Terminology for Opportunities, Leads, and Clients
Sometimes new terminology can be a little tricky, and it doesn't help that CRMs sometimes use some of these key terms to mean different things. Here are a few key terms as they are used in Builder Prime.
Client: A client is the most general term used in Builder Prime to refer to someone who you might call a customer or a prospective customer. Essentially it is someone that you have sold your products or services to, or would like to sell your products and services to. In Builder Prime, you will see the term Client in the main navigation as well as at the top of the screen for adding a New Client. Think of a client has the holder of the contact information like name, email address, address, and phone numbers.
Lead / Opportunity: A lead and an opportunity mean almost the same thing in Builder Prime. Both terms refer to you having an opportunity to make a sale to a Client. We use the term Lead when referring to the different Lead Statuses in Builder Prime, as well as in the reporting. The only real difference is that a lead can encompass two different types of opportunities - a new opportunity or a rehash opportunity. Whenever you create a Client record in Builder Prime, it automatically has a New Opportunity associated with it. The opportunity will have a lead status attached to it so you can see that opportunity (represented as a lead) in your different lead buckets from the main menu and keep things organized. You can add additional opportunities to the Client as well. Each opportunity can have a different lead status and you will see each opportunity listed separately when accessing your Clients lists, because truly they are Lead lists. More on the opportunity types below.
New Opportunity: As mentioned above, all Client records will automatically have one New Opportunity associated with it, but you can always add on additional New Opportunities later on. There are two common scenarios where you would create another New Opportunity:
- You previously sold a job to that Client under an existing opportunity, and now you have another opportunity to sell them another job. This is not to be confused with a change order - think of this more as a repeat customer coming back to potentially do more work with you.
- You attempted to make a sale to this Client in the past, but were unsuccessful. Another opportunity has presented itself, so you create a New Opportunity to track this separately without losing the history of the original opportunity.
Rehash Opportunity: Many companies do not use the rehash opportunity very much, but some also use it very heavily. It all depends on your workflows and sales procedures. A Rehash Opportunity is used when a previous opportunity was unsuccessful, and you want to actively pursue it again and try to change their mind. Perhaps you offer them a discount or some other incentive if you could not close the original opportunity. This is different than the New Opportunity in that it is likely the Client reached out to you for a New Opportunity whereas you are the one reaching out to the Client for a Rehash Opportunity.