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Deal management is the process of changing prospects from what might feel like the beginning, when they’re “Interested In Your Solution,” to what could seem to be the end of the sales process and when they’ve “Decided To Work With You.” The main goal is to make sure that the prospect meets the requirements to close and convert to revenue.

To achieve this, it’s necessary to establish clear guidelines and workflows throughout the sales cycle. Standardized processes facilitate execution which helps teams keep track of their goals and ensuring that no critical steps are missed. Deal management also assists in establishing tangible KPIs that align with sales goals and identify areas for improvement.

Another essential aspect of effective deal management is establishing relationships with key stakeholders that influence buying decisions. This can help accelerate the sales cycle and increase the rate of conversion for deals. It is also important to know how each of these different factors can impact the status of a deal, as well as what steps must be taken to prioritize or reduce the importance of a deal.

It’s also important to set and monitor sales goals in order to ensure that your company grows in line with the plan. This can be achieved by using a sales performance tool that integrates the tools for communication, features for reporting, and centralized repositories. This allows companies to quickly identify non-productive deals and focus their efforts on high-value opportunities. It’s important to review the pipeline’s performance regularly and modify the forecasting models according to changes in conditions in the market, the performance of sales reps, and the likelihood of a sale’s close.