Deal management is the process of converting prospects from what may feel like the deal merger and acquisition beginning, when they’re «Interested in Your Solution,» to what might seem like the end of the sales cycle at the point they’ve «Decided to Work With You.» The aim is to ensure that the prospect meets all the requirements necessary to close the deal and turn into revenue.

To achieve this, it’s essential to establish clear guidelines and workflows for the entire sales cycle. Standardized processes make it easier to execute which helps teams remain on track with their goals and ensure the most crucial steps are not missed. In addition deal management can help establish measurable KPIs that are aligned with sales objectives and help to identify areas for improvement.

Involving key stakeholders that influence purchasing decisions is another essential element of effective deal management. This can help speed up the sales process and increase deal conversion rates. It’s also crucial to comprehend the ways in which these factors affect a deal’s status, as and what specific steps should be taken to prioritize or de-prioritize it.

It is also essential to establish and monitor sales targets in order to ensure that your company grows in line with the plan. This can be achieved using the sales performance tool that combines tools for communication, reporting features and central repositories. This enables businesses to quickly identify unproductive deals and redirect resources to high-value opportunities. It’s important to review the performance of your pipeline regularly and adjust the forecasting models according to changes in market conditions, performance of sales reps, and likelihood of a deal closing.