Deal management is about the procedures and practices that enable an organization to implement its investment strategy. The goal is to manage a complex sales pipeline as well as standardize practices, increase deal quality, and ultimately improve conversions.
To implement a successful deal management procedure, you must first recognize the responsibilities and goals of each role in the sales cycle. Then, ensure that these roles have clear handoffs. This ensures that the right people are involved in the right deals and that their responsibilities don’t overlap too much. This can lead to confusion or conflict, which can ultimately, slow down the sales process.
A great deal management process should also involve a defined timeframe for each stage, and also the criteria that must be met to proceed to the next stage. This will allow teams to find bottlenecks, and then take steps to eliminate them. A well-organized process should ensure that there is a consistent communication between all parties involved in the deal, including external partners such as brokers or investment managers.
In a highly complex environment, there are many different parties involved in the selling process. This is especially true in the mid-market or enterprise segments with numerous decision makers and feature requests, crucial dependencies, and so on. To manage these deals, you require greater visibility and supervision. A technology solution like Revenue Grid can provide this degree of transparency and supervision to ensure the right people are in the place they should be working.
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