In sales, the process from the beginning of a sale, i.e. reaching out to potential leads, to the successful conclusion of a sale is often guided by the so-called sales funnel. This is simply a step-by-step guide to understanding the start and end of the sales process in each case. At the “end” of the sales funnel, or the conclusion of the sale, you will need to identify whether you successfully completed the sale or not.
In Salesforce and other popular sales pipeline tools, the successful completion of a sale that can now be closed is marked as “closed won.” But what exactly is the “closed won” meaning, and why is it so important? Read this handy guide to find out.
- “Closed won” describes the action of successfully completing a sale.
- The “closed won” Salesforce function can be used to improve your sales strategies.
- Many factors can contribute to a “closed won” result.
What Does “Closed Won” Mean?
First, let’s talk about the actual “closed won” meaning. Put simply, it is the stage in the sales funnel where your sale has been formally completed and a deal has been agreed.
This can be the conversion of a lead into a paying customer. It can be the conclusion of a product order or the signing of a subscription deal. Using the “closed won” Salesforce function is a way of categorizing the sale as 100% closed and completed, allowing you to move on to the next sale. It is the opposite of “closed lost” .which describes a situation in which a sale was not successfully concluded, and a customer or client has been lost.
How Does “Closed Won” Relate to Salesforce?
Closed won is one of the most important tools in the Salesforce arsenal, and forms an essential component of the sales funnel. Once you have inked a deal and a sale has been 100% completed, you can set it as “closed won” on your Salesforce dashboard.
Once you have done this, the sale and its details (including the value of the sale and the time took to complete it), will be added to your closed won database for the year. Setting something as closed won will clear it from your current sales pipeline and let the whole sales team know that you have completed the sale.
How Can “Closed Won” Improve Future Sales Strategies?
Do note that closed won is more than just a way to mark sales as completed. In Salesforce, you can collate your closed-won data in a variety of ways that will help inform future sales strategies. There are “closed won” charts that will show your team who has been the most successful salesperson, what kind of customers are buying from you, and what kinds of sales and strategies have been most likely to result in a closed won scenario. This function helps to improve company transparency and lets you know exactly what you’re doing right – and what could be improved.
Closed won is an essential sales term and Salesforce function that can be used to the benefit of your entire sales team. With it, you can learn from your successes and be the best team that you can be.