Deal management is a procedure that helps convert prospects from what could feel like the beginning 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 goal is to ensure that a prospect meets all the criteria needed to close and convert into revenue.
To achieve this, it’s essential to establish clear guidelines and workflows throughout the sales cycle. Standardized processes streamline execution which helps teams keep track of their objectives and ensure that there is no missed step. Deal management also helps to establish specific KPIs that are measurable and align with sales objectives and pinpoint areas that need improvement.
Connecting with key stakeholders that influence purchasing decisions is an important aspect of a successful deal-management. This can help accelerate the sales process and increase the rate of conversion for deals. It is important to know the effects of each one of these elements on a sale, and what specific steps must be taken to either prioritize or deprioritize a particular deal.
Finally, it’s important to establish and manage sales goals to ensure the company is growing in line with its business plan. This can be accomplished by using the sales performance tool that combines the tools for communication, features for reporting and central repository. This allows businesses to quickly find deals that are not working and to redirect their resources towards high-value opportunities. It is crucial to evaluate the pipeline’s performance regularly and modify the forecasting models according to changes in conditions in the market, the performance of sales reps, as well as the probability of a sale closing.