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Deal management is a method that helps convert prospects from what can feel like the beginning of the sales cycle when they are “Interested in Your Solution” to what might appear to be the end when they have “Decided to Work With You.” The aim is to ensure that the prospect meets all the criteria necessary to close the deal and convert it into revenue.

To accomplish this, it’s essential to establish clear guidelines and workflows for the entire sales cycle. Standardized processes make it easier to execute and help teams stay on track with their goals and ensuring that the most crucial steps are not missed. In addition, deal management helps to create measurable KPIs that match with sales goals and assist to identify areas of improvement.

Another essential aspect of effective deal management is connecting with key stakeholders who have an impact on buying decisions. This can help to accelerate the sales process and increase the conversion rate of deals. It is important to know the impact of each of these factors on a deal, as well as what specific actions must be taken to either prioritize or deprioritize a particular deal.

It is also essential to establish and monitor sales targets in order to ensure that your company grows in line with the plan. The best way to do this is to utilize an effective sales performance platform that includes central repositories, communications tools, and reporting capabilities. This allows companies to quickly find deals that are not working and to redirect their resources towards high-value opportunities. It is essential to examine the pipeline performance regularly and adapt forecasting models in response to changes in market conditions, the performance of sales reps, and likelihood of a sale closing.