Deal management is the process that helps convert prospects from what could seem 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 the prospect meets the criteria needed to close and convert into revenue.
To accomplish this goal, it is important to establish clear guidelines for the entire sales process. Standardized processes streamline execution which helps teams stay on track with their objectives and ensure that there aren’t any crucial steps missed. In addition, deal management helps to create measurable KPIs that match with sales goals and helps to identify areas that could be improved.
Another essential aspect of effective deal management is connecting with key stakeholders who influence buying decisions. This helps to speed up the sales cycle and increase the rate at which deals are converted. It is important to know the impact of each of these factors on a particular deal, and what specific actions need to be taken to prioritize or deprioritize a specific deal.
It is also essential to establish and monitor sales targets in order to ensure that your company is growing in line with your plan. This can be accomplished by using a sales performance tool that integrates tools for communication, reporting and central repository. This allows companies to swiftly identify unproductive deals and redirect their resources towards more lucrative opportunities. It’s also essential to regularly review pipeline performance and adjust the forecasting model to the changing the marketplace as well as sales rep performance and the likelihood of a deal’s closing.