Deal management is a procedure that involves tracking, analyzing and prioritizing your deals regardless of where they are in your sales pipeline. It’s also a method of working with your team throughout the sales cycle to increase the quality of your sales and, ultimately, increase conversion.
The first step in developing the process for managing deals is to create a document outlining your sales strategy, as well as the stages through the process each deal should go. This will help your team gain true pipeline visibility and automate time-consuming repetitive tasks that impede productivity.
Next, make sure that each deal is in a central place where you can monitor and evaluate them. Freshworks automates the process by creating a feed of all information related to an opportunity. You can add to-dos and indicate the amount of time you spent on the deal, add @mention people, and more from this view to get your team on the same on the same page.
After you have established clear expectations and timelines for each step of the deal process, set up mutual action plans (MAPs) alongside your prospects and customers to ensure both parties are on the same page in terms of what needs to be done and when it has to be completed, and by whom. This helps create more efficient and well-defined workflows that will increase the likelihood of successfully closing each deal.
If a prospect is in the final stages of conversion you don’t want them to lose their attention or be distracted by other issues. With a centralized, structured handoff system in place, even your most inexperienced reps will be able to successfully lead the conversation and keep the deal moving forward.