We'll provide some quick touch definitions for many of Crelate's sales based terminology!
Potential Value: This signals the value should you close an opportunity. For example, if I close and place a Sales Associate position for ABC Company, what revenue does that net me?
Probability: The probability that the Potential Value will actually be realized. You likely won't close every lead, so use probability for those greener leads in your pipeline at a lower 0-25% and accelerate as discussions develop.
Expected Value: This sets (using the Probability) the revenue that is more likely to be realized based on your entire pipeline. Expected Value is calculated by: Potential Value x Probability.
Actual Value: Once revenue is won it will transition to Actual Value. This allows you to report on what actually closes and will not display until the lead is in a won state. This will NOT remove potential value and expected value so you may always forecast back for year over year reports.
Estimated Close Date: This sets the expected date for when the position would close and the Potential Value would be actualized. Setting an Estimated Close date will help to forecast in the coming months and quarters ahead what Potential and Expected Value will look like for your firm.