Deal management is a procedure that involves analyzing, tracking and prioritizing your sales, regardless of where they are in your sales pipeline. It’s also about communicating and working with your team throughout the sales cycle in order to improve the quality of your deals and, ultimately, increase conversion.
The first step is to create an effective deal management plan that aligns with your sales strategy and clearly describes the stages that each deal must be able to progress through. This helps your team gain real pipeline visibility and also automate time-consuming, repetitive tasks that hinder productivity.
Make sure that all deals are centrally located in a location where you can follow them and analyze their performance. Freshworks automates the process by creating a feed of all information related to an opportunity. You can include to-dos, indicate the amount of time you spent on the deal, add @mention people, and more from this view to bring your team on the same page.
After establishing clear expectations and timelines for each stage of the process, create mutual action plans (MAPs) alongside your prospects and customers to ensure both parties are on the same page in terms of what must be done and when it should be done and by whom. This creates more streamlined and well-defined workflows that in turn increases the chances of successfully closing each deal.
When a prospect is in the final stages of conversion to a new customer, the last thing you want is for them to lose interest or get distracted by something else. With a central, well-organized handoff system in place, even your most inexperienced reps can successfully lead the conversation and ensure that the deal is moving forward.
bolstering data room efficiencies for impactful M&A outcomes