Companies often want to keep track of the products in which their customers express interest and which they subsequently purchase. To help your company's employees track product information, you can set up a product catalog. Setting up the product catalog consists of grouping products under categories (if required) and then setting up the products under each category. Products include recurring or one-time products, services, and training options.
The following sections describe ways in which tracking of products is useful in Oracle CRM On Demand:
A sales representative working on a sales opportunity can create an opportunity record to track the details of a customer's interests, including the potential revenue for the deal. A customer might be interested in several products and might consider purchasing a service contract as well. The sales representative can scroll down to the Products section of the opportunity record to link the product records for each of the items that the customer might buy. For the service contract, billed monthly, the sales representative can also record recurring revenue information. In this way, the opportunity record gives complete information about a potential deal, and allows your company to:
Both sales and service professionals find it helpful to know which of your company's products and services a customer has already purchased. In Oracle CRM On Demand, you can track purchased products or assets by linking product records to a customer’s account or contact record.
A forecast is a periodic snapshot of sales performance compiled from individual opportunity or product records. An advantage of linking products to opportunity, account, or contact records is that a company can then determine whether to generate forecasts based on product and recurring revenue.
If your company bases its forecasting on product revenue rather than opportunity revenue, your employees can specify which products should be used for the forecast totals.
Click a topic to see step-by-step instructions for the procedures pertaining to Content Management:
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