Deal management is the process of keeping track of the status, analyzing, and prioritizing deals regardless of where they are in your sales pipeline. It’s also about working with your team throughout the sales cycle to improve the quality of your deals and, ultimately, increase conversion.
The first step is to develop an effective deal management plan that is in line with your sales strategy and clearly outlines the stages each deal needs to move through. This will help your team gain an accurate picture of your pipeline and automate repetitive, time-consuming tasks that reduce productivity.
Make sure that all deals are placed in a central location so that you can keep track of the performance of each deal and analyse their results. Freshworks automates this process for you by generating deal feeds that contain every piece of information related to the deal. You can include to-dos, note the time spent on the deal, mention people, and more from this view to get your team on the same level.
After setting clear expectations and timelines for each stage of the deal process, set up mutual action plans (MAPs) alongside your prospects and customers to ensure both parties are on the same page regarding what needs to be accomplished in what order, when it must be done and by whom. This will lead to more predictable and streamlined workflows that increase the likelihood of closing each deal.
If a prospect is at the point of converting You don’t want them to lose interest or get distracted by other things. Even your least experienced staff members will be able to take the lead with a structured, centralized handoff system.