Deal management is concerned with the procedures and practices that enable an organization’s investment strategy to be carried out. The goal is to control the complex sales pipeline to standardize processes, improve deal quality, and ultimately improve conversions.
To implement a successful deal management process, you need to first understand the responsibilities and goals of each position in the sales cycle. Also, make sure that the roles have clear handoffs. This helps to ensure that the appropriate people are working on the right deals, and also that those roles don’t overlap too much. This can cause confusion or conflict and ultimately slow down the sales process.
A good deal management plan should also include a timeline for each stage and the criteria to meet before moving on to the next. This will enable teams to find bottlenecks, and then make steps to overcome them. A well-organized process should allow for consistent communication between all parties involved in the transaction, including external partners such as brokers or investment managers.
In a complex setting there are a variety of parties involved in the selling process. This is particularly true in the midmarket and enterprise segments with multiple decision-makers, feature requests critical dependency, and many more. Managing these deals requires greater transparency and oversight, most likely via a technology solution like Revenue Grid that provides the degree of transparency and oversight needed to ensure that the proper people are working on the issues they should be working on.
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