Deal management is about the methods and practices that help an organization implement its investment strategy. The aim is to manage a complex sales pipeline to standardize processes, improve deal quality, and ultimately increase conversions.
Making a deal management system starts by understanding what the responsibilities and objectives of each role are in the sales cycle, and making sure that the roles have clear handoffs. This ensures that the right individuals are working on the correct deals and that their responsibilities don’t overlap too much. This can cause confusion or conflict, and ultimately slow the sales process.
A good process for managing deals should also include a timetable for each stage and the criteria to meet in order to proceed to the next. This will help teams discover bottlenecks and take steps to overcome these. A well-designed procedure should allow for continuous communication between all parties involved in the deal, including external partners like brokers or investment managers.
In a complex environment there are multiple stakeholders involved in the sales process. This is especially true for the midmarket and enterprise segments with multiple decision-makers, feature requests critical dependency, and many more. The management of these deals requires more visibility and oversight, ideally with a software solution such as Revenue Grid that provides the level of visibility and oversight required to ensure the appropriate people are working on the issues they should be working on.
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