Deal management is the process that involves analyzing, tracking and prioritizing your deals regardless of where they’re in your sales pipeline. It’s also the process of communicating and collaborating with your team throughout the sales cycle to increase the quality of your sales and ultimately increase conversion.
The first step in establishing an effective deal management system is to make a document that defines your sales plan, as well as the steps through which each deal should be managed. This will help your team gain true pipeline visibility and streamline time-consuming, repetitive tasks that impede productivity.
Then, ensure that every deal has a central place where you can monitor and review them. Freshworks automates this task for you by generating deal feeds that contain every detail related to the deal. This view allows you to add tasks and also mark the time spent on deals. You can also mention people.
Create mutual action plans with your customers and prospects after setting clear expectations for every step of the process. This will ensure that both parties are on the same page regarding what needs to be completed when, what time and who should complete it. This will result in more predictable and efficient workflows that will increase the odds of closing each deal.
If a potential client is in the final stages of making a decision to a new customer, the last thing you want is for them to lose interest or be distracted by something other. With a centralized, organized handoff system bolstering data room efficiencies for impactful M&A outcomes in place even your less experienced reps will be able to successfully lead the conversation and keep the conversation moving forward.