Deal management is concerned with the procedures and practices that help an organization’s investment plan to be carried out. The goal is to control a complex sales pipeline to standardize processes, improve deal quality, and ultimately increase conversions.
A successful deal management strategy starts with knowing what the responsibilities and goals of each position are in the sales cycle, and then making sure that those roles have clear handoffs. This ensures that the appropriate people are working on the right deals, and also that the roles don’t clash too much. This can cause confusion or conflict and ultimately slow down the sales process.
A good deal management procedure should also include a schedule for each stage and the criteria that must be met before moving on to the next. This will enable teams to identify any bottlenecks and take steps to overcome them. A robust process should allow for consistent communication between all parties involved in the deal, which includes external partners like brokers or investment managers.
In a complex sales environment numerous stakeholders have a hand in the process. This is particularly true in the midmarket and enterprise segment with many decision-makers, feature requests critical dependency, and more. To manage these deals, you require greater visibility and supervision. A technology solution like Revenue Grid can provide this level of visibility and overseeing to ensure that the appropriate people are working where they should be.
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