Deal management is the process of converting prospects from what may appear to be the start, when they’re “Interested in Your Solution,” to what appears to be the conclusion of the sales cycle at the point they’ve “Decided To Work With You.” The main goal is to make sure that a prospect meets the necessary criteria for closing and converting to revenue.

To achieve this goal, it is important to establish clear guidelines for the entire selling process. Standardized processes help teams remain on track and ensure they don’t skip any crucial steps. Deal management can also help establish measurable KPIs which align with sales goals and highlight areas for improvement.

Another important aspect of effective deal management is establishing relationships with the pivotal role of VDRs in asset management and acquisitions key stakeholders who have an impact on purchasing decisions. This can help accelerate the sales cycle and boost deal conversion rates. It’s also crucial to understand how each of these aspects can affect the status of a deal, as well as what specific actions should be taken to prioritize or lower the priority of a deal.

Additionally, it’s essential to establish and maintain sales goals to ensure that the business is growing in line with its business plan. The most effective way to accomplish this is by leveraging a sales performance platform that incorporates central repositories and communication tools, and reporting features. This allows businesses to swiftly identify unproductive deals and redirect resources to high-value opportunities. It is also important to regularly review pipeline performance and adapt the forecasting system to the changing the marketplace and sales rep performance and the likelihood of a deal closing.