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Deal management is the process of turning prospects from what could feel like the beginning, when they’re “Interested In Your Solution,” to what might seem like the conclusion of the sales cycle in the moment they’ve “Decided to Work With You.” The goal is to ensure that a prospect meets the requirements necessary to close the deal and turn into revenue.

To achieve this in order to accomplish this, it is crucial to establish clear guidelines for the entire sales process. Standardized processes allow teams to stay on track and ensure they don’t skip any crucial steps. Deal management also assists in establishing measurable KPIs which align with sales goals and highlight areas to improve.

Another essential aspect of effective deal management is establishing relationships with key stakeholders who influence purchasing decisions. This helps to accelerate the sales process and boost the conversion rate of deals. It’s also crucial to comprehend the ways in which these factors can impact a deal’s status, as in addition to what specific steps should be taken to make it more priority or remove it from consideration.

In the end, it is essential to establish and manage sales goals to ensure that the company is growing in accordance with its business plan. This can be accomplished by using the sales performance tool that integrates tools for communication, reporting features and central repository. This allows companies to quickly identify deals that are not productive and focus their efforts on high-value opportunities. It’s also essential to regularly review pipeline performance and adapt the forecasting system to changing the market and sales rep performance and the probability of a deal’s closing.