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Understanding Lead, Account, Contact, Opportunity, Quote, Product, Pricebook, Order and Campaign objects in Sales Cloud
20.04.2022
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With this overview we offer a short but informative description of each Sales Cloud object. Let’s go!
Lead
What is Lead in Salesforce? In the Sales Cloud everything starts with the Lead. It is the request or demand of either a prospect or an actual customer. They can come to your company through the website, email, phone call, in other words any channel that you’re using for the communication with your customers. The salesperson evaluates this lead and if it fits well with the products or services that your company provides, he/she converts them into Salesforce.
This special process, called lead converting, generates in one step up to 3 objects at one time: Account, Contact and Opportunity.
Account
Mostly it could be any customer that you record into the Salesforce. A prospect, your partner or even your competitor. So basically any company that you have in your database is an Account.
Contact
Contact is a person, who works as an employee or a contractor for this company (Account).
Opportunity
It is the potential deal that you are working on.
Coming back to the Contacts and Accounts, we should note that they refer to B2B interactions mostly. But Salesforce is also targeted on a B2C approach offering a solution for companies working with end-users. It’s a combination of an Account and Contact, which provides special functionality called Person Account, and it represents the consumer, i.e. a person who directly purchases from you as a company.
What is a Salesforce Opportunity?
It is something that salespeople are working with and whose goal is to win the opportunity. It goes through different stages, it has its deadline and an amount you expect to win. It’s very important for both the salespeople and the top management to monitor it and it enables the management to have a picture about the future revenue.
To win the Opportunity you may need to prepare the Quote.
Preparing quotes you need to work with 3 different objects: product, pricebook and the quote itself.
Product doesn't necessarily represent a physical product only, it can also be a service, meaning anything you’re selling. It should have a certain price and that’s why Salesforce contains Pricebooks with different currencies.
You may have many quotes related to one opportunity. You adjust the quote to your customer's needs and expectations creating a new quote until you finally win the Opportunity.
Once you win the Quote, meaning you win the Opportunity, your customer may send you orders based on this Quote. And it could be both one time deal or regular orders and this is where these Orders come to place.
What is the Campaign object? It’s more about marketing but it is a part of Sales Cloud. It monitors how your sales and marketing efforts are able to generate new leads and opportunities created from them. It can help you to monitor estimated and actual budget for these campaigns and estimated and actual revenue generated from them. For example you attend the exhibition where you have a meeting with 10 prospects. You won 3 of them for example, each for 3 thousands EUR (3 won Opportunities for 3K EUR each). So the generated revenue from this campaign is 9K EUR, your budget was 3K EUR, so you’ve done great, it was very profitable.
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