Deal management is the process that helps convert prospects from what might seem like the beginning of the sales process when they are “Interested in Your Solution” to what could appear to be the end when they have “Decided to Work With You.” The objective is to make sure that the prospect meets all the criteria necessary for closing and converting into revenue.
To achieve this objective to achieve this goal, it is essential to establish clear guidelines for the entire selling process. The standardization of processes helps teams stay on track and ensure they don’t skip any crucial steps. Additionally, deal management helps to establish measurable KPIs which align with sales goals and assist to pinpoint areas for improvement.
The ability to connect with key stakeholders who influence purchasing decisions is another crucial aspect of effective deal-management. This can help speed up the sales process and increase the rate of conversion for deals. It’s important to understand the impact of each of these factors on a deal, and what specific actions must be taken to prioritize or deprioritize a specific deal.
Additionally, it’s essential to establish and manage sales targets to ensure the company’s growth is in line with its strategic plan. The most effective way to accomplish this is by leveraging a sales performance platform that combines centralized repositories, communication tools, and reporting features. This lets businesses quickly find deals that are not working and to redirect their resources towards more lucrative opportunities. It’s important to review the performance of your pipeline regularly and adjust the forecasting models to changes in the market, performance of sales reps, as well as the probability of a sale’s closing.