Deal management is the process that helps convert prospects from what can appear to be the start of the sales cycle, when they are „Interested in Your Solution” to what may seem like the conclusion when they have „Decided to Work with You.” The underlying goal is ensuring that the prospect meets the necessary criteria to close and convert to revenue.
To accomplish this, it’s essential to establish clear guidelines and workflows that cover the entire sales cycle. The standardization of processes helps teams remain on track and ensure they don’t miss any vital steps. Deal management can also help establish measurable KPIs which align with sales goals and identify areas that need improvement.
Connecting with key stakeholders that influence buying decisions is an additional essential aspect of effective deal-management. This helps accelerate the sales process and increase the rate at which deals are converted. It’s important to understand the effect of each one of these elements on a deal, and what specific actions should be taken to prioritize or disprioritize a certain deal.
It’s also crucial to establish and monitor sales goals to ensure that your business grows in line with the plan. The best method for doing this is to utilize the sales performance platform which incorporates central repositories and communication tools, and reporting capabilities. This allows companies to quickly identify unproductive deals and redirect resources toward high-value opportunities. It’s also essential to regularly review pipeline performance and adjust the everything you should to know about deal management forecasting model to change in the market, sales rep performance, and the likelihood of a deal closing.