Deal Management – Converting Prospects to Revenue
Deal management is the process of making prospects convert from what may appear to be the beginning, when they’re “Interested in Your Solution,” to what may seem like the conclusion of the sales cycle, when they’ve “Decided to Work With You.” The main goal is to make sure that the prospect meets the requirements to close and convert to revenue.
To achieve this goal, it is important to establish clear guidelines for the entire selling process. The standardization of processes helps teams stay on track and ensure they don’t forget any vital steps. Deal management also assists in establishing measurable KPIs which align with sales goals and help identify areas to improve.
Connecting with key stakeholders that influence purchasing decisions is another crucial aspect of effective deal-management. This can help to accelerate the sales cycle and increase deal conversion rates. It is important to know the effects of each one of these elements on a particular deal, and what specific actions need to be taken to prioritize or deprioritize a specific deal.
In the end, it is essential to set and manage sales targets to ensure that the company’s growth is in line with its strategic plan. The most effective way to accomplish this is to use a sales performance platform that integrates central repositories, communication tools, and reporting capabilities. This enables businesses to quickly identify unproductive deals and redirect resources toward high-value opportunities. It is also vital to periodically review the performance of pipelines and adapt the forecasting system to changing the market conditions and sales rep performance and the probability of a deal completing.
