Deal management focuses on the processes and practices that help an organization execute its investment strategy. The goal is to control the complex sales pipeline to standardize processes, improve deal quality, and ultimately boost conversions.
To develop a successful deal-management procedure, you must first recognize the responsibilities and goals of each position in the sales cycle. Make sure these roles have clear handoffs. This helps to ensure that the appropriate people are working on the correct deals, and also ensures that those roles don’t overlap too much — this could cause confusion or conflict and ultimately slow down the sales process.
A good process for managing deals should also include a timeline for each stage and the criteria that must meet before moving on to the next. This will enable teams to identify any issues and take steps to get them out of the way. A well-designed procedure should allow for continuous communication between all parties in the deal, including external partners like brokers or investment managers.
In a complex sales environment, many different stakeholders have a hand in the process. This is particularly true in the midmarket and enterprise segments with multiple decision-makers, feature requests, critical dependency, and many more. Deal management requires greater oversight and visibility, ideally via a technology solution like Revenue Grid that link provides the degree of transparency and control necessary to ensure that the right people are working on the things they must be working on.