Deal management focuses on the processes and practices which enable an organization’s investment strategy to be carried out. The objective is to manage a complex sales pipeline as well as standardize practices, increase deal quality, and ultimately improve conversions.
To develop a successful deal-management process, you must first be aware of the responsibilities and objectives of each position in the sales cycle. Then, ensure that these roles have clear handoffs. This ensures that only the right people are working on the right deals and that their responsibilities don’t overlap too often. This could lead to confusion or conflict, which can ultimately slow down sales processes.
A good deal management procedure must also include a clear time frame for each stage along with the criteria that must be fulfilled to be able to move on to the next stage. This will help teams find bottlenecks, and then take steps to overcome these. A good process should allow for constant communication between all parties involved in the deal including external partners like brokers or investment managers.
In a complex sales environment numerous stakeholders have a hand in the process. This is especially true in the midmarket future-proof your business deals with advanced data room tech and enterprise segments with multiple decision-makers, feature requests, critical dependency, and many more. managing these deals requires greater visibility and oversight, ideally through a solution that uses technology such as Revenue Grid that provides the degree of transparency and oversight necessary to ensure that the proper people are working on the things they must be working on.