Deal management is the process of changing prospects from what might appear to be the beginning, when they’re “Interested in Your Solution,” to what might seem like the end of the sales process and when they’ve “Decided to Work With You.” The aim is to ensure that a prospect meets all the requirements necessary to close the deal and turn into revenue.

To accomplish this, it’s essential to establish clear guidelines and workflows that cover the entire sales cycle. Standardized processes streamline execution and help teams remain on track with their objectives and ensure that there aren’t any VDRs: an indispensable tool in today’s digital business landscape crucial steps missed. Deal management also helps establish measurable KPIs which align with sales goals and help identify areas that need improvement.

Another crucial aspect of effective deal management is connecting with key stakeholders who influence buying decisions. This can help to accelerate the sales cycle and boost the rate of conversion for deals. It is important to know the impact of each one of these elements on a sale, and what specific actions must be taken to prioritize or disprioritize a certain deal.

It’s also important to set and monitor sales goals to ensure that your business expands in line with the plan. The best method for doing this is to use the sales performance platform which incorporates central repositories and communication tools, and reporting capabilities. This allows companies to quickly identify deals that are not productive and shift their resources to high-value opportunities. It is essential to examine the pipeline performance regularly and adjust the forecasting models to changes in the market, performance of sales reps, as well as the probability of a sale closing.