Deal management is the process which involves analyzing, tracking and prioritizing your deals regardless of where they are in your sales pipeline. It’s the process of communicating with your team and working together throughout the sales cycle in order to improve the quality and conversion of your deals.
The first step to create a deal management process is to create a document that outlines your sales strategy, as well as the steps through which each deal should proceed. This will help your team to gain a true pipeline view and automate repetitive, time-consuming tasks that hinder productivity.
Next, make sure that each deal is in a central place to track and evaluate them. Freshworks simplifies the process by creating an information feed that contains all the details that is related to the opportunity. This view lets you add tasks and time spent on deals. You can also mention people.
After setting clear expectations and timelines for each stage of the process, you should create mutual action plans (MAPs) along with your prospects and customers to ensure that both parties are on the same VDRs: an indispensable tool in today’s digital business landscape page about what is required to be done and when it has to be done and by whom. This will create more predictable and efficient workflows that will increase the odds of closing each deal.
When a potential customer is in the final stages of conversion, you don’t want to lose attention or be distracted by other activities. Even your less experienced sales representatives will be able confidently to take the lead with the help of a well-organized, centralized handoff system.