Deal management is a process that helps convert prospects from what can seem like the beginning of the sales process when they are «Interested in Your Solution» to what might appear to be the end when they have «Decided to Work With You.» The goal is to ensure that a prospect meets all the requirements necessary to close the deal and convert it into revenue.

To achieve this, it’s essential to establish clear guidelines and workflows for the whole sales cycle. Standardized processes allow teams to remain on track and ensure they don’t forget any vital steps. Deal management also assists in establishing tangible KPIs that align with sales goals and help identify areas for improvement.

Another important aspect of effective deal management is connecting with key stakeholders that influence buying decisions. This can help accelerate the sales cycle and increase the conversion rate of deals. It is important to know the impact of each of these factors on a sale, and what specific actions need to be taken to either prioritize or deprioritize a specific deal.

Additionally, it’s essential to set and manage sales goals to ensure that the company is growing in line with its business plan. This can be achieved by using the sales performance tool that integrates tools for communication, reporting and central repository. This allows companies to swiftly find deals that are not productive and redirect resources toward high-value opportunities. It is also vital to check the pipeline’s performance frequently and modify the forecasting model to change in the market conditions or sales rep’s performance and the likelihood of a deal closing.

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