Deal management focuses on the practices and processes that enable an organization to implement its investment strategy. The aim is to manage an extensive sales pipeline to standardize processes, improve deal quality, and ultimately boost conversions.
To establish a successful deal-management process, it is essential to recognize the responsibilities and goals of each position in the sales cycle. Also, make sure that the roles have clear handoffs. This will ensure that the appropriate people are working on the right deals, and also ensures that the roles don’t clash too much. This could cause confusion or conflicts, and ultimately slow the sales process.
A good deal management procedure should also include a timetable for each stage as well as the criteria that must meet before moving on to the next. This will enable teams to identify any bottlenecks and then take steps to eliminate them. A robust process should ensure that communication is consistent between all parties involved in the deal, which includes external partners such as brokers or investment managers.
In an environment that is complex in sales numerous stakeholders have a hand in the process. This is especially true in the midmarket and enterprise sectors with multiple decision-makers, feature requests, critical dependency, and more. Deal management requires greater transparency and oversight, most likely via a technology solution like Revenue Grid that provides the level of visibility and oversight required to ensure that the right people are working on the things they must be working on.
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