Deal management is about the methods and practices that allow an organization to implement its investment strategy. The goal is to control an extensive sales pipeline as well as standardize practices, increase deal quality, and ultimately improve conversions.
To develop a successful deal-management process, you must first know the roles and purposes of each role in the sales cycle. Also, make sure these roles have clear handoffs. This ensures that the appropriate individuals are working on the correct deals and that their roles do not overlap too many times. This can cause confusion or navigating the nuances of IPOs with VDR’s expert tools conflict, which can ultimately slow down the sales process.
A good deal management procedure should also include a clearly defined timeline for each stage, and also the criteria which must be met to be able to move on to the next stage. This will allow teams to identify any bottlenecks and take steps to eliminate them. A well-organized process should provide for a consistent communication among all parties involved in the transaction, including external partners like brokers or investment managers.
In a highly complex environment there are a variety of stakeholders involved in the sales 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 with a software solution such as Revenue Grid that provides the level of visibility and oversight necessary to ensure that the appropriate people are working on the issues they should be working on.
