Juggling multiple deals across a complex sales pipeline is no easy feat. But leveraging the right deal management strategies can help you reign in the chaos to drive growth. This comprehensive guide will walk you through the systems, processes, and tools needed to shorten your sales cycle and generate more wins.
Whether you’re looking to implement your first structured approach or take your deal management to the next level, you’ll discover proven methods to optimize your pipeline. From initial lead scoring to closing the deal, we break down key steps like pipeline modeling, collaboration, forecasting, analytics, and more. Plus find top tips for evaluating deal management software to support your success.
Follow our actionable advice to ramp up visibility, teamwork, and efficiency across your pipeline. Deal management ultimately helps you deliver a better buying experience for customers that turns prospects into successful long-term partnerships. The time is now to transform scattershot selling into a strategic deal management machine that accelerates revenue.
What is Deal Management and Why is it Important?
Deal management is the process of organizing, tracking, and optimizing your sales pipeline to close deals faster. For any business that depends on bringing in revenue through sales, having an effective deal management strategy is critical.
Definition of Deal Management
Deal management refers to the systems and procedures used by sales teams to guide a potential sale from initial contact through to closing the deal. It encompasses all the tools, metrics, and best practices required to nurture prospects, accelerate deals, and convert more leads into customers.
The main components of the deal management process include:
- Lead qualification and scoring
- Managing deal workflow through defined pipeline stages
- Tracking deal status, key milestones, and metrics
- Collaboration between sales reps, managers, and other teams
- Following up with prospects and customers
- Producing proposals and quotes
- Negotiating and closing the sale
- Analyzing results and refining processes
At its core, deal management is about establishing a structured sales process that increases win rates, shortens sales cycles, and improves forecasting accuracy.
Goals and Benefits of Effective Deal Management
Implementing a clear deal management strategy has a multitude of benefits:
- Improved visibility – Get a bird’s eye view of your entire pipeline in one place to identify bottlenecks.
- Enhanced teamwork – Collaboration tools allow teams to work together seamlessly and advance deals faster.
- Increased efficiency – Automated workflows eliminate manual tasks so reps can focus on selling.
- More informed decisions – Analytics provide insights to optimize strategies and resource allocation.
- Shortened sales cycle – Structured processes and diligent follow-up lead to faster deal closure.
- Better forecasting – Understand projected revenue based on deal status and probabilities.
- Higher win rates – Consistent processes modeled after your best reps improve conversions.
- Better customer experience – Ongoing communication and coordination improves relationships.
With so many moving parts involved in sales, deal management software provides the structure and visibility needed to scale pipeline operations in a profitable, efficient way.
Core Components of the Deal Management Process
So what are the key elements needed for effective deal management? Here are some of the essential components:
- Lead scoring – Qualify inbound leads by assigning scores based on profile, behaviors, and interactions. Focus efforts on those most likely to convert.
- Pipeline stages – Break down your sales process into distinct steps a deal must move through, from lead to close.
- Deal tracking – Follow deals closely through each stage of the pipeline with context on progress.
- Workflow automation – Use triggers to automatically notify teams of next steps and changes.
- Task management – Create and assign follow-up activities to keep deals moving.
- Document sharing – Securely store and share collateral, proposals, and contracts digitally.
- Analytics – Tap into reports and dashboards to derive insights on performance.
- Process optimization – Evaluate metrics and trends to identify areas for improvement.
- CRM integration – Unify deal management with broader customer relationship management.
With these core components in place for managing your sales pipeline, your team will be empowered to close more deals quickly and deliver a better experience to customers. Deal management ties everything together to turn a haphazard pipeline into a strategic revenue engine.
Essential Features and Capabilities for Deal Management Software
To maximize the benefits of deal management, organizations need the right software tools. The ideal deal management platform will include these essential features and capabilities:
Deal Tracking and Pipeline Visualization
The entire deal management process revolves around tracking deal progress through each stage of the pipeline. Robust deal tracking features should include:
- A centralized dashboard displaying real-time pipeline data and metrics for an overview of performance.
- Kanban boards or list views to visualize deals in a familiar project management-style interface. Deals can be sorted, filtered, and moved through stages on these boards.
- The ability to define a sales process with customizable stages and probability weighting. Deals can then be tracked and tagged for reporting.
- Contextual deal cards that provide a snapshot of critical information like contacts, activities, documents, and deal history.
- Calendar views and reminders to keep tabs on important deal milestones and scheduled tasks.
- Mobile compatibility so reps stay up-to-date on deals from anywhere.
With pipeline data and workflows optimized for clarity, sales teams can focus their efforts on nurturing the right deals.
Collaboration and Communication Tools
Deals often involve multiple people within an organization. Smooth collaboration can make the difference between winning and losing a deal. Deal management software should facilitate teamwork through:
- Activity feeds that log emails, calls, documents, and updates chronologically so everyone has visibility.
- @mentions to pull relevant team members into conversations as needed.
- Task assignment to delegate follow-up actions to others and track progress.
- Deal hand-off to smoothly transition ownership when reps leave the company or change roles.
- Contact relationship mapping to understand connections between contacts and companies involved in a deal.
- Integrated tools like voice calling, video conferencing, and live chat built into the platform.
With a shared view of all customer interactions, sales teams can align their efforts to provide a cohesive, positive experience.
Task and Activity Management
Keeping deals moving requires organized follow-up and coordination:
- Task templates speed up creating repetitive tasks like sending info, scheduling meetings, or requesting approvals.
- Email integration logs email history and facilitates one-click logging of calls and meetings related to a deal.
- Notifications and reminders ensure assigned tasks and approaching milestones are not missed.
- Progress tracking captures details like date completed, outcome, next steps, and more to monitor task status.
- Task automation uses triggers to assign routine next steps when deals hit specific stages.
With tasks and activities streamlined, sales reps can nurture prospects effectively and managers have visibility into what needs to be done to progress deals.
Document Management and eSignature
Savvy management of documents helps sales teams close deals faster:
- Centralized document storage keeps important sales materials organized in context of each deal.
- Templates for commonly used documents like proposals, contracts, and invoices can be customized for each deal.
- Bulk uploading makes attaching multiple files simple.
- Version control maintains file revision history for transparency and tracks approvals.
- Real-time editing allows concurrent collaboration on documents to finalize details quickly.
- eSignatures provide an easy way to get official sign-off on agreements with legally-binding eSignatures.
With the ability to manage documents seamlessly, teams can deliver professional, compliant materials to advance deals.
Customizable Deal Stages and Automated Workflows
Because each company’s sales process is unique, deal management software must provide flexibility:
- Custom stages should be available to match real-world deal stages, terminology, and steps your team follows.
- Stage criteria help reps understand what must occur to progress to the next deal stage.
- Automated workflows triggered upon stage movement eliminate manual processes and accelerate deal progression.
- Conditional rules can branch workflows based on characteristics of the deal like size, product, or geography for a personalized experience.
- Stage probability determines the percentage chance a deal will close once it reaches a particular stage for revenue forecasting.
With the ability to customize deal parameters, software can mirror your proven sales methodology for repeated success.
Reporting and Analytics for Pipeline Insights
Making informed decisions relies on in-depth analysis of deal data:
- Real-time dashboard views provide instant access to key pipeline metrics and KPIs.
- Pipeline trend reports illustrate how deals are progressing over time.
- Win/loss reports identify common causes for failed deals to improve processes.
- Lead conversion rates track the percentage of leads that turn into deals.
- Sales velocity calculates the speed that deals move through the pipeline.
- Forecasting projects revenue from the pipeline based on deal values and probabilities.
- Metrics segmentation allows filtering reports by parameters like product, rep, account, etc.
With data transparency through robust reporting, organizations can optimize processes, resources, and strategies for improved results.
The right deal management system becomes a centralized hub that connects CRM data, documents, tasks, and teams to keep deals moving smoothly towards the close. Thefeatures above allow organizations to enhance deal management, improve visibility, increase efficiency, and ultimately accelerate deals and revenue.
Best Practices for Managing and Closing Deals Faster
Implementing the right systems and software lays the foundation for deal management success. But your team must also follow core best practices to fully leverage your sales technology and processes. Here are some proven methods to accelerate deals through the pipeline and get more wins.
Qualify Leads Thoroughly Before Advancing Deals
The first step to closing deals faster starts with qualifying inbound leads. Sales teams should:
- Define lead criteria – Establish clear requirements leads must meet to be advanced, like job title, intent, or behavioral signals.
- Score leads – Use a consistent scoring system to objectively rate leads based on profile, behaviors like downloads or site visits, and engagement like email responses.
- Set thresholds – Determine minimum lead score required to pursue a deal. Leads that don’t make the cut get recycled or nurtured further.
- Align sales and marketing – Make sure the handoff process and lead definitions are clear between teams.
- Review regularly – Analyze lead quality over time and refine scoring criteria as needed to focus on high-converting profiles.
With a rigorous lead qualification process, sales reps can avoid wasting time on prospects that will never convert and prioritize effort on those most likely to close.
Set Up an Ideal Pipeline with Defined Stages
The pipeline structure and stages should match each step of your sales process for optimal visibility.
- Map current processes – Document the average path a deal follows in your organization from lead to close.
- Seek input from reps – Incorporate feedback from top salespeople on key milestones and steps they take.
- Limit stage count – Consolidate to only critical stages, as too many can cause confusion and delays in advancing deals.
- Name stages appropriately – Use terminology that resonates with your reps to match their mindset and process.
- Set stage criteria – Define what info must be gathered, documents obtained, or tasks completed to progress between stages.
- Configure stage probabilities – Assign the % likelihood a deal will close once it reaches each respective stage.
With well-defined stages that reflect reality, pipeline data and forecasting will be meaningful.
Maintain Organized and Centralized Deal Records
Disjointed or incomplete information on deals inevitably causes delays. Best practices for recordkeeping include:
- Log all interactions – Keep detailed notes on every call, email, meeting, proposal, and document exchange.
- Capture contact details – Record key stakeholders involved and their preferences, challenges, and concerns.
- Update changes immediately – Modify deal details like size, timeline, and probabilities in real-time.
- Use consistent formats – Standardize note taking and data entry across reps for clarity.
- Enable information sharing – Ensure all parties involved in a deal have access to the same complete record.
- Integrate systems – Unify CRM and deal management platforms into a centralized knowledge base.
With institutional knowledge retained in context, teams won’t miss a beat if deals get reassigned.
Enable Team Collaboration with Designated Deal Owners
Closing complex deals requires well-coordinated hand-offs between sales, account management, and implementation teams.
- Define roles clearly – Specify responsibilities for each team and required points of involvement.
- Appoint primary deal owners – Have a single person accountable for advancing each deal from origination through close.
- Involve critical teams early – Get specialists like Solutions Architects engaged to build technical confidence.
- Communicate hand-offs – Formally notify stakeholders when transitioning ownership of deals between teams.
- Share context proactively – Transfer deal records to new owners to eliminate information gaps.
- Create escalation paths – Establish clear procedures for resolving bottlenecks, disagreements, or blockers.
Cross-functional collaboration with clear ownership keeps deals advancing smoothly towards closure.
Follow Up Regularly and Nurture Deals Closely
Deals don’t close themselves – they require proactive nurturing and persistence.
- Automate follow-ups – Schedule emails, calls, and tasks to trigger automatically based on deal stage or dates.
- Vary outreach strategies – Combine emails, social touches, phone calls, surveys, and in-person meetings.
- Address concerns rapidly – Jump on blocking issues immediately and involve other teams if needed.
- Provide value – Offer insights and resources tailored to their needs rather than just pitching.
- Communicate urgency – Subtly convey scarcity and prompt action without applying excessive pressure.
- Gauge engagement – If interest seems to be waning, discuss their shifting priorities transparently.
- Leverage your network – Get referrals or testimonials from mutual connections.
With constant nurturing, you can keep deals from stalling while building lasting relationships.
Use Analytics to Refine Processes and Strategies
Deal management data reveals what’s working, what’s not, and where improvements are needed.
- Evaluate conversion rates – Calculate percentages for key funnel stages like inquiry to lead or proposal to close.
- Track deal cycle times – Monitor time spent in each stage to identify unnecessary delays.
- Analyze win/loss metrics – Compare similar won and lost deals to pinpoint sales gaps.
- Segment key reports – Filter analyses by product, industry, deal size, rep, etc. to glean insights.
- Make data-driven decisions – Base changes to processes, headcount, segmentation, and other areas on data.
- Revisit periodically – Continuously refine strategies as deals evolve over quarters and years.
With the right analytics, you can achieve a self-improving deal management process.
Create a Consistent Customer Experience Throughout
A disjointed or misaligned experience during the sales process can erode trust and rapport.
- Map the customer journey – Outline each touchpoint and step customers will encounter. Look for inconsistencies.
- Establish repeating elements – Define templates, messaging standards, follow-up cadence, and paperwork.
- Share feedback – Foster clear communication between sales, marketing, and service teams.
- Orchestrate hand-offs – Ensure context and preferences are retained when transitioning between departments.
- Monitor satisfaction – Seek feedback through surveys and reviews to identify issues.
- Fix pain points – If customers complain about a specific step, collaborate to improve it.
- Keep customers informed – Set proper expectations upfront and provide status updates.
With alignment between teams, customers benefit from a steady, professional experience.
Following these best practices will position your sales team to manage opportunities effectively, accelerate deals to closure, and make the most of your sales technology. With the right systems, processes, and discipline in place, you can achieve a well-oiled revenue engine.
Key Metrics and Reports for Measuring Deal Management Performance
The only way to improve deal management over time is to measure performance consistently. Monitoring key metrics and leveraging data-driven reports provides the visibility sales leaders need to understand what’s working well, identify problem areas, and pinpoint specific processes to optimize.
Here are some of the most critical deal management metrics and reports to analyze:
Win/Loss Ratio by Product, Offering, Geography
Win/loss ratio shows the percentage of proposals that turn into closed deals. Analyzing this metric reveals how successful your team is at converting opportunities.
Segment win/loss ratio by:
- Product or offering – Some may outperform others, signaling a need to refine positioning.
- Sales representative – Compare ratios to uncover top performers to emulate.
- Account size or type – Larger accounts may require different sales tactics.
- Geography – Win rates can vary significantly across regions.
Monitoring win/loss metrics helps identify strengths to leverage and weaknesses to address.
Average Sales Cycle Duration by Deal Size, Type, Industry
The sales cycle duration or deal cycle time measures the number of days on average between opening and closing a deal.
Shorter cycles indicate well-optimized deal progression. Analyze cycle times by:
- Deal size – Larger deals likely have longer cycles. Set benchmarks by deal value ranges.
- New vs existing customer – Existing accounts typically have faster cycles.
- Deal type – Complex, strategic enterprise deals take longer than simpler transactional deals.
- Industry – Highly regulated sectors like financial services often have longer approval processes.
If any segment of deals deviates negatively from norms, re-examine that deal type and industry vertical.
Time Spent in Each Stage of the Pipeline
While overall cycle time provides a high-level view, analyzing time spent in individual pipeline stages offers more granular insights into potential bottlenecks.
If deals consistently get stuck at a particular stage, look for root causes like:
- Unclear stage requirements
- Missing information to advance
- Insufficient follow-up and nurturing
- Inadequate handoffs between teams
- Slow approvals
Address stage-specific delays to accelerate deals through the entire pipeline.
Conversion Rates from Lead to Proposal, Proposal to Close
Conversion rate is the percentage of leads or proposals that progress to the next deal stage. Common conversion metrics include:
- Lead to opportunity
- Opportunity to proposal
- Proposal to closed deal
Low conversion rates indicate inefficiencies to address earlier in the pipeline. Improving conversion rates gives you more deals to work throughout the sales cycle.
Deal Size Distribution and Average Deal Value
Tracking deal size metrics helps you set targets and forecast accurately. Capture:
- Deal size distribution – The proportion of deals that fall into value bands like <$25k, $25-$50k, $50-$100k and so on, shows the spread.
- Average deal value – The mean deal size demonstrates whether focus should be on smaller transactional deals or larger enterprise deals.
Analyzing changes over time can identify growing or shrinking market segments and when to shift strategies.
With key metrics like these monitored for each stage of the revenue cycle, sales teams can develop a data-led approach to managing deals. When you baseline performance, spot discrepancies, uncover trends, and quantify improvements, deal management becomes a numbers game—one that data helps you win.
How Deal Management Evolves As Organizations Scale and Mature
An organization’s deal management needs and processes tend to evolve as the company grows and matures. Small teams can start out managing deals informally. But as pipelines expand, specialization increases, and deals get more complex, a more scalable approach becomes essential.
Here are some of the ways deal management typically develops over time:
Adopting More Formal Processes and Workflows
Early on, reps may handle deals independently with ad-hoc notes and personal outreach styles. But decentralized, disjointed deal management causes inefficiencies and inconsistencies over time.
With growth, organizations often:
- Outline official company-wide policies, procedures, and methodologies around deal management. This introduces structure.
- Map out standard deal stages, probabilities, qualification criteria, and steps for each stage. This introduces consistency across all reps.
- Build automated workflows for repetitive tasks like sending proposals, scheduling follow-ups, checking credit, and more. This boosts efficiency.
- Roll out shared playbooks and templated materials so best practices spread quickly. This accelerates rep ramp up.
Instituting formal processes as the team expands provides the backbone for scalable, high-performing deal management.
Managing Larger Pipelines and More Complex Deals
The wider your target market and the more products you offer, the more diverse deals your team will need to manage in parallel.
Evolving needs include:
- More robust tracking – The CRM system or deal management platform will need capacity to track thousands of deals with custom fields for product specifics, compliance requirements, regional nuances, and more.
- Specialized teams – Different segments of deals may get handled by specialized reps that follow segment-specific processes.
- Strategic account management – Key accounts may warrant dedicated account management teams to coordinate across multiple open deals.
- More touchpoints – Complex deals can involve many stakeholders and require tight coordination between sales, finance, legal, implementation teams.
With larger pipelines, tighter integration between systems, more automation, and cross-functional collaboration becomes mandatory.
Implementing Stricter Parameter Management
Early on, reps may have full discretion over deal terms, discounts, and negotiations. But decentralized decision making results in inconsistencies and missed optimizations.
Mature deal management requires:
- Approval workflows – Leverage system notifications and digital signatures to route approvals based on deal characteristics to control rogue activity.
- Discount tiers – Set capped discount percentages or value thresholds that determine allowable discounting. Overrides require approvals.
- Standard contracts – Create template contracts, NDAs, SOWs, and renewal terms that limit deal variability.
- Analytics tracking – Maintain auditable records of all deal performance data, activity logs, communications, and approvals.
Advanced controls and oversight help organizations minimize risk, maintain profit margins, and scale efficiently.
Enabling Specialized Teams with Deal Expertise
Early on, individual sales reps may handle the entire deal lifecycle end-to-end. But intricate enterprise deals require teams of specialists.
Mature deal management provides:
- Dedicated presales engineers to provide technical guidance.
- Proposal coordinators to compile complex proposals.
- Implementation project managers to plan rollouts and manage delivery.
- Deal desks to help structure pricing and contracts for large accounts.
With experts involved, intricate deals stay on track through close and fulfillment.
Integrating Predictive Analytics and AI for Insights
Basic reporting provides rearview insights into past deal performance. But prescriptive analytics offers a competitive edge.
Evolved deal management leverages:
- AI for lead scoring – Machine learning models can analyze thousands of data points to identify and prioritize hot leads.
- Predictive deal scoring – Draw on historical data to score deal likelihood and recommend next actions.
- Risk analysis – Identify red flags in accounts like poor executive sentiment, financial problems, or organizational changes that raise risk.
- Natural language processing – Uncover clues in deal conversations to recommend relevant content or highlight concerns.
Blend predictive, prescriptive, and conversational analytics to uncover hidden insights that boost productivity.
By starting out with core deal tracking and visualization capabilities, then expanding processes, controls, teams, and analytics as needed over time, deal management can scale up gracefully as organizations grow and markets change. The key is laying the proper foundations first, then continually enhancing deal capabilities in line with the business.
Key Takeaways and Tips for Improving Deal Management
Implementing an effective deal management process is crucial for driving sales growth. Here are some final takeaways and recommendations:
Top Takeaways and Recommendations
- Approach deal management strategically with well-defined processes, structure, roles, and tools. Avoid ad hoc approaches.
- Customize your deal stages, automation, documents, and workflows to match how your sales team actually operates. Don’t settle for rigid software.
- Make deal data transparent across all teams and centralize information into a deal management hub for consistency. Siloes kill deals.
- Set SLAs for lead follow-up, stage cycle times, and hand-offs between teams to accelerate deal velocity. Delays lose deals.
- Analyze your deal metrics regularly to identify bottlenecks in your pipeline’s flow. Continuously refine and optimize based on data.
- Proactively nurture every deal with value-added, relevant communication to build rapport. Deals require care and feeding.
- Share deal management best practices and playbooks across your team. Top performers have methodologies others can emulate.
With the right culture, processes, and tools focused on deal management, your win rates will improve, sales cycles will shrink, and revenue will grow.
Mistakes to Avoid When Implementing Deal Management
Conversely, here are some common missteps that sabotage deal management:
- Failing to define and document deal processes. Ad hoc approaches don’t scale.
- Using generic software that doesn’t match your pipeline stages and methodology.
- Allowing scattered, inconsistent tracking of deal data across tools and spreadsheets.
- Not setting expectations for lead response time, stage progression speed, and hand-off coordination between teams.
- Lack of discipline around contacting, engaging, and nurturing leads resulting in stalled deals.
- No analysis of metrics and reports to surface pipeline problems that need addressing.
- Deals “falling through the cracks” because ownership and responsibilities are unclear.
Avoid these deal killers to maximize your odds of sales success.
Questions to Ask When Evaluating Deal Management Software
If selecting a new deal management platform, keep these questions in mind:
- Does it allow you to define stages and sales processes tailored to our exact methodology?
- Can it automate repetitive tasks through the deal workflow?
- Does it provide transparency into deal metrics and reports?
- How flexible is the tool for user customization and configurations?
- Does it integrate seamlessly with our other systems like email, calendar, and CRM?
- Does it facilitate smooth hand-offs and collaboration between our different sales teams?
- Does the vendor offer top-notch training and ongoing support?
- How is data security, access control, and compliance handled?
- Can it scale cost-effectively as our deal volume grows over time?
The best deal management software becomes a natural extension of your sales process. With the takeaways above, your organization will be well-positioned to start optimizing deal management today and into the future.
Key Takeaways on Deal Management
- Deal management encompasses the systems and processes for advancing opportunities through the pipeline to closed deals.
- Core components include lead scoring, pipeline modeling, deal tracking, collaboration, forecasting, document sharing, workflow automation, analytics, and process optimization.
- Deal management software centralizes deal data and tools to provide visibility, increase efficiency, and shorten sales cycles.
- Look for features like pipeline visualization, collaboration, task management, document sharing, workflow automation, forecasting, and reporting.
- Best practices include thoroughly qualifying leads, closely following up, enabling teamwork, capturing deal data, analyzing metrics, and refining processes.
- Key metrics to track include win/loss ratios, sales cycle times, stage progression pace, conversion rates, and deal sizes.
- As organizations scale, deal management evolves with more formal workflows, complex deal support, parameter controls, specialized teams, and predictive analytics.
- Mistakes to avoid include disjointed tracking, lack of structure, misaligned teams, insufficient follow-up, and inadequate analysis.
- With the right people, processes, and technology focused on deal management, organizations can accelerate revenue growth and gain a competitive advantage.
Following deal management best practices can transform a chaotic pipeline into a strategic asset that drives profits and company growth. Use these insights to evaluate your current deal management approach and identify areas for improvement.
Here are some frequently asked questions about deal management:
Frequently Asked Questions About Deal Management
What is deal management?
Deal management refers to the systems, processes, and strategies used by sales teams to advance opportunities through the pipeline to closed/won deals. It covers lead scoring, pipeline modeling, deal tracking, forecasting, workflow automation, analytics, and more.
What are the main goals and benefits of deal management?
The goals are to shorten sales cycles, increase win rates, improve forecast accuracy, enhance collaboration between teams, optimize processes, and provide visibility into the pipeline. Benefits include higher revenues, better customer experiences, and more productive sales reps.
What core components make up the deal management process?
Core components include lead scoring, pipeline modeling with deal stages, deal tracking, task/activity management, collaboration tools, document sharing, workflow automation, analytics, dashboards, and regular process optimization.
What should you look for in deal management software?
Key software capabilities include customized pipelines, deal tracking, collaboration features, task management, document sharing, workflow automation, eSignatures, analytics and reports, mobility, ease of use, security, and integrations.
What are some best practices for managing deals effectively?
Best practices include qualifying leads, setting up well-defined pipelines, centralizing deal records, designating deal owners, diligent follow-up and nurturing, leveraging analytics, promoting teamwork, and creating a consistent customer experience.
What key metrics should you analyze to improve deal management?
Important metrics include win/loss ratio, sales cycle duration, time in each pipeline stage, lead conversion rates, deal size distribution, deal velocity through stages, and forecast vs actual closed revenue.
How should deal management evolve as a company grows?
As companies scale, deal management often becomes more formalized, with structured processes, specialized roles, tighter controls, expanded analytics, and increased automation to handle larger pipelines.
What mistakes should be avoided in deal management?
Avoid inconsistent tracking, lack of follow-up, misaligned teams, inadequate analytics, lack of structure, and software that doesn’t align with sales processes.
What questions should you ask before choosing deal management software?
Ask about customization options, ease of use, integrations, security, support, analytics capabilities, flexibility, implementation approach, training, and total cost of ownership.
Effective deal management is key for sales success. Following best practices can help organizations boost revenue by closing more deals faster.