Deal management is the process of making prospects convert from what may appear to be the beginning, when they’re “Interested In Your Solution,” to what may seem like the end of the sales cycle, when they’ve “Decided To Work With You.” The aim is to ensure that the prospect meets all the criteria needed to close and convert into revenue.
To accomplish this, it’s necessary to establish clear guidelines and workflows for the entire sales cycle. Standardized processes simplify execution, helping teams to keep track of their goals and ensure that no critical steps are missed. Deal management can also help establish specific KPIs that are measurable and align with sales goals and identify areas for improvement.
Involving key stakeholders that influence buying decisions is an additional essential aspect of effective deal-management. This can help accelerate the sales cycle and improve deal conversion rates. It’s also essential to know how each of these aspects can affect a deal’s status, as and what specific steps should be taken to prioritize or de-prioritize it.
It is also essential to establish and monitor sales goals in order to ensure that your business develops according to the plan. This can be accomplished by using the sales performance tool that combines communication tools, reporting features and central repository. This enables businesses to swiftly identify deals that are not productive and shift their resources to high-value opportunities. It is also vital to periodically review the performance of pipelines and adjust the forecasting model to change in the marketplace as well as sales rep performance and the probability of a deal closing.
