturing campaigns.
Converted: This status signifies that a lead has been qualified and is ready to be converted into an opportunity, either by appointment scheduling or further engagement.
Each lead status serves a specific purpose in guiding leads through the sales pipeline, while the triggers tied to each status ensure that automation keeps your processes running smoothly.
Opportunity Stages
Opportunity stages reflect the progress of a lead that has been converted into an opportunity. These stages are designed to track key milestones in the sales cycle, from initial contact to closing.
Nurturing: Opportunities at this stage are being kept warm through targeted marketing communications.
Referred: When an opportunity doesn’t fit the company's criteria, it is referred to a partner.
Scheduling: This stage focuses on getting an appointment scheduled to move the sales cycle forward.
Appointment: Once an appointment is scheduled, the focus shifts to preparing for and attending the meeting, where the sales team gathers intel and makes offers.
Under Agreement [Retail Buyer/Seller Record Types Only]: In this stage, an agreement has been signed with the client, and the deal is officially underway.
Listing & Marketing [Retail Seller Record Types Only]: For property transactions, this stage involves listing the property for sale and launching marketing efforts.
Showings & Offers [Retail Buyer/Seller Record Types Only]: This stage covers property viewings and the negotiation of offers, either from other agents or clients.
Negotiating: This stage focuses on finalizing the terms of the deal to ensure both parties reach an agreement.
Under Contract: Once the terms are agreed upon, this stage involves gathering necessary documents and preparing for the contract's finalization.
Improving: This stage focuses on enhancing the property value through renovations or projects, which can increase the overall value and desirability of the property.
Marketing: This stage involves managing the marketing process, preparing listings for distribution, and engaging potential buyers.
Closing: In this stage, the final steps of the opportunity are taken to close the deal, ensuring that all necessary paperwork is finalized, and the transaction is completed.
Closed Won: A successful close marks the completion of the opportunity, with revenue recognized and all transactional details finalized.
Closed Lost: This status indicates that the opportunity was not successfully closed, providing valuable insights into areas for improvement.
The opportunity stages are designed to ensure your sales team follows a structured process, making it easier to track progress and forecast sales effectively.
Property Transaction Stages
Property transactions are managed through a series of stages that help track the property's journey from listing to sale. These stages provide visibility into the progress of each transaction and enable timely follow-up actions.
Working Lead: This stage is similar to a lead status and is used for informational purposes, with no immediate action required.
Nurturing: Properties in this stage are being nurtured, much like opportunities, to keep them engaged and moving toward closing.
Working Opportunity: Represents a property that is in an opportunity stage (e.g., Scheduling, Appointment, Negotiating); no action is required.
Under Agreement [Retail Buyer/Seller Record Types Only]: Once an agency agreement is signed, this status indicates that both parties are committed to the transaction.
Listing & Marketing [Retail Seller Record Types Only]: The property is listed for sale, and marketing campaigns begin to attract potential buyers.
Showings & Offers [Retail Buyer/Seller Record Types Only]: This stage involves presenting the property to potential buyers and managing the offers that come in.
Negotiating [Retail Buyer/Seller Record Types Only]: The focus is on finalizing offers and negotiating terms to ensure both parties reach an agreement.
Under Contract: All necessary documents are gathered, and both parties are in the process of finalizing the deal.
Improving: This optional stage allows property value enhancements through renovations or projects, which can be tracked through project management features in 8020CRM.
Marketing: At this stage, the property is actively being marketed to secure a buyer.
Closing: This final stage involves securing a buyer and completing the closing process.
Closed Won: The transaction is closed, and revenue is recognized.
Closed Lost: This status reflects when a property transaction does not close, offering valuable insights for future opportunities.
By tracking properties through these stages, you ensure that no opportunities are missed, and all steps are followed to reach a successful close.
Mapping Status
To ensure that triggers fire correctly and the status is recognized as intended, it's essential to map your company's custom status to the default 8020CRM status. This mapping ensures consistency in your workflows and accurate KPI tracking. You can define these mappings by following the format below:
Format for Mapping Statuses:
"RelatedRecordType1,...,RelatedRecordTypeN---8020 Status:Company Status Name1,...,Company Status NameN;"Example:
If your company uses custom statuses, such as “Lead In Progress” or “Contract Signed,” you would map these to the appropriate 8020CRM statuses. The format would look like this:
"Residential, Commercial---8020 Status:New, Working;"
"Residential---8020 Status:Under Agreement:Contract Signed;"Important Notes:
Confirm that the left side of the colon (8020 Status) is not modified. Only the right side (your company's status) should be customized.
If you have multiple company statuses that align with a single 8020CRM status, you can add them in a comma-separated list under the same line.
Each status should only appear once in the mapping. Avoid duplicating any statuses.
By following this format, you will ensure that your company-specific statuses align seamlessly with the 8020CRM system, allowing automation to function as intended and KPIs to be tracked accurately.
Conclusion
Managing the status in 8020CRM is a vital component of maintaining an efficient and effective sales process. By setting up and understanding the different lead, opportunity, and property transaction status, you can ensure that your team stays aligned, automation flows smoothly, and KPIs are accurately tracked.
Whether you're nurturing leads, managing opportunities, or tracking property transactions, the right status at the right time ensures that every stage of your process is optimized for success.
For additional assistance or questions, feel free to reach out to our team.
Comments